Chase Bank to close hundreds of branches across the U.S
Chase Bank is set to close hundreds of branches across the United States in the next few years. This is part of a larger trend of banks consolidating their operations and moving away from brick-and-mortar locations.
The reason for the closings is simple: people are doing more and more of their banking online or through mobile apps. In fact, a recent study found that 40% of Americans would be comfortable doing all of their banking without ever having to visit a physical bank branch.
Chase is far from the only bank that is downsizing its branch network. Bank of America is in the process of closing more than 400 branches, and Wells Fargo is also closing dozens of locations.
It’s not all bad news for bank customers, though. Many of the banks that are closing branches are also investing in new technologies that make it easier to bank without ever having to visit a physical location. For example, Chase is piloting a new program that will allow customers to deposit checks using a smartphone app.
So, while it may be sad to see your local Chase branch close, the reality is that the future of banking is moving towards more digital and mobile solutions.
The reason for the closures
The current list of Bank of America branch closings for 2023 is as follows:
January 3
Arizona: Phoenix
California: Los Angeles
Colorado: Denver
Connecticut: Hartford
Florida: Jacksonville, Miami, Orlando, and Tampa
Georgia: Atlanta
Illinois: Chicago
Louisiana: Baton Rouge, New Orleans
Maryland: Baltimore
Massachusetts: Boston
Michigan: Detroit
Missouri: Kansas City
Nevada: Las Vegas
New Jersey: Newark
New York: New York City
North Carolina: Charlotte, Raleigh
Ohio: Cincinnati, Cleveland
Pennsylvania: Philadelphia
Tennessee: Memphis
Texas: Houston, San Antonio
Virginia: Richmond
Washington: Seattle
The reason for the closures is due to the COVID-19 pandemic and the resulting economic downturn. Bank of America has been hit hard by the pandemic, with its stock price falling by nearly 40% since February. In response to the pandemic, the bank has decided to close nearly 500 branches across the United States. The closings will result in the loss of approximately 5,000 jobs.
How many branches will be closed?
It’s no secret that the banking industry is in a state of flux. In the past few years, we’ve seen a number of big banks close branches across the country. In 2018 alone, Bank of America closed 43 branches, and it’s not the only one doing so.
So, how many branches will be closed in the next few years? It’s hard to say for sure, but we can make some educated guesses.
For one thing, we know that the number of branch closures has been increasing in recent years. In 2015, there were only 1,700 branch closures nationwide. But by 2018, that number had jumped to 5,000.
What’s driving this trend? There are a few factors. First, more and more people are doing their banking online or through mobile apps. That means they’re less likely to visit a branch in person.
Second, the rise of fintech startups is giving people more alternatives to traditional banks. These companies are often able to offer better rates and fees, so people are increasingly turning to them for their banking needs.
Finally, the ongoing consolidation in the banking industry is also contributing to branch closures. When two banks merge, they often close duplicate branches to save money.
So, how many branches will be closed in the next few years? It’s hard to say for sure, but the trend of increasing closures will likely continue. If that’s the case, we could see as many as 10,000 branch closures by 2025.
What did this mean for customers?
It’s no secret that the banking industry is in the midst of a major upheaval. For years now, big banks have been struggling to keep up with the ever-changing landscape of finance, and as a result, many have been forced to make some tough decisions. One of those decisions is the closure of bank branches.
In the past few years, we’ve seen several big banks close branches across the country. And now, it looks like Bank of America is the latest to join the list.
According to a recent report from CNBC, Bank of America is planning to close more than 150 branches by the end of 2021. This is a significant increase from the bank’s previous estimate of 130 branch closures.
While this may be bad news for bank employees and customers who are impacted by the closures, it’s important to understand what this means for the banking industry as a whole.
First and foremost, it’s important to understand that bank closures are nothing new. There have been several high-profile bank closures in recent years, including those from big names like Wells Fargo and JPMorgan Chase.
So, while the news of Bank of America’s impending closures may be shocking, it’s important to remember that this is part of a larger trend that has been happening for some time.
One of the main reasons why banks are closing branches is because of the rise of online and mobile banking. In today’s day and age, more and more people are choosing to do their banking online or through their mobile devices. This shift in consumer behavior has led to a decline in foot traffic at branch locations.
As a result, banks are finding that it’s simply not economical to keep many of their branches open. Instead, they’re opting to close them down and focus on their digital offerings.
Of course, this doesn’t mean that all branches are doomed. In fact, there are still many areas of the country where branches are doing quite well. It’s important to remember that each market is different and that banks will make decisions accordingly.
So, while the news of Bank of America’s branch closures is certainly disheartening, it’s important to understand the
What other options do customers have
When it comes to banking, there are a lot of options out there for customers. While Bank of America is one of the largest banks in the United States, there are still plenty of other choices available for those looking for a new bank or credit union. Some of the other large banks in the U.S. include Chase, Citibank, and Wells Fargo. There are also a number of regional and local banks and credit unions that can offer competitive rates and services.
For those looking for an online banking experience, there are a number of digital banks such as Ally, Capital One 360, and Discover that can offer a variety of features and benefits. These banks often have no physical branches, which can lead to lower fees and higher interest rates.
For those who want to support a smaller institution, community banks and credit unions are typically locally owned and operated. These institutions often have a focus on customer service and can offer unique products and services.
When considering a new bank or credit union, it’s important to compare the fees, services, and features that each one offers. Customers should also consider their own banking needs and habits in order to find the best fit.
