Chase Expands Despite Branch Closures: Your Options

You won’t find any nationwide 24-hour closure of Chase Bank’s 4,700+ branches. While Chase is closing 23 specific branches across nine states, they’re actually expanding their overall network. The bank grew from 4,854 to 4,863 branches between 2021 and 2023, including 84 new locations from First Republic. Their strategy combines targeted closures with plans to open 400 new branches across 25 states. Let’s explore how this affects your banking options.

While Chase Bank plans to add hundreds of new locations in 2024, it’s also closing branches across nine states as part of the banking industry’s broader shift toward digital services. The bank has confirmed 23 closures so far, affecting locations in California, Colorado, Connecticut, Florida, Illinois, Indiana, Michigan, New York, and Ohio. This branch strategy reflects the changing landscape of banking, where customers increasingly prefer digital solutions over traditional brick-and-mortar services. Studies indicate that rural areas have been particularly impacted by branch closures due to merger and acquisition activities.

You’ll want to note that despite these closures, Chase’s overall branch network has actually grown from 4,854 to 4,863 between 2021 and 2023. The bank’s acquisition of 84 First Republic branches in 2023 contributed to this expansion, though some of these locations are slated for closure. The bank plans to continue its growth by adding 150 branches annually. The shift to online banking preferences has significantly influenced these strategic decisions. Recent studies show that cash-recycling kiosks are becoming popular alternatives for areas where bank branches have closed. Branch transactions have seen a 25% decrease due to customers embracing self-service options.

Chase’s commitment to physical banking remains strong, with plans to open approximately 400 new branches across 25 states, focusing particularly on underserved areas and new markets.

The customer impact of these closures will vary depending on your location. If you’re affected, you’ll need to prepare for potentially longer travel times to reach your nearest branch and increased reliance on ATMs for cash transactions. Chase is providing 90-day advance notice to affected customers and recommending alternative nearby branches to minimize disruption to your banking routine.

You’re part of a larger trend in banking behavior, as the industry has seen a steady decline in branch numbers over the past 15 years. Through the third quarter of 2023 alone, U.S. banks closed a net 944 branches, with 439 closures occurring in just Q3. This represents the highest quarterly closure rate since early 2022, continuing the industry’s movement away from the nearly 100,000 branches that existed in 2009.

To adapt to your changing needs, Chase is enhancing its digital capabilities while maintaining strategic physical locations. You’ll find expanded ATM networks, improved online and mobile banking platforms, and new video banking options.

The bank is also developing larger, technology-focused “flagship” branches to provide extensive services in key locations. These changes reflect Chase’s response to your evolving banking preferences, as more customers embrace digital banking solutions.

The bank’s strategy has proven successful, generating $85 billion in deposits from branches opened between 2017 and 2023. While you might need to adjust to these changes, Chase’s dual approach of strategic closures and targeted expansion aims to balance customer convenience with operational efficiency in an increasingly digital banking landscape.