Citibank and Chase among banks that closed 11 branches in just one week

By Daily Mail (U.S.) | Created at 2024-09-30 18:35:48 | Updated at 2024-10-01 09:39:32 15 hours ago
Truth

By Alice Wright For Dailymail.Com

Published: 19:00 BST, 30 September 2024 | Updated: 19:08 BST, 30 September 2024

Citibank and Chase are among the major banks that collectively closed eleven locations in just one week.   

Major banks shuttered local branches from New York to Florida between September 9 and 15. 

Fifth Third Bank, Bonvenu, Landmark and Trustco were also among those that made closures. Scroll down for the full list with addresses.

For the second week in row Chase closed the most locations, having shuttered seven between September 8 and 14 alone

The closures were reported to the Office of the Comptroller of the Currency (OCC), which monitors branch closures and openings and publishes them in a weekly bulletin. 

For the second week in row Chase closed the most locations

Major banks are increasingly moving away from expensive brick-and-mortar branches in favor of online services.

'Survey data continues to show that online banking is quickly becoming the standard for how people bank,' Lead Data Content Researcher at GoBankingRates, Andrew Murray, told DailyMail.com following the latest figures.

'Most Americans find it more convenient than having to go into a bank on a lunch hour or early in the weekends, and as more adults who grew up with smartphones enter the market, its popularity will continue to grow,' Murray explained.

A recent GoBankingRates survey found that nearly 70 percent of customer between 25 and 34 preferred to do their banking online rather than in branch.

Researchers found that even seniors prefer online banking to in-branch services.

Experts advise those switching to online services to take advantage of bank's support services offered to help with the transition.

'Even though mobile banking is considered more of a self-service style, features like online chat support are frequently offered to assist you if you need help,' Jessica Morgan, financial expert and founder of Canadian Budget said.

Morgan said that online banking can help consumers save money as many online-only banks offer lower or even no fees at all, and can offer higher interest rates on savings since they do not have the same overhead costs of running bricks-and-mortar branches.

'Most new online banks must work harder to compete for your business, frequently offering low to no fees, unlimited transactions and higher interest rates. Using a bank you access from your phone can save you up to a few hundred dollars a year in account fees,' she explained.

Indeed closures can lead to significant savings for traditional banks since the average freestanding bank branch costs around $2.6 million a year to run.

Citibank was among the major banks to close locations in September 

US banks closed 539 branches in the first six months of the year

US banks shut 539 branches in just the first half of the year, research by DailyMail.com shows.

The worst hit state was California, which saw 72 closures. New York was second with 51 closures, followed by Pennsylvania at 40.

'Over the last several years, we have rightsized our branch network, and we may continue to combine two older existing branches into one better situated location,' Wells Fargo told DailyMail.com.

'Doing so does not take away the importance of our customers and the communities we serve.'

US bank also highlighted clients' migration towards online banking and 'desire for greater simplicity' as reasons for their mass closures.

'As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets,' the bank said in a statement earlier this year.

TABLE TITLE Bank City State Location
Bonvenu Bank Bossier City LA 2005 BENTON ROAD
Citibank Jacksonville FL 14000 CITICARDS WAY
City NB & Tr Co Sapulpa OK 1002 W Taft Ave
City NB of Florida Miami FL 13400 SW 120th Street
Fifth Third Bank Norcross GA 3670 Holcomb Bridge Road
FSNB White House TN 222 WILKINSON LANE
JPMorgan Chase Bank New York NY 1251 AVENUE OF THE AMERICAS
JPMorgan Chase Bank Bronx NY 270 EAST 137TH STREET
Landmark Kincaid KS 200 COMMERCIAL STREET
Northbrook Bank & TR Company Northbrook IL 875 Sanders Road
Trustco Kingston NY 1220 Ulster Avenue
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