**US Banks Continue Wave of Branch Closures in 2024**

New York has experienced 64 bank branch closures in the first nine months of 2024. Should this trend persist nationwide, over 1,000 branches are anticipated to shut down by year’s end. A recent study projects that the last physical bank branch in the United States could close in 2041, based on the average annual net closures of 1,646 since 2018.

A representative from Bank of America emphasized that many closures involve consolidations of nearby branches, aiming to enhance service efficiency. "Our financial center network remains essential to our operations and gives us a strategic edge. We have already opened over 40 financial centers this year," the spokesperson stated. "We regularly adjust our locations based on customer foot traffic, and recent closures have typically been to merge centers or relocate them to better serve clients."

Despite the rise in online banking, a significant number of Americans depend on physical branches for specific services. For instance, nearly two-thirds of Americans prefer to make cash deposits in person, and over half favor face-to-face interactions with advisers. Additionally, 39 percent of respondents in a survey by Self Financial expressed greater trust in banks with physical branches over those without.

Between January and September 2024, PNC Bank and Chase closed 48 and 90 branches respectively. U.S. Bank mirrored this trend by reevaluating its physical presence in response to changing client preferences, which increasingly favor digital and mobile banking platforms. "We are consolidating some locations while continuing to open and enhance others, alongside rapidly upgrading our digital services,” a U.S. Bank spokesperson explained.

The substantial cost-saving benefits are a motivator for these closures, given that each freestanding branch costs approximately $2.6 million annually to operate. Banks are required to report all planned closures and openings to the Office of the Comptroller of the Currency (OCC), which publishes these summaries weekly.

Wells Fargo also defended its numerous closures this year. A spokesperson underlined the importance of branches in their service model, complementing their online and mobile banking options. "We are investing in new branch locations and refurbishing our existing network. While optimizing our branch footprint, we strive to minimize the impact on our customers and communities," the spokesperson said.