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More US banks to shutter branches as coronavirus crisis escalates

More US banks to shutter branches as coronavirus crisis escalates

More US banks are following the lead of JPMorgan Chase in restricting access to branch-based services as social distancing measures during the virus outbreak come into force.

KeyCorp, Fifth Third Bancorp, BBVA USA and PNC have all announced plans to shutter branches and restrict access at many of their sites to the drive-through window only.

The moves came a day after JPMorgan circulated plans to shutter a fifth of its branch network, comprising 1000 outlets, in response to the escalating Coronavirus pandemic.

PNC, which intends to close a quarter of its branch network, says customers will need to make appointment for safe deposit box access, loan closings or other banking services that cannot be delivered through the drive-up, by telephone, through the ATM network or via mobile or online banking.

"The safety and well-being of our customers, employees and the communities we serve remains our top priority," says Bill Demchak, PNC chairman, president and chief executive officer. "The challenges all of us face at this time are unprecedented, and PNC is making these adjustments to help keep our customers and employees safe."

Comments: (1)

A Finextra member
A Finextra member 20 March, 2020, 21:46Be the first to give this comment the thumbs up 0 likes

While this is a measured and appropriate response to the threat of Covid-19. You have to worry whether all of these branches, or any of these branches, will re-open.

Quite aside from the economic pressures on banks and their retail estate, Corvid-19 will force a large scale, sea change in customer behavior that would otherwise have taken a decade to take effect.