November 27, 2023
Categories: Checking Accounts, Debit Card, Financial Resources, Savings Accounts
By Dawn Kellogg
Over the past six months, major U.S. banks have announced a raft of branch closures, in numbers not seen since 2008, leaving many Americans without access to basic financial services. Banks seem to be closing branches faster than they are opening new ones. According to Kiplinger, in 2022 U.S. banks closed over 3,000 branches while opening just 1,000 new ones.
According to Insider Intelligence, between 2017 and 2021, 9% of all bank branches (around 7,000 locations) shut their doors. The rising number of people conducting financial business online or through mobile apps, and consolidation of branches in one area have contributed to this trend.
How concerned are consumers by this trend? A recent poll by the Daily Mail revealed that 51% of consumers said that they were very or somewhat concerned about the declining number of bank branches. 18% said they were not at all concerned. Closures have also been found to disproportionally affect those in a lower income bracket. Research carried out by Opinium for Daily Mail discovered that 10% of households earning under $10,000 do not have access to a local bank branch.
One of the things that differentiates credit unions from banks, and even The Summit from some other credit unions, is its membership in the Co-Op Shared Branching Network. This network of 5,370 branches nationwide serves 1,852 participating credit unions with over 62 million credit union members. That means that whether you are taking a train to Tennessee, flying to Florida, or driving to Delaware, or even just in a different area of your hometown, there are credit union partners that will welcome you with open arms.
Isn’t that good to know?
As a member of The Summit, news stories of branch closures don’t have to keep you up at night. Wherever you may be in the United States or Puerto Rico, you have access to your funds and can complete most of your financial transactions at a Co-Op Shared Branch.
Click here for our ATM and Shared Branch locator.