Banks have closed 539 branches in just six months - with Wells Fargo, Chase among those shutting the

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Banks have closed 539 branches in just six months - with Wells Fargo, Chase among those shutting the most

DAILYMAIL.COM
By ALICE WRIGHT
13 July 2024

Banks closed 539 local branches across the country in the first half of the year - leaving more and more Americans without access to basic financial services.

If the rate continues for the rest of 2024, it will mean more than 1,000 branches wiped from malls, and town and city centers.

Bank of America closed the most branches, a total of 90 in just six months.

(more)
https://www.dailymail.co.uk/yourmoney/article-13621197/bank-branch-closures-wells-fargo-chase-bank.html

[Fishrrman]

I'm thinking the banks' real goals here are to:
- reduce employment
and
- force customers into online banking wherever possible.

[Wingnut]

I use Local banks and Credit Unions only for my banking needs.  Screw the mega national banks.  They are anti-American.

[DB]

Branches become less necessary as more and more people use online services. Safe deposit boxes and other bank services are still needed but not as often.

[Kamaji]

Banks have closed 539 branches in just six months - with Wells Fargo, Chase among those shutting the most

DAILYMAIL.COM
By ALICE WRIGHT
13 July 2024

Banks closed 539 local branches across the country in the first half of the year - leaving more and more Americans without access to basic financial services.

If the rate continues for the rest of 2024, it will mean more than 1,000 branches wiped from malls, and town and city centers.

Bank of America closed the most branches, a total of 90 in just six months.

(more)
https://www.dailymail.co.uk/yourmoney/article-13621197/bank-branch-closures-wells-fargo-chase-bank.html

I haven't been into an actual bank branch building for months at a time.  I'm not sure that in this day and age, the number of available brick-n-mortar branches equates to having access to banking services.

[cato potatoe]

I'm thinking the banks' real goals here are to:
- reduce employment
and
- force customers into online banking wherever possible.

If there’s one thing banks are good at, it’s firing people en masse.  I used to live in Charlotte but avoided the bank headhunters for this reason.  No job security, whatsoever.

[mountaineer]

Where are we with dollar value destruction, you might ask?

https://twitter.com/elonmusk/status/1815451522748010786

[catfish1957]

What do you expect?  With a huge contingent of American's holding on to their 2-3% mortagage rates from a number of years ago, while same banks  having to pay savings rates from 3-5%?.

Simple math.

[DefiantMassRINO]

I use a local mutual bank.  I avoid public stock banks because their business model is to fleece small depositors with fees.

They don't put Chase branches in poor neighborhoods.

My neighboring town that is being gentrified, has seen new Chase and TD branches open.

I suspect that national banks have over-retailed attempting to onboard more middle market customers.  Once there are too few big fish to chase for growth, they'll chase the next smaller fish.