Market News Today - Wells Fargo Customers Now Hit With Painful Round Closures

Wells Fargo Customers Now Hit With Painful Round of Closures

October 30, 2024

Wells Fargo customers are now hit with a painful round of closures after experiencing several losses nationwide this year.

Last week, Wells Fargo closed a total of 6 branches according to data from the Office of the Comptroller of the Currency (OCC).

The bank closures included:

PASADENA CA 655 NORTH FAIR OAKS AVENUE
PLEASANTON CA 5798 STONERIDGE MALL ROAD
DALLAS TX 5809 E. LOVERS LANE
HICKORY NC 200 FIRST AVE. NW
EL PASO TX 221 N. KANSAS STREET
NORTH HIGHLANDS CA 7477 WATT AVENUE

The new wave of Wells Fargo bank branch closures is part of shift in the industry that caters more towards a growing online demand.

Amongst the banks who also closed branches last week were Bank of America, PNC, US Bank, Beverly Bank, Citizens Bank, Fidelity Bank, First National Bank of Omaha, Flagstar, and Chase.

The state of California has seen the most impact.

Over the first nine months of the year, the state experienced a total of 86 branch closures.

Branch closures can lead to substantial cost savings for banks, as the average standalone branch costs about $2.6 million annually to operate.

However, customers fear that the closures are leading to ‘bank deserts’, impacting low-income households negatively.

A survey revealed that nearly two-thirds of Americans still visit branches for cash deposits, and over half prefer in-person consultations with advisers.

Additionally, 39% of respondents indicated they trust banks with physical branches more than those without.

Banks are required to report all planned openings and closures to the OCC, which oversees federal banking regulations.

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Also Read: Another Massive U.S. Bank Has Now Collapsed

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