Bank branches are disappearing. These are the banks with the most you can still visit IRL (2024)

FAQs

Will bank branches disappear? ›

Ultimately, it's likely that, while brick-and-mortar banks and physical cash are dwindling in use, they will have an important place in our society for years to come.

Between Bank of America, Chase, US Bank, Capital One, PNC Bank, Wells Fargo and TD Bank, another 400-plus have already closed in 2024. (Wells Fargo leads the pack with at least 88 bank closure filings, according to the Office of the Comptroller of the Currency.)

Bank Assets Decline in Value: Assets are items that banks own, such as cash, investments, loans, and reserves. When these assets decline in value due to increased interest rates, banks don't have enough assets to pay off their debts or other business necessities, which can cause banks to close.

Many major banks are closing down their physical branches in favor of digital offerings, a process that was accelerated during the pandemic as online banking became a necessity rather than a convenience. The trend has continued since then.

If your bank closes, the FDIC will either try to move your money to another bank in good standing or mail you a check for up to the insured amount. If it doesn't move your money, the bank should mail you a check within two business days of closing.

Banks often pursue acquisitions of competitors to cut expenses on overlapping staff, services and facilities. The savings support profits. In recent years, closing branches has often proven integral to deal-related cost-cutting.

The Fed fined the bank alongside the Office of the Comptroller of the Currency (OCC), and said the misconduct occurred between 2014 and 2023. In a separate announcement, the OCC said JPMorgan failed to properly monitor billions of trades across at least 30 global trading venues.

Earlier in 2023, Silicon Valley Bank failed March 10, followed by Signature Bank two days later, ending an unusual streak of more than 800 days without a bank failure. The next bank that failed was First Republic Bank on May 1, then Heartland Tri-State Bank on July 28. Later in November 2023, Citizens Bank failed.

What happens to my bank account if the branch closed? ›

Switch to a new account

If your local branch closes but you want to continue managing your finances in person, you could consider switching your current and/or savings account to another bank or building society with a branch in your local area.

One question that often arises is, "Are Credit Unions Safer than Banks?" If you're looking for a short answer, you'll be happy to know that we're not making you read the whole post: Credit Unions and banks are roughly identical in safety because deposits at both are insured by the Federal government to $250,000.

And while digitization has reshaped the way banks and consumers conduct transactions, physical establishments have not become obsolete. Instead, they have evolved to meet the needs of consumers while continuing to provide valuable services and experiences.

Nationwide said it launched its original 'Branch Promise' in 2019 not to leave a town or city where there was no other Nationwide branch, and strengthened this in 2023 to guarantee they would not close any of their branches until at least 2026.

In conclusion, the future of bank design is one of innovation and transformation. By prioritizing customer-centricity, seamless technology integration, budget-friendly design strategies, and alignment with branding, banks can create branches that anticipate and exceed customer expectations.

Physical banks still offer important and attractive features to account holders. The future of the banking industry will likely result in a continuing move away from in-person banking, but it may take a while to get there.

They are not going away. This is a topic touched on often, and is a core misunderstanding of technologists, fintech firms and analysts. Banks don't die. They get acquired and merged, but they never die.