Banks all across the United States have closed hundreds of locations across the country, with the latest round of closures involving Wells Fargo, Chase, and TD Bank, among others. Only in the past five weeks, 145 locations have closed, with more incoming, threatening jobs.3
As per the Daily Mail, these 145 locations were shut down in only five weeks, between February 7 and March 14. However, 107 locations were previously closed between January 12 and February 6. This brings that total to a staggering 152 bank locations closed since January 12.
As per The U.S. Sun, the bank with the most closures is Flagstar Bank. They notified the Office of the Comptroller of the Currency (OCC) of a total of 44 branches closing. In second place is TD Bank, with 38 locations. Bank of America and Chase follow, each of them fooling for nine closures from February 7 to March 14.
In the specific case of TD Bank, reporting 38 closures, they expect to prioritize digital banking. They also plan to attend to their customers at their more than a thousand locations in the country. However, they do expect banking jobs to be impacted by the “store consolidation.” The 38 locations will fully close down on June 5.
The Daily Mail reports that experts project bank closures to accelerate this year. “Retail bank closures in the US aren’t slowing,” Root Digital’s Darren Kingman told the outlet. “Our research shows that the last time this many people relied on a local bank branch was in 1995.”
“There’s no doubt we’re moving towards a cashless society but this increase in people per bank branch and the fact over 200 million Americans still make cash deposits will only mean longer wait times in banks and a potentially a lower overall customer experience.”