Banks Are Slashing and Burning – Here’s the Full List of 1,000 Closures!

In a significant move that has impacted thousands of customers, US banks have closed over 700 branches in the first nine months of this year. This shift is compelling many to travel greater distances to access crucial banking services, highlighting a broader trend of consolidating physical locations as digital banking continues to rise.

Bank of America leads the list, having closed 132 branches between January and September. It was followed closely by U.S. Bank, which shut down 101 branches during the same period. Other notable closures include Wells Fargo with 92, Chase with 90, and TD Bank with 52 branches. Additional banks such as PNC, Citizens Bank, Woodforest, Fulton, and Capitol One also contributed to the overall closures, though in smaller numbers.

California has been the hardest hit, with 86 bank locations shuttering across the state. New York followed with 64 closures in 2024. Other states experiencing significant closures include Pennsylvania with 47, Texas with 46, Ohio with 45, Florida with 43, and New Jersey with 41 closures.

If the pace of these closures continues, more than 1,000 branches could close nationwide by the end of the year. This trend is part of a larger decline in brick-and-mortar banking, with recent research suggesting that the last physical bank branch in the US could close by 2041. According to experts from Self Financial, the US has averaged 1,646 branch closures each year since 2018.

Despite the increasing reliance on online banking, physical branches remain essential for specific services. Many customers still prefer in-person banking for tasks like cash deposits or speaking to financial advisors. A study from Self Financial found that nearly two-thirds of Americans use bank branches for cash deposits, while over half visit branches for face-to-face advice. Furthermore, 39 percent of respondents indicated they trust banks with physical locations more than those without.

Bank of America defended its closures, explaining that many were due to consolidations, where two nearby branches were merged into one. “Our financial center network is core to our business and gives us a strategic advantage,” a spokesperson explained. “So far this year, we have opened more than 40 financial centers across the country. Nearly all of the closures in 2024 have been to combine two nearby centers into one or to move a financial center to a new location to better serve our clients.”

U.S. Bank also cited changes in customer preferences as a driving factor behind its closures. “Clients’ banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms,” a spokesperson stated. “Although we are closing some branches, we continue to open and enhance others, as well as rapidly enhancing our digital capabilities.”

Wells Fargo, which closed 92 branches this year, echoed similar sentiments. “Branches continue to play an important role in the way we serve our customers in combination with our mobile app, online website, and ATMs,” said a Wells Fargo representative. “While we continue to optimize our branch footprint, we are doing so with as little net impact as possible to our customers and the communities we serve.”

While these closures help banks reduce costs— with each branch costing approximately $2.6 million a year to run—customers, especially older clients, find it challenging to adjust. Many of these clients rely heavily on in-person services, and the reduced availability of physical branches may create accessibility issues for them.

As banks continue to balance the push towards digital transformation with the need to maintain a physical presence, customers are left navigating a new era of banking. With closures on the rise, many wonder how long it will be before digital banking becomes the only option.