Major bank announces seven closures and customers need to make new arrangements to access their money
Major bank announces seven closures and customers need to make new arrangements to access their money
Suzanne Blake
8 hours ago
WELLS Fargo is closing seven locations this fall as it experiences lower foot traffic and an increased shift toward online banking.
The institution shuttered hundreds of locations across the country in recent years, but even more are in the works as the bank looks to reduce costs.
Several Wells Fargo banks will close this fall
In 2021, Wells Fargo said goodbye to customers at a whopping 267 branches, according to CNBC.
The closures led up into last year as well, leaving the chain with roughly 200 less than it started out with.
And this year, Wells Fargo already closed stores in Montana, North Carolina, California, Pennsylvania, Texas, New Jersey, Florida, Utah, Virginia, New Mexico, and Washington.
UPCOMING CLOSURES
As the bank looks ahead to the fall months, even more branches were scheduled to close, starting with the Redondo Beach, California location.
The bank shuttered on September 13, when customers were forced to set up online banking to ensure access to their money.
“Until then, customers can use the branch and bank with us as they always have,” a Wells Fargo spokesperson told The U.S. Sun.
The next closest Wells Fargo was located at 1701 S. Elena Ave. just 1.5 miles away.
On the same day, one of the bank’s Richmond, Virginia branches shuttered, but that’s just the start of the shutdowns for Virginian customers.
Wells Fargo is also closing the 8215 West Broad Street on October 18, with a shutdown of the 122 East Grace Street location to follow on November 1.
And in Pennsylvania, the bank’s Allentown branch will likewise have to say goodbye to customers at its physical storefront in November.
A bit earlier, Wells Fargo closes the doors forever at two branches in New Mexico – Bosque Farms and Santa Teresa on October 4.
LARGER TREND
Wells Fargo’s decision to shut down several banks reflects a larger trend across the industry.
The bank told The U.S. Sun the closures are not something they “take lightly,” but as consumer banking habits change, operations must change as well.
“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 Wells Fargo spokesperson told Best Life.
“As such, we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, and market factors.”
Still, Wells Fargo said branches “continue to play an important role in the way we serve our customers.”
Santander Bank has also made headlines for closing several of its bank branches in recent months.
“Like many industries, our customers’ preferences have changed, with more customers choosing to bank with us online,” Santander said in a statement to customers.
“Therefore, we are reimagining the customer and employee experience by simplifying our processes, refining our branch footprint, and increasing our investment in digital capabilities to align with the evolving needs of our customers.”
Bank of America also announced it would close a location in Pelham Manor while Newtek Bank plans a closure in Flushing, Queens.
More than 1,100 bank branches have shuttered this year, according to Crowdfund Insider.
Chase has also closed down five branches in Washington state.
Three states have experienced the highest number of bank failures between 2000 and 2023.
Suzanne Blake
8 hours ago
WELLS Fargo is closing seven locations this fall as it experiences lower foot traffic and an increased shift toward online banking.
The institution shuttered hundreds of locations across the country in recent years, but even more are in the works as the bank looks to reduce costs.
Several Wells Fargo banks will close this fall
In 2021, Wells Fargo said goodbye to customers at a whopping 267 branches, according to CNBC.
The closures led up into last year as well, leaving the chain with roughly 200 less than it started out with.
And this year, Wells Fargo already closed stores in Montana, North Carolina, California, Pennsylvania, Texas, New Jersey, Florida, Utah, Virginia, New Mexico, and Washington.
UPCOMING CLOSURES
As the bank looks ahead to the fall months, even more branches were scheduled to close, starting with the Redondo Beach, California location.
The bank shuttered on September 13, when customers were forced to set up online banking to ensure access to their money.
“Until then, customers can use the branch and bank with us as they always have,” a Wells Fargo spokesperson told The U.S. Sun.
The next closest Wells Fargo was located at 1701 S. Elena Ave. just 1.5 miles away.
On the same day, one of the bank’s Richmond, Virginia branches shuttered, but that’s just the start of the shutdowns for Virginian customers.
Wells Fargo is also closing the 8215 West Broad Street on October 18, with a shutdown of the 122 East Grace Street location to follow on November 1.
And in Pennsylvania, the bank’s Allentown branch will likewise have to say goodbye to customers at its physical storefront in November.
A bit earlier, Wells Fargo closes the doors forever at two branches in New Mexico – Bosque Farms and Santa Teresa on October 4.
LARGER TREND
Wells Fargo’s decision to shut down several banks reflects a larger trend across the industry.
The bank told The U.S. Sun the closures are not something they “take lightly,” but as consumer banking habits change, operations must change as well.
“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 Wells Fargo spokesperson told Best Life.
“As such, we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, and market factors.”
Still, Wells Fargo said branches “continue to play an important role in the way we serve our customers.”
Santander Bank has also made headlines for closing several of its bank branches in recent months.
“Like many industries, our customers’ preferences have changed, with more customers choosing to bank with us online,” Santander said in a statement to customers.
“Therefore, we are reimagining the customer and employee experience by simplifying our processes, refining our branch footprint, and increasing our investment in digital capabilities to align with the evolving needs of our customers.”
Bank of America also announced it would close a location in Pelham Manor while Newtek Bank plans a closure in Flushing, Queens.
More than 1,100 bank branches have shuttered this year, according to Crowdfund Insider.
Chase has also closed down five branches in Washington state.
Three states have experienced the highest number of bank failures between 2000 and 2023.
Similar Readings (5 items)
Discount chain 99 Cents Only Stores is winding down its business and selling hundreds of branches
Burger King to close 400 stores across US as franchise is battered by bankruptcy issues – full list of affected states
Popular gin and vodka company files for Chapter 11 bankruptcy
Half of Japan's regional banks post lower profit for Apr.-Jun. quarter
US office vacancy rate hits new high
Summary
Wells Fargo bank announced seven branch closures for fall 2022 due to decreased foot traffic and increased online banking. In recent years, the bank has closed hundreds of locations, with over 267 branches shuttered in 2021 alone. Branches in California, Virginia, New Mexico, Pennsylvania, Texas,