Banks continue to close branches across Texas as they push customers to online banking.
Yesterday I advised readers of PNC Bank closing seven locations in Texas; however, they are not the only bank looking to shut down locations.
Wells Fargo and Bank of America are also set to close locations in Texas as the banks move away from physical branches and toward online banking.
According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
Wells Fargo Branches in Texas closing
- 2300 S I H 35 Round Rock. Due to close in July
- 1421 North Central Expressway, Plano. Due to close in July
- 20440 FM 529 Rd, Houston. Due to close in August
- 1155 Union Circle, 2ND FL RM 222, Denton. Due to close in August
- 315 S. Hampton, Dallas. Due to close in August
- 200 West Kennedale Parkway, Kennedale. Due to close in August
- 3601 Highway 6, Sugar Land. Due to close in August
"Branches continue to play an important role in the way we serve our customers. Additionally, customers use our wide range of digital capabilities for many of their banking needs and, as a result, more transactions are happening outside the branch. As such, we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, and market factors." Wells Fargo spokesperson
Bank of America Branches in Texas closing
- 3301 Northland, Suite 100, Austin. Due to close in July.
- 2600 Citadel Plaza Drive, Suite 100, Houston. Due to close in August.
- 1051 Flower Mound Rd, Flower Mound. Due to close in August.
While some people do their banking online, many still prefer to visit a branch to conduct their finances, so this announcement will cause some concern.
Do these branch closures affect you? Will you move to online banking? Are you concerned about the number of stores closing in Texas? Should Gov. Abbott offer financial support for struggling retail businesses or laid-off workers?
Please leave your thoughts in the comment section below and share this article on social media and with others so more people can join the discussion.