Major Banks Cut Back Presence in New Jersey: Customers Brace for Branch Closures

Banks are shutting locations across New Jersey, leading to "banking deserts."

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There continues to be a push by banks to get their customers online, as seen by the number of physical branches being closed.

New Jersey had a net loss of 279 bank branches during the past three years, or 10% of its total. Over the last ten years, Asbury Park Press has found New Jersey has seen the number of banking institutions operating there decline by one-third, and the number of branches decline by 24%. This has led to a number of "banking deserts" in New Jersey.

One report states, "If the trend of current bank branch closings continues, there may be no bank branches left in 10 years."

While some people do their banking online, many still prefer to visit a branch to conduct their finances so these closures will cause some concern to some customers.

The list of branches closing in New Jersey continues to grow. Below are the bank locations set to close in New Jersey over the summer.

Branches in New Jersey Closing in June

• Wells Fargo. 4523 Church Rd, Mount Laurel
• JP Morgan. 21-01 Fair Lawn Ave, Fair Lawn
• PNC Bank. 1511 Route 22 W Ste 6, Watchung
• PNC Bank. 1 Lefante Way, Bayonne
• PNC Bank. 1201 Stuyvesant Ave, Union
• PNC Bank. 801 Newark Ave, Elizabeth
• PNC Bank. 3333 State Route 27, Franklin Park
• Capital One. 403 South Orange Ave, Newark

Branches in New Jersey Closing in July

• Wells Fargo. 2325 Plainfield Ave, South Plainfield
• Wells Fargo. 317 Main St, Lakewood
• Wells Fargo. 400 Raritan Ave, Highland Park
• Bank of America. 15 Washington St, Hoboken

Branches in New Jersey Closing in August

• Wells Fargo. 432 West Union Ave, Bound Brook
• Wells Fargo. 31 Bridge St, Lambertville
• Wells Fargo. 6040 Doughboy Loop. Fort Dix.

I will continue to update this list, so if you wish to be updated with the latest developments, make sure you click the follow button.

Your thoughts

Do these branch closures affect you? Will you move to online banking? Should branches stay open for people who prefer to conduct their banking in person? Do you have confidence in your local bank? Will you switch banks?

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