The wave of closures continues to affect different institutions in the United States, and banks are no exception. Now it is the turn of Wells Fargo and Citibank who will also join this phenomenon in the following days.
First, let’s talk about what happened at Wells Fargo. According to various local media, at least 37 locations in the United States are about to close permanently. The branches located in Bosque Farms and Santa Teresa, scheduled to disappear entirely on October 4, will be the first to be affected, according to The Albuquerque Business Journal.
Rubén Polido, spokesman for the chain, stated that online banks are far surpassing physical branches in the United States. “As customer preferences and transaction patterns change, so will our branches and the experiences customers have in them,” he added.
These closures of banking institutions must be notified 90 days before they occur. Recent closures include the branch in Corrales that was permanently closed a few weeks ago. Wells Fargo, with 4,000 branches across the country, has closed more than 30 locations this year in 16 US states.
Citibank, on the other hand, will be making the same decision for the country. In the next few days, it will permanently close three branches in California. The exact addresses are 10460 Avenida Monte Gleason, Tujunga; 41969 Big Bear Boulevard, Lago Big Bear; and 1995 Avenida 41, Capitola. The exact dates of closure are not yet known, but it will happen sometime this September. Customers can find the closest bank branches through the online search engine provided by Citibank.
Wells Fargo and Citibank join a growing list of branches that have already been closed at other banks, such as US Bank and Bank of America. This trend reflects the changing preferences and behavior of customers towards online banking.