New York Faces Bank Branch Exodus: More Closures Imminent

 

https://www.blogger.com/blog/post/edit/6976744176799449928/700363421593145278 

Access to Banking Services in New York Declines as Branch Closures Accelerate

There continues to be a push by banks to get their customers online, as seen by the number of physical branches being closed. Unfortunately, for New York residents, another nine New York branches were added to the list.

Let's take a look at this ongoing story.

Bank closures hit the nation.

Each week the Office of the Comptroller of the Currency (OCC) releases a bulletin of banks set to close, and the list continues to grow. 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.

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

This month more New York bank locations have been listed to shut, including the locations below.

• Santander Bank. 717 Manhattan Ave, Brooklyn
• Flagstar Bank. 1445 Richmond Ave, Staten Island
• Flagstar Bank. 350 Motor Parkway, Hauppauge
• Flagstar Bank. 1351 Forest Ave, Staten Island
• Flagstar Bank. 3501 Amboy Rd, Staten
• Flagstar Bank. 335 Nesconset Hwy, Hauppage
• Flagstar Bank. 2656 Hylan Blvd, Staten Island
• Keybank. 3083 Carman Rd, Rotterdam
• JP Morgan. 533 5th Ave, Brooklyn

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.

Below is the updated list of bank locations set to close in New York over the next few months.

Branches in New York Closing in July

• Wells Fargo. 133 North Main St, Port Chester
• Santander Bank. 1290 Avenue of the Americas, New York
• Keybank. 2315 N. Triphammer Rd, Ithaca
• JP Morgan. 36-63 Main St, Flushing
• JP Morgan. 60 Great Neck Rd, Great Neck

Branches in New York Closing in August

• Community Bank. 830 Country Rt 64, Elmira
• Community Bank. 26 East Main St, Clifton Springs
• Community Bank. 331 West Pulteney St, Corning
• JP Morgan. 402 Halstead Ave, Harrison
• JP Morgan. 275 Halstead Ave, Harrison
• Capital One. 118 7th St, Garden City
• Flagstar Branch. 565 5th Avenue, New York
• Wells Fargo. 190 North Boulder Hwy, Henderson
• Citibank. 244 Main St, White Plains

Branches in New York Closing in September/October

• Santander Bank. 717 Manhattan Ave, Brooklyn
• Flagstar Bank. 1445 Richmond Ave, Staten Island
• Flagstar Bank. 350 Motor Parkway, Hauppauge
• Flagstar Bank. 1351 Forest Ave, Staten Island
• Flagstar Bank. 3501 Amboy Rd, Staten
• Flagstar Bank. 335 Nesconset Hwy, Hauppage
• Flagstar Bank. 2656 Hylan Blvd, Staten Island
• Keybank. 3083 Carman Rd, Rotterdam
• JP Morgan. 533 5th Ave, Brooklyn

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 to a credit union?

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.