US Banks Decide On Closure Strategies Amid Covid Surge

According to Business Insider, as coronavirus cases continue to increase, US banks are evaluating their branch closures based on a location-by-location strategy.

Although none of the four largest banks in the U.S. have announced closures, smaller banks are making big changes.

Some are limiting in-person banking to appointments only, opening drive-thru service, and even closing branches if they are located in COVID hotspots.

However, new shifts in consumer habits may allow banks to close during the surge, and even permanently in the long term.

According to Business Insider, there is an uptick in digital banking.

It's up over 73%, with an expected increase to over 79% in the next five years.