Chase Bank set to close five more branches as customers only have weeks left
Banking is changing as institutions such as Chase are closing branches in favor of moving operations online.
Chase Bank is the latest financial institution to confirm another wave of branch closures.
Bank sites across the nation will shut down in a matter of weeks, according to JP Morgan Chase.
Last month, Kiplinger reported that the banking giant had closed 144 branches last year with other banks following suit.
In 2022, over 3,000 bank branches in the US ceased operations and opted to carry out their business online.
This move to digitization has been exacerbated due to the Covid-19 pandemic which led to a change in consumer behaviour.
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My bank is closing - what does this mean for my money?
Banks are closing all over the US, leaving Americans wondering what will happen to their money.
Financial institutions, such as Wells Fargo, PNC Bank, and JP Morgan Chase, have closed sites across the country.
Customers based in Texas, Indiana and California will be impacted by the latest round of closures.
Three Chase Bank branches in California and Indiana will shutter next month, while a branch in Indianapolis shall close on December 1, 2023.
The bank’s financial services wing JP Morgan plans to close two more locations in Texas sometime later in the year.
On September 19, the company filed to close their bank branches in the state after a 90-day period.
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In 1980, Bank One developed an early version of home banking that allowed customers to pay bills and view their account and department store balances on a television screen. Today, the Chase Mobile app® helps you pay bills, check your credit score, and automate savings. pic.twitter.com/cgmWVEv0Gy
— Chase (@Chase) July 28, 2023
It should be noted that JP Morgan Chase did not confirm when the last day of operations will be.
Speaking to The Sun, a spokesperson for JP Morgan Chase outlined the bank’s reasoning for closing branches.
The spokesperson explained: “Our goal is not to have the most branches – but to have the right branches, in more communities, serving the financial needs of our customer.”
Daily Express US has previously reported on the various bank branch closures being carried out across the country, including by Wells Fargo and PNC Bank.
Nine Wells Fargo sites closed down on September 20 with another set to shut operations in the coming weeks.
The majority of the affected sites were based on the East Costs, namely in New Jersey, North Carolina and Pennsylvania.
A number of Wells Fargo bank branches based in Utah and Idado in the MidWest will also close.
On the bank’s closures, a source told The Sun US:“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.
“As customer preferences and transaction patterns change, so will our branches and the experiences customers have in them.”
