Millennials Are Killing Your Local Bank Branches

A record number of bank branches shuttered in 2020, the result of several factors that portend even more closures, as AARP explains.

One big culprit behind the disappearing branches is technology – millennials prefer to bank online and deposit checks by phone. “It’s one of those things where if you do it once, you’ll never make a deposit at a branch or ATM again,” says, Greg McBride, chief financial analyst at Bankrate.com.

Concerningly, the increased closures are creating more “bank deserts” — areas where a bank branch is at least 10 miles away. You can imagine the headaches that might create for small businesses who require in-person services and those who need access to safety deposit boxes.

Read more at AARP.