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Bank Branches and COVID-19: Where are Banks Closing Branches during the Pandemic?

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  • Kimberly Kreiss

Abstract

In the decade prior to the COVID-19 pandemic, bank branches were closing at a steady rate. Additionally, households with a bank account increasingly adopted mobile or online banking for at least a portion of their banking needs. As COVID-19 dramatically changes the desire and willingness for consumers to have in-person interactions, it may accelerate both of these trends and lead to a permanent shift in how people access financial services.

Suggested Citation

  • Kimberly Kreiss, 2021. "Bank Branches and COVID-19: Where are Banks Closing Branches during the Pandemic?," FEDS Notes 2021-12-17, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2021-12-17
    DOI: 10.17016/2380-7172.3027
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/bank-branches-and-covid-19-where-are-banks-closing-branches-during-the-pandemic-20211217.htm
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