Major Banks, Including Wells Fargo, Are Closing More Branches, Starting May 17
CLOSURES WILL CONTINUE THROUGH THE SUMMER—CHECK TO SEE IF YOUR LOCAL SPOT IS AFFECTED.
Let's face it, online banking has made everything a lot easier. You can make deposits right from your phone and keep tabs on your balances—all without leaving your home. Still, there are some instances where a trip to the bank is necessary, and sometimes it's just more comforting to hand your checks over to a human as opposed to going through an app. But now, major banks have announced that they're closing down branches, meaning your local spot could be at risk. Read on to find out where Wells Fargo and Santander Bank are closing up shop.
READ THIS NEXT: PNC Bank Is Closing 47 More Branches in 15 States, as of June 23.
Wells Fargo will be the first to shut down locations.
Since late last year, Wells Fargo & Co. has been making cuts to its brick-and-mortar footprint. It's continuing with closures on May 17, shutting down a branch at the Brookdale Shopping Center in Charlotte, North Carolina. The branch is being consolidated with another location at 5075 North Carolina Highway 49 S., a Wells Fargo spokesperson told WSOC-TV.
The Charlotte branch closure was listed in the Feb. 18 OCC weekly bulletin, which denotes branch operations, including openings, consolidations, and relocations. In the same filing, 16 other Wells Fargo branches are noted as closing, including those in Lancaster and Antioch, California; McAdoo and Boothwyn, Pennsylvania; Las Vegas; Stafford, Texas; South Hackensack, New Jersey; Sarasota, Florida; Sandy, Utah; Ashburn, Virginia; Edna and Richardson, Texas; Santa Fe, New Mexico; Raleigh, North Carolina; and Bellevue, Washington.
Two weeks prior, 18 other Wells Fargo branches were listed as closing, per the Feb. 4 OCC bulletin. The OCC documents don't include closing dates, but banks are required to give at least 90 days' notice ahead of branch closures.
"Branches continue to play an important role in the way we serve our customers," a company spokesperson told Best Life about the bank's branch strategy. "Additionally, 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 such, we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, and market factors."
More Wells Fargo branches are shutting down this summer.
Kristi Blokhin / Shutterstock
It appears that several more Wells Fargo branches will be shutting down this summer, according to subsequent OCC filings.
A branch in downtown Missoula, Montana, is closing on June 7, NBC Montana reported, as are branches in Bethlehem and Allentown, Pennsylvania.
"Wells Fargo made the difficult decision to close our South Parkland branch in Allentown on Wednesday, June 7, 2023, at 12:00 p.m.," a company spokesperson told WFMZ about the latter closure. "We apologize for any inconvenience this might cause, and customers can continue to bank with us at our other nearby locations, including our Cedar Crest branch which is about two miles away."
These branches were included in the March 11 OCC bulletin, which lists another 15 closing Wells Fargo locations in Santa Ana, Fresno, Torrance, and Roseville, California; Monroe, Connecticut; Davie and West Palm Beach, Florida; North Mankato, Minnesota; Mount Laurel, New Jersey; Waterloo, Iowa; Wilson and Jamestown, North Carolina; Alexandria and Glen Allen, Virginia; and Woodstock, Georgia.
Per the March 25 bulletin, Wells Fargo informed the OCC of 18 more closures, adding another 16 on April 15. Complete lists of closing branches and addresses can be found within the OCC bulletins.
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The bank informed customers directly about July closures.
In total, since early February, Wells Fargo has informed the OCC of plans to close roughly 90 branches—and more are on the docket.
Wells Fargo sent letters to customers in La Crosse, Wisconsin, informing them that the branch at 305 Fifth Ave. S. is shutting down on July 26, the La Crosse Tribune reported, as is another branch at 4260 John Marr Dr. in Annandale, Virginia, per Annandale Today.
"This is not an easy decision or one that we take lightly," Wells Fargo spokesman Mike Slusark told the La Crosse Tribune about the Wisconsin closure. "We continually evaluate our branch network, and make adjustments based on changing customer needs, market factors and economic trends. This process leads to both expansion and consolidations."
Santander Bank is also axing locations.
Wells Fargo isn't alone in its plans to close branches: Santander Bank just confirmed nearly 20 locations are shuttering in July and August. All branches are in Massachusetts, located in downtown Boston, Dorchester, Chestnut Hill, Ayer, Andover, Needham, Bedford, Holliston, Lawrence, Dracut, Braintree, Weston, and Marlboro, CBS News Boston reported.
"Like many industries, our customers' preferences have changed, with more customers choosing to bank with us online," a company statement provided to Best Life reads. "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."