US banks close 28 branches in just ONE week - is yours affected? (2024)

US banks closed 28 branches across the country in just one week in July.

Wells Fargo, Bank of America and US Bank each closed eight locations in the last week.

The remaining locations were closed by Greenville Fed, Chase and Schaumberg Bank & Trust, who each closed one branch.

In the week July 9 to July 16, banks informed the Office of the Comptroller of the Currency (OCC) that a total of 28 branches across sixteen states will be shuttered.

Ohio was the worst effected state, losing four branches, followed by California which saw three closures.Scroll down for the full list with addresses.

Bank of America filed to close eight locations across the country in the last week

Read More Major bank closes eight branches in just ONE week

It comes as 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 has closed the most branches this year, a total of 98 locations to date.

US Bank has also made substantial closures, shuttering 73 of their locations.

The closures, which banks must report to federal regulator, represent a trend as major banks move away from expensive brick-and-mortar branches in favor of online services.

'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'Andrew Murray, lead data researcher at GOBankingRates told DailyMail.com.

A recent survey by GOBankingRates found that even retirees prefer online banking to in-branch services.

Overall 78 percent of Americans prefer using mobile and online banking and almost one in four did not visit their bank in the past year.

'Our survey of more than 1,000 adults clearly shows that demand for in-person banking is low across all generations, even boomers 65 and older,' Murray explained.

'It's likely that overhead costs (rent, maintenance, supplies and staff salaries) are a large factor especially given that our survey shows how infrequently people visit brick and mortar banks.'

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

The worst hit state was Californiawhich saw 72 closures from national banks in the first half of the year.

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

Bank of America has closed the most branches in the first half of 2024

New York followed in second, seeing 51 closures, followed byPennsylvaniawhich had 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 in a statement.

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

Bank of America also said they tend to consolidate two branches into one when there is a close.

'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 corporation explained.

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.

Branch Closures (July 9 - July 16)
Bank City State Location
Bank of America KEARNY NJ 240 KEARNY AVENUE
Bank of America WILDWOOD MO 2412 TAYLOR ROAD
Bank of America STOCKTON CA 10834 TRINITY PARKWAY
Bank of America ANTHEM AZ 39518 NORTH GAVILAN PEAK PARKWAY
Bank of America PALOS HEIGHTS IL 12145 SOUTH HARLEM AVENUE
Bank of America ALBANY NY 1450 WESTERN AVENUE
Bank of America TULALIP WA 8815 QUIL CEDA BOULEVARD
Bank of America MEMPHIS TN 2731 UNION AVE EXTENDED
Greenville Fed Greenville OH 200 Lease Way
JPMorgan Chase Bank BELLEVUE WA 1320 156TH AVENUE NE
Schaumburg Bk & Trust Co. Schaumburg IL 350 West Schaumburg Road
U.S. Bank PIQUA OH 200 NORTH COLLEGE STREET
U.S. Bank HIGGINSVILLE MO 19TH & MAIN
U.S. Bank MITCHELL SD 1421 NORTH MAIN
U.S. Bank PINE RIVER MN HIGHWAY 371-P.O. BOX 46
U.S. Bank NORTH KINGSVILLE OH 6269 SOUTH MAIN
U.S. Bank LITTLE FALLS MN 119 2nd St NE
U.S. Bank PIERRE SD 604 EAST SIOUX AVENUE
U.S. Bank RUSSIA OH 217 W MAIN
Wells Fargo Bank COLUMBIA SC 1441 MAIN STREET
Wells Fargo Bank EL CAJON CA 13465 CAMINO CANADA
Wells Fargo Bank MIAMI BEACH FL 1901 ALTON ROAD
Wells Fargo Bank LAWRENCEVILLE GA 1062 OLD PEACHTREE ROAD NW
Wells Fargo Bank GREENSBORO NC 300 NORTH GREENE STREET
Wells Fargo Bank MATTHEWS NC 15030 IDLEWILD ROAD
Wells Fargo Bank MARINA DEL REY CA 13455 MAXELLA AVENUE
Wells Fargo Bank HELENA MT 415 FULLER AVENUE

ALL THE US BRANCH CLOSURES ANNOUNCED IN 2024

Click on the links below - each article has the full list of closures for that time period

In January and February,banks closed 222 branches

US Bank filed to shut 19 branches betweenFebruary 25 and 9

Wells Fargo filed to close eight branches between March 10 and 16

PNC, Citibank, Bank of America and Wells Fargo behind 20 branch closuresbetween March 17 and 23

US banks had more openings than closures over a week (March 24 to March 30) for the first time in 2024

US Bank closes ten branches while Bank of America shuts three in the week from March 31 to April 6

TD Bank, Wells Fargo, Bank of America and Chase shut a total of 36 branches between April 7 and 13

Bank of America, PNC, Citizens and Chase behind latest branch closures from April 14 to 20

Wells Fargo, Chase and Bank of America among US banks to shutter 79 branchesbetweenApril 20 and June 1

Bank of America, Chase and Woodforest among banks to close 51 branches betweenJune 2 to June 23

Wells Fargo closes eight branches in just ONE week:June 24 to June 30

US Bank closes seven branches in just one week:July 1 - July 8

US banks close 28 branches in just ONE week - is yours affected? (2024)

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