In a staggering display of industry transformation, U.S. banks closed a total of 37 branches in just one week last month. Bank of America, alongside TD Bank and KeyBank, accounted for more than two-thirds of these closures, marking a significant shift in the country’s banking landscape.

As an unwavering pioneer in the progressive elimination of costly brick-and-mortar banking locations, Bank of America has firmly established itself as a frontrunner in this ongoing trend. Having shuttered nearly 160 branches last year, the bank has already announced the closure of 30 branches in the first month of 2024 alone, signaling that this trend shows no signs of slowing down.

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January witnessed a striking 139 scheduled bank branch closures becoming public knowledge – surpassing the monthly average across the entire year of 2023. Furthermore, in another week during the same month, U.S. banks proclaimed their intention to shut down an additional 41 branches.

This continuous assault on customers is compounded by banks profiteering from exorbitant interest rates, charging up to 7% on loans while offering a meager 0.1% return on savings.

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According to the regulations laid out by the Office of the Comptroller of the Currency (OCC), banks are required to inform the regulatory body whenever they plan to open or close a branch. DailyMail.com has obtained the most up-to-date information on closures for the week of January 21 to January 27.

Toronto-Dominion (TD), a Canadian bank with around 1,100 branches across the East Coast, has filed to close nine locations. Strikingly, in the previous year, the bank only notified its regulator of a solitary closure. The scheduled closure of TD Bank branches spans Florida, Maryland, New Jersey, Pennsylvania, South Carolina, Virginia, and Washington DC.

Similarly, KeyBank, which operates nearly 1,000 branches across the Northwest and Northeast, announced the closing of eight branches within that same week. Half of these closures are concentrated in Washington State, primarily affecting areas between Seattle, Tacoma, and Everett.

Additional banks notifying closures during this week include Fulton, Citizens, Farmer’s National Bank, Community Bank, and Wells Fargo.

Reacting to these developments, the OCC reassured the public that it recognizes the importance of bank branches and remains committed to preserving access to essential banking services in all communities. However, the watchdog stresses that while closures must be reported to the primary regulator, the statutory framework does not grant the regulator the ability to challenge or contest these decisions.

Bank of America responded to inquiries from DailyMail.com, indicating that the closure of certain branches is driven by declining customer foot traffic. In line with changing consumer habits, clients increasingly rely on digital banking for their everyday needs, resorting to in-person visits solely for complex financial discussions.

“We’ve noticed an industry-wide trend where our clients prefer using digital banking services for most transactions,” explained a Bank of America spokesperson. “Our financial centers now prioritize providing private spaces for clients to engage with our banking professionals, while traditional teller lines have been relocated towards the back of branches.”

The realignment of bank branches reflects the evolving preferences of customers and acknowledges the need for enhanced personal consultations. Previously, Bank of America branches typically positioned teller lines at the front; however, these lines are now positioned at the rear of the branch to optimize space for private meetings closer to the entrance.

As the banking landscape rapidly transforms, customers must adapt to a new era of digital innovation, while banks look for efficient strategies to meet evolving customer demands.

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