Big banks are temporarily closing branches across the nation as they cope with labor shortages and ongoing complications from Covid-19, including the arrival of the more contagious Omicron variant.
It mirrors widespread branch closures at the start of the pandemic in March 2020 when many thought the economic lockdown would be measured in weeks. The new round of temporary closures — sometimes occurring sporadically — are sparking anger, confusion and angst among customers.
“Many of our locations may have reduced hours, alternate days of operations or may have been temporarily closed,” Bank of America Corp. (NYSE: BAC) tells customers on its website. “We are doing everything we can to reopen as soon as possible, though some locations may remain closed for an extended period of time.”
This week, Bank of America and JPMorgan Chase & Co. (NYSE: JPM) were tight-lipped on how widespread the temporary closures are, with both declining to provide national numbers. JPMorgan Chase has no branch locations in the Triad. The two banks referred TBJ sister publication the San Francisco Business Times to their website branch locator tools, which don’t offer a high-level overview. Their reluctance to talk is fueling concerns about the fate of many branches as the industry seeks to permanently scale back costly brick-and-mortar locations.
A review of BofA’s branch locator on its website this afternoon found that two of its 22 Triad branches, at 1616 E. Bessemer Ave. and 435 Pisgah Church Road in Greensboro, are closed temporarily. Triad Business Journal previously reported plans to permanently close branches at 201 E. Parris Ave. in High Point and 698 Hanes Mall Blvd. in Winston-Salem.
Nationally, Wells Fargo & Co. (NYSE: WFC) said it has about 4,800 branches and 94% are open, suggesting that approximately 288 branches are temporarily closed across the country. Its website on Monday afternoon listed temporary closures of branches at 3001 Randleman Road in Greensboro, 124. E. Main St. in Jamestown and at 100 N. Main St., in Winston-Salem.
Wells Fargo's website lists a handful of branches in the Triad offering drive-up services only: 1800 Battleground Ave. and 625 Green Valley Road in Greeensboro; 820 S. Fifth St. in Mebane and 2925 Reynolda Road in Winston-Salem.
The bank's website states that teller lines are open but bankers are available only by appointment at the following locations: 5815 W. Friendly Ave., 3608 W. Gate City Blvd. and 1204 Bridford Parkway in Greensboro; 500 S. Main St. and 2832 S. Church St. in Burlington; 233 S. Main St. in Graham; and 221 E. Mountain St. in Kernersville;
Wells Fargo has 46 branches across the Triad, according to List research.
“Our temporarily closed locations will resume operations as soon as possible. We are sorry to inconvenience any customers who may do their banking at one of our temporarily closed branches,” Wells Fargo spokesperson Edith Robles told the Business Times. Wells Fargo customers are advised to check the bank’s website to find out whether a branch is open or closed or use the bank’s online and mobile banking features to conduct their banking.
Bank of America offered some insight into what’s driving its temporary closures.
“Our temporary financial center closures have occurred in areas where we’re seeing fewer visits, or where our staffing is not sufficient for all to remain open,” said Bank of America spokesperson Betty Riess.
She continued: "If we had a known exposure (to Covid), whether client or associate, we will close the financial center for deep cleaning. When a center closes, we work to reopen it as soon as possible. Our branch locator tool on our website offers the most up-to-date information on hours of operation as well as the nearest ATMs. We appreciate our clients’ understanding and flexibility during these times.”
Some bank customers aren’t so understanding, with one Bay Area BofA customer taking to Twitter to voice anger over lack of access to a safe deposit box at a temporarily closed location. BofA is often advising customers on its branch locator site to email the bank to make an appointment to access their safe deposit box at temporarily closed locations.
Other customers are posting on hyperlocal social-media site Nextdoor, comparing notes on the status of local branches in terms of whether the closure is thought to be temporary or permanent. The temporary branch closures occur as many banks see eliminating branches as a way to cut costs as more people handle their banking electronically.
Deposits in the Triad
| Rank | Prior Rank | Business name/Prior rank |
|---|---|---|
1 | 1 | Truist |
2 | 2 | Wells Fargo & Co. |
3 | 4 | Bank of America Corp. |
Triad Business Journal Editor Lloyd Whittington contributed to this report.
