Bank Branches and COVID-19: Where are Banks Closing Branches during the Pandemic?
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.
Part of Series: FEDS Notes
Publication Date: 2021-12-17