💲 Wells Fargo, Bank of America Make Move Customers Will Hate, Branch Closings, Sign of the Times

[appalachiablue]

- 'Wells Fargo, Bank of America Make Move Customers Will Hate,' TheStreet, *May 21, 2023. - Shuttered bank branches are just a sign of the times. Ed. 💳

Bank branches are going the way of video stores and pay telephone booths, and there's nothing financial consumers can do about it.

In Philadelphia, Wells Fargo has closed 17% of its local bank branches since 2020. Regional kingpin PNC is not far behind, shuttering 15% of its branches in the Philadelphia area, according to the Philadelphia Business Journal. Bank of America has gotten into the act, closing 5% of its physical locations in the region, as well.

It’s not just a Philly problem. Big banks are closing branches in New Jersey, Maryland, Ohio, Washington, D.C., Illinois, and Michigan, as well as out west in Nevada, California, and Arizona. Bank branch closings are actually nothing new. According to the U.S. Federal Deposit Insurance Bureau (FDIC), large commercial U.S. banking locations have fallen from 8,000 in 2000 to 4,236 by 2021 and 4,194 by 2022.

The spider web of U.S. branch bank offices tied to big banks has slid significantly, as well. “US banks closed 149 branches and opened 49 in March, resulting in a total of 78,588 active branches,” S&P Global Market Intelligence data reported on April 28, 2023.
-- If the trend of current bank branch closings continues there may be no bank branches left in 10 years.

Self Financial estimates the number of U.S. bank branches will fall from about 60,000 in 2023 to approx. 15,660 in 2030 – & continue falling until there are no bank branches left by 2034. Why are so many bank branches closing & why is that pace of closing accelerating in the past several years? Bank executives say consumer attitudes have changed with the times.. the aggressive drawdown of in-person service will have negative consequences everywhere - but especially in rural, lower-income, & majority-minority communities...

- Read More, https://www.thestreet.com/banking/wells-fargo-bank-of-america-make-move-customers-will-hate
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- Also: 'Walgreens, CVS Close More Locations, Start Tmrw, RX Chains Mass Shutdns, Grocers: Retail Apocalypse,' https://www.democraticunderground.com/114231688

[Think. Again.]

1. I hope both of these...

...fossil fuel sugar-daddy banks close down entirely.

They willingly and knowingly turn a profit from funding fossil fuel company expansions.

[jimfields33]

3. I'm cool with them closing.

I’ve been with USAA since 1994 and they’ve never had branches. No need.

[BlueIn_W_Pa]

6. What?

[Think. Again.]

10. You didn't realize...

...that wells fargo and bank of america are still financing fossil fuel companies?

Yeah, they are, and as far as I'm concerned I'd like to see them close down all together for it.

[bucolic_frolic]

2. I doubt they will be zero, but regional. Expect to travel to see a live person.

Most things are done online. Chat and personnel too, though there are phone contacts. At least at my mid-size bank.

I am nervous about far away banks and financial institutions that foul things up and have few branches. I'm due for a pruning.

[Rebl2]

4. The US bank

in my small suburb has a hard time keeping employees and has for quite a while.

[Vogon_Glory]

5. OUCH!

I used to do most of my banking with the B of A. I live in Texas, but spent extended times on Colorado’s west slope. They had branches for a while, then cut back to Denver (over 200 miles from where I was staying), then pulled out of Colorado entirely. I haven’t forgotten it.

[BlueIn_W_Pa]

7. "Sign of the Times"

exactly, why do the banks need a building anymore? Really, it's to appease the older demographic, and that's it.

[mike_c]

8. we've banked at local credit unions for 30 years

First in California, now in Arizona. We financed our house through our CU. I'll never go back to a nationwide bank again.

[appalachiablue]

9. We're going to check that out. I've heard good things about credit unions for some time.

[Old Crank]

11. Been a member of credit unions for 40 years.

Last 25 Stanford's. Very happy. I now bank electronically from Germany with them. Cheaper to transfer funds than banks.

[Old Crank]

12. Not good for the unbanked.

But those national banks never really served them. It is why some push for Post Office Banking.

[appalachiablue]

13. Correct, the US Postal Service should revive checkbook accounts, somehow.