Major U.S. banks including Chase, Bank of America, and Wells Fargo collectively closed more than 30 locations during a two-week period in July, a Daily Mail report revealed.
From July 14 to July 28, 33 banks were shut down throughout multiple regions of the country, with Florida being the state with the most closures.
Bank of America axed 11 locations, followed by Chase and PNC which closed seven each.
Axiom Bank, Capitol, Citizens, Dollar Bank, Lemont, and Zions Bancorporation locations also went down across states including Ohio, Virginia, Texas, and Colorado.
Bank of America has become the national bank with the most location closures this year, with more than 100 branches shutting down in just eight months.
In a statement to the Daily Mail, a Bank of America representative explained that the financial institution has recently finished its three-year project to modernize their on-the-ground business structure.
“These shifts in our branch network reflect that, more and more, our clients are using digital banking for their everyday financial needs and coming into financial centers for more significant needs or to have conversations about their finances,” the spokesperson said, adding that many of the closures are the result of consolidating branches.
Bank of America still has 3,800 branches, the representative pointed out.
Wells Fargo also provided a statement to the outlet, saying the corporation has been combining “two older existing branches into one better situated location.”
“Doing so does not take away the importance of our customers and the communities we serve,” the spokesperson assured.
Andrew Murray, the lead data researcher at GOBankingRates, told the Daily Mail that Americans are moving away from brick-and-mortar banking institutions.
“The majority of Americans, from Gen Z to boomers, are in less need of a traditional bank, which may explain the rising number of physical branches that have been closing over the past year,” he explained.
