Wells Fargo shuts down more branches

When was the last time you talked to your banker face-to-face? Or even the last time you walked into a branch?

For some Americans, it’s becoming less and less. A report from banking research firm Rival found that 52% of consumers have visited a branch between one and four times in the last year.

That’s less than an older study from the FDIC that found roughly 80% of Americans had visited a bank branch in the last year, while only 30% had visited more than once.

Branches are not as vital to banking as they once were. Today you can bank from anywhere with your phone, without ever needing to step into a bank branch.

Banks are taking note, with some closing down their branches to save on costs and instead expanding into newer technologies like AI.

And now this one major bank has decided to close down over a dozen branches.

Bank cutting down on physical presence

Some banks are responding to the change in consumer habits by rethinking how consumers interact with them.

For some banks, that might mean rethinking the layout of their branch, as TheStreet reported. For others, that might mean consolidating branches that are close together. And for others, that could mean closing some branches altogether.

According to a study from the Federal Reserve, there was a 19% decline in the number of bank branches between 2014 and 2024.

Wells Fargo is one of the banks that has decided to close some of its branches.

According to a review of data from the Office of the Comptroller of the Currency, Wells Fargo has closed 13 branches since the start of the year. The same data shows that the major bank has not opened any new branches since Jan. 1.

Wells Fargo bank branches that are closing:

• 600 E. Northern Lights Blvd., Anchorage, Arkansas
• 120 Broadway, Suite 102 Santa Monica, California
• 600 Maryland Ave., SW, Washington, D.C.
• 1301 Fifth Ave., Garner, North Carolina
• 5610 Lake Isabella Blvd., Lake Isabella, California
• 8010 Frankford Ave., Lubbock, Texas
• 1423 Boston Ave., Nederland, Texas
• 1700 Dr. Martin Luther King Jr. Drive, Racine, Wisconsin
• 2700 N. Main St., Santa Ana, California
• 201 Central Ave., Valley City, North Dakota
• 750 N. Imperial Ave., El Centro, California
• 201 Main St., Fort Worth, Texas
• 4 North Jefferson Road, Whippany, New Jersey

Wells Fargo isn’t the only major bank to close more branches this year. Bank of America has closed several branches, TheStreet reported.

But that doesn’t mean Wells Fargo customers are at a complete loss when it comes to finding a branch. The bank still has over 4,000 retail bank branches and says that branches are still the “heart” of the bank, according to a Wells Fargo blog post.

And of those left, it’s working towards refurbishing them all by 2030, with more customer-facing areas, consultation rooms, lounge areas, and new finishes.

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