Wells Fargo Is Closing Several More Branches, Starting Tomorrow
The bank is continuing to shut down retail locations nationwide.
Retail closures are hardly an unusual sight these days. Whether it's major grocery stores or home decor chains, companies have been shuttering stores left and right over the past few years. But it's not only retailers paring down—major banks have also been reducing their brick-and-mortar locations. Wells Fargo has already closed hundreds of branches nationwide, and now it has more closures slated for the coming weeks. Read on to discover more about Wells Fargo's plans.
Wells Fargo has been closing locations across the U.S.
Over the last few years, Wells Fargo has been getting rid of hundreds of branches. In 2021, the company closed the most locations out of any other bank, with a total of 267 cut that year, CNBC reported. Wells Fargo shuttered many more branches last year, leaving the company with 4,598 retail locations at the end of 2022, down from 4,777 branches the year prior.
Customers have continued to see more closures from the bank this year, as well. Wells Fargo has already closed branches in Montana, North Carolina, California, Pennsylvania, Texas, New Jersey, Florida, Utah, Virginia, New Mexico, and Washington.
Now, even more branches are on the chopping block.
The company is closing a location in California tomorrow.
Wells Fargo's next closure is just around the corner. The company is closing a location in Redondo Beach, California, tomorrow, The U.S. Sun reported. The Wells Fargo on South Pacific Coast Highway in Redondo Beach will close for good on Sept. 13 at 11 a.m.
"Until then, customers can use the branch and bank with us as they always have," a Wells Fargo spokesperson told The U.S. Sun. "After that, customers can use our branch at 1701 S. Elena Ave. which is 1.5 miles away from the closing branch."
Another location in a different state will close tomorrow as well.
Customers in California aren't alone: Wells Fargo is also closing a branch in Richmond, Virginia, tomorrow, Richmond BizSense reported. A spokesperson for the company confirmed to the news outlet that its outpost at 3501 West Broad Street will shut down for good on Sept. 13 as well.
This branch's operations and deposits are being consolidated into the Willow Lawn Wells Fargo—which is located on the same road, about one mile west at 4901 West Broad Street.
Wells Fargo is also shuttering several more branches soon.
Wells Fargo is planning to close two more branches in the Richmond area in the coming weeks, Richmond BizSense reported. The company is shutting down a branch located at 8215 West Broad Street on Oct. 18, and another at 122 East Grace Street on Nov. 1, according to the news outlet.
Outside of Virginia, Wells Fargo will be letting go of a branch in Pennsylvania. Its outpost at 1840 Airport Road in Allentown, Pennsylvania, will close for good on Nov. 1, WFMZ-TV reported.
And before that, Wells Fargo will be shutting down two branches in New Mexico. Spokesperson Ruben Pulido recently confirmed to the Albuquerque Business Journal that the bank is planning to close retail locations in Bosque Farms and Santa Teresa on Oct. 4.
Best Life reached out to Wells Fargo about these new planned closures, and we will update this story with their response.
Companies say customers are changing their banking habits.
Wells Fargo's decision to close so many branches nationwide has not been an easy one or something they "take lightly," the company told The U.S. Sun. But as consumer banking habits change, operations must change with it.
"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," a Wells Fargo spokesperson previously told Best Life. "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."
Nevertheless, "branches continue to play an important role in the way we serve our customers," the spokesperson added.
This is not just a problem for Wells Fargo. Many major banking companies, including Santander Bank, have been closing branches across the U.S. in light of changing trends.
"Like many industries, our customers' preferences have changed, with more customers choosing to bank with us online," Santander Bank said in a previous statement to Best Life. "Therefore, we are reimagining the customer and employee experience by simplifying our processes, refining our branch footprint, and increasing our investment in digital capabilities to align with the evolving needs of our customers."