Wells Fargo is now scheduled to close 100 branches this year according to records from the Office of the Comptroller of the Currency (OCC).
A spokesperson for the bank told DailyMail that although branches in many regions are closing, a smaller number are opening in a handful of successful markets.
“While the total number of branches continues to decline, new branches are being opened in high growth neighborhoods of existing markets, allowing us to offer more branch convenience,” they wrote.
“We may also open new branches where we combine two older existing branches into one better situated location.
Additionally, customers use our wide range of digital capabilities for many of their banking needs and, as a result, more transactions are happening outside the branch,” they added.
Wells Fargo executives said the move to shutter the branch locations reflects a surging use of online banking and a diminishing need for brick-and-mortar stores, per The-Sun.
“Customers use our wide range of digital capabilities for many of their banking needs and, as a result, more transactions are happening outside the branch,” a spokesperson for Wells Fargo told the Albuquerque Journal.
“As customer preferences and transaction patterns change, so will our branches and the experiences customers have in them.”
In August, Daily Mail reported that Wells Fargo had filed to close 37 branches nationwide as online competition swept new customers.
7 Wells Fargo branches are currently scheduled to shutter in California for the month of October.
But Wells Fargo isn’t the only bank closing several of its branches.
In fact, JPMorgan Chase has closed the most branches with many more scheduled to shutter by year’s end.
Chase Has Now Closed The Most Branches With More Scheduled
Chase has now closed the most branches with more scheduled to shutter by the end of the year.
Thousands of banks have shut down in the US last year, but one has stood apart from the pack with the most closures, says The-Sun.
“Banks are closing branches faster than they’re opening new ones.
U.S. banks closed over 3,000 branches last year while opening just 1,000.
JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133.
The trend will likely continue as banks face staunch competition for deposits and younger customers from online banks, fintech firms and Big Tech,” reports Kiplinger.
Between 2017 and 2021, more than 7,000 branches were closed in the U.S., which represents 9% of all locations.
One-third of these closures have been in areas with large minority populations.
“The initial wave of closures was sparked by mergers and acquisitions in the wake of the 2008 financial crisis.
More recently, changing consumer preferences and improved banking tech are the reasons given for ditching brick-and-mortar locations.
It shows that big-bank investment in tech is paying off, as new apps and websites with an expanding array of services have lured more customers.”
Although Chase is leading bank closures, the bank has stated that it plans to open new branches as well.
A spokesperson for the company told The U.S. Sun that the bank has made “significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states.”
Other Bank News Today
A US bank is now preventing families from accessing money, causing households to miss rent and fall behind on bills.
“This fourth day can’t reach customer service by chat or live agent. No transaction is allowed to go through although I have funds available. I can’t get groceries or Uber, idk what to do. Green dot has essentially stolen my money,” reports Tye Lanier.
More Green Dot Bank customers are speaking out against the bank in the latest scandal that has users trapped with no access to their money.
Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.
“It been a month and I still haven’t been able to get my money from Walmart green dot. I have ask for a replacement card 4 time haven’t got a card yet my rent is due for last month and this month I think there trying keep my money,” says Marzell Land.
“From AZ have not gotten my money since Wednesday. I have a family and bills I have to pay. I know when they fix this problem I’m getting my money and I’m gone like the wind, this is not right,” reported Bobby Rivers.
“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.
I’ll get my new card with my money on it. This has been going on since August 1 and I was in the hospital when I was hacked…I want my money, it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.
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