Banks in trouble of closing

Several major U.S. banks have reportedly announced plans to close more than 110 branches across the nation between Thanksgiving and the beginning of January, according to an exclusive investigation by the Daily Mail.

These include Wells Fargo, U.S.

Bank, Bank of America, and Chase, the newspaper wrote. The investigation is based on closures registered with the Office of the Comptroller of the Currency (OCC), which means that the closures are planned, but not necessarily final.

Why It Matters

A recent survey conducted by Morning Consult on behalf of the American Bankers Association found that 55 percent of bank customers in the U.S.

use apps or phones or other mobile devices for their banking operations; 22 percent used online banking, and 8 percent visited bank branches.

Despite the rise in mobile and online banking in recent years, especially after the pandemic, local bank branches remain a lifeline for elderly customers and those who prefer in-person services.

Studies have f