The massive bank merger foresees greater growth for customers
PNC Financial Services Group signed a $4.1 billion all-cash, all-stock deal to acquire FirstBank in a move that is in line with the recent banking merger trend in America. The acquisition is emblematic of the general trend of banks pulling back from their footprint as more and more people use mobile and internet banking.
148 branches shut up shop in the first quarter of 2025 alone, reports S&P Global. This follows a very busy 2024, during which nearly 1,000 branches shut down in the country. Wells Fargo, TD Bank, JPMorgan Chase, Bank of America, and Flagstar are among the banks that have reduced walk-in services.
As most younger customers have adapted to online banking, the branch closures are making some Americans, especially retirees, wonder if they made the right choices.
Why retirees feel the impact most
Banking by generational affinity offers some insight into why the closures are being so effective. For baby boomers, 13% of them still prefer to bank in a branch, but for Generation X it drops to 8%, and for millennials and Gen Z it drops to 4% who bank in branches.
For those who like handling money face-to-face, having a nearby branch disappear can be an issue. To quote Howard Dvorkin, CPA and Chairman of Debt.com: “If your bank is shutting down a neighborhood branch, don’t fret — but don’t delay, either. Take action. Seek help. And remember, getting money right today is about being adaptable.”
What you can do if your branch closes
If you are one of the millions of Americans who still use branch banking, there are a few things you can do to make a change.
1. Enroll in online banking
Just as the COVID-19 pandemic pushed so many of us into online shopping for the first time, it pushed others into online banking. There’s a learning curve there, but some of these online banks charge less for fees and have more open-ended services than their physical counterparts.
For the nervous who are reluctant to do their banking on the computer, help is available. Individual help is provided by some banks, and libraries and senior centers have free sessions. Getting a hand from younger relatives or neighborhood groups can also be useful.
2. Use ATMs
Even if your branch closes, you will still have access to your bank’s network of ATMs. That allows you to withdraw and deposit money without an extra charge and often without having to mind inconvenient opening times. For help with that, most banks still offer phone customer service.
3. Use another branch nearby
If your bank is consolidating but not abandoning your neighborhood, then you can make an easy adjustment by switching to a new branch. Even though it involves a longer commute, most institutions provide help in making the change.
4. Consider a switch to credit unions or banks
If a closure would seriously interfere with your financial pattern, it might be worth considering other options. Changing banks is easier than it appears: open a new account, change direct deposits and bill payments, and close the old one when everything is set.
Credit unions are a reliable second choice. They are member-owned, have the same level of coverage as federal deposit insurance as banks have, and also have the same loan rate on loans and credit card rewards.
5. Accept change and ask for help
It is hard to depart from the old ways, but it must be done. That is learning a new application, squeezing more out of ATMs, or relocating to a new facility. The number one ingredient is an open mind. Don’t be afraid to rely on family, friends, or community services for assistance.
The bigger picture
PNC’s takeover of FirstBank is just one sign of a new banking face. Consolidating banks can be annoying, especially to the retired, but they are also a sign of going towards convenience and efficiency in banking services.
The best a customer can do is become aware, seek alternatives, and consent to evolve. With the right plan, even paradigm shifts in the world of banking can be handled effortlessly.
Read this later
From Mini-Shampoos to Room Guides: The Hotel Room Amenities That Are Disappearing
What is Nebius? Shares soar 51% on Microsoft AI deal
New Yorkers: STAR Program Checks Are Hitting Mailboxes Now — Get Up to $1,500 in School Tax Relief
Warning for New Yorkers: Scam artists using fake QR codes on parking meters to steal your money
Warning for dog owners: not declaring your pet can lead to insurance being cancelled
Buy now, profit later? Klarna IPO puts investors to the test
