Citi is the most recent traditional bank to tell customers that some branches are closed due to the Coronavirus pandemic.
Citi operates over 4600 branches around the country. A report in Bloomberg today laid the blame at the drop in foot traffic to the bank branches as people practice social distancing.
“As our clients and communities increasingly self-isolate, we have noticed shifts in foot traffic and market dynamics –- so, to best meet our changing customer needs, we have begun to temporarily close branches where and when it makes sense.”
Other banks, both national and regional have already done the same while encouraging customers to complete their banking needs via the internet or by the bank’s mobile phone App.
One outlier in the branch closure movement arrived via a statement from the credit unions in Ohio. Crowdfund Insider received a notice that banks and credit unions are considered essential service providers and will remain open during Ohio Governor DeWine Administration’s stay-at-home order.
Mike Adelman and Paul Mercer, the chief executive officers of the Ohio Bankers League and the Ohio Credit Union League, released a joint statement expressing the financial institutions’ commitment to serve Ohioans during the outbreak.
“We are in firm support of the strong leadership and robust action from Governor Mike DeWine and his Administration to proactively mitigate the impact of the coronavirus for all Ohioans. Ohio’s banks and credit unions continue to actively support the needs of individuals, families, businesses, and communities. Banks and credit unions across Ohio are responding to local needs with service continuity, responsive flexibility, and multiple safe and secure service delivery options to help customers with loans, savings and investment services, and payment and transaction solutions. Ohio’s financial institutions are here to help Ohioans as we navigate this unsettling time.”