A BIG bank with only 1,000 branches across the country closes another branch, causing frustrated customers to turn elsewhere.
Fifth Third Bank announced that it will close one of its banking locations in Cincinnati, Ohio.
The bank, based in downtown Cincinnati in a Kroger store, is the ninth-largest consumer bank based in the United States, said Fifth Third spokeswoman Beth Oates.
Customers will be directed to another location in either Mason or Deerfield Township, Oates said.
There are 102 Fifth Third branches in the Cincinnati metropolitan area, more than any other bank.
According to Oates, the recent closure is part of the company’s ongoing operationsits branch network.
“This is part of our overall strategy to improve our distribution in Cincinnati through new locations and store renewals,” she said.
A new location was recently constructed in Miami Township, along with a renewed location in Newport and another location scheduled to open later this year at Cincinnati/Northern Kennedy International Airport.
Earlierthe bank announced it would close another branch in Westwood on August 31.
Other locations in Evansville, Indiana and Raleigh, North Carolina are also closing their doors.
Many banks frequently close branches due to changes in the habits of many customers.
Consumers are now using mobile apps, online banking and ATMs for everyday transactions instead of visiting branches and working with the teller.
According to the National Community Reinvestment Coalition, 9 percent of all bank branches were closed between 2017 and 2021.
However, for many banks, branches are still vital to provide customers with expertise on lending, important financial decisions and other needs.
Meanwhile, a Wells Fargo branch is on the brink of closing, with bosses admitting the branch has been difficult to close.
The Allentown, Pennsylvania, branch is just one of dozens set to close.
Wells Fargo executives said so Lehigh Valley shop that the branch is to be finally closed on November 1st.
The company admitted the closure was not taken lightly.
Chiefs said, “Branch continues to play an important role in how we serve our customers and we continually evaluate our branch network in light of changing customer needs, increasing use of digital banking and market factors.”
However, Wells Fargo customers can access a branch located a mile away.
The closure was reported in the July 30-August 4 weekly bulletin published on the Office of the Currency Controller Website.
Stores in a number of states, including Arizona, California, Florida, New Jersey, Maryland and Colorado, are scheduled to close.
The Wells Fargo banks in Georgia, Virginia, Wisconsin and Washington are to close.