5 Major New Jersey Banks Announce Shocking Closures

Online banking is quick, convenient, and safe. We can transfer money, pay bills, and manage finances by tapping an app or opening our laptops.

We don't even need physical bank or debit cards. Apple Pay can take care of purchases without contact on your phone.

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Think about it. When was the last time you set foot in a bank?

If it's been a while, you're not alone.

Statista reports that, as of 2023, more than 66% of Americans use online banking, a number that is expected to grow quickly.

Last year, banks closed a total of 1,043 branches.

Ridofranz

Take a look at these stats:

85% of people ages 25 to 34 use digital banking
47% of people over 65 use digital banking
39% of Baby Boomers use online banking
57% of Gen Z use mobile banking apps
60% of Millennials use mobile banking apps
52% of Generation X use mobile banking apps

ALSO READ: This New Jersey Department Store is at Risk of Closing

Whether we need a safe deposit box, a bank check, or financial advice, we still need to visit our local bank branch.

The Daily Mail says 200 million Americans still make cash deposits, and 45% prefer in-person banking.

When you visit your bank, it is shocking how few staff members are left. It wasn't long ago when you had a whole crew handling the counter and drive-thru. Even bank drive-thrus are being phased out for pull-up ATMs.

Kerkez

Why are New Jersey banks closing?

Technology. Online banking and apps allow banks big and small to enable customers to conduct their business from the comfort of their homes or wherever there's an Internet connection.

It's also cheaper for banks to go virtual. It eliminates the need for staff at brick-and-mortar locations.