Major American banks closed 35 locations this month

Could a banking apocalypse be on the horizon? More than 750 major American bank branches have closed so far in 2024.

35 of these occurred between October 15th and 22nd.

US Bank closed the most locations this month, with 11. This year alone, more than 120 branches have been closed. They are the fifth largest bank in America.

Wells Fargo closed six branches in October, as did Bank of America. PNC Bank has closed five locations across America.

According to the Daily Mailthe rest came from Beverly Bank, Citizens Bank, Fidelity Bank, First National Bank of Omaha, Flagstar and Chase Bank.

Why are banks closing so many branches?

Basically it all boils down to the little mini computers we all carry around with us, our phones. 78 percent of U.S. adults prefer to do their banking online, whether through a website or mobile app, rather than in person.

So when we talk about business here, no emotions, because the older generation inherits, this also applies to the brick-and-mortar branches of banks across America.

USA today reports that, according to the Office of the Comptroller of the Currency, which is the people who manage money for the government, around 1,000 bank branch closures have occurred in America by the end of 2024.

We have already had over 750 closures so far. Most in-person transactions come from the older generation, who have not adapted to the digital age as quickly.

Just as you no longer go to the utility company to pay your bill with a personal check, as an American you will soon no longer have to visit a physical bank to conduct your daily business.