Capital One to shut 37 branches across US

Capital One Financial Corp. is closing 37 bank branches across the U.S., as it works to reconcile its traditional banking business with a customer base that is increasingly moving online. 

Capital One, which filed the bank branch closings with the Office of the Comptroller of the Currency, confirmed the filings to Mobile Payments Today. 

“Customer preferences and how they manage their money and interact is changing,” a Capital One spokesman said via email. “The banking industry’s delivery model is being reshaped in response to customer demand, and Capital One is evolving to address that need.”

The spokesman said Capital One customers were increasingly using digital banking methods, including mobile banking, online banking, enhanced ATMs, remote deposit capture and other methods. 

He acknowledged, however, that many customers still valued physical branches for assurance, advice and to provide support for certain transactions.

“We recognize the importance of ensuring that the evolution of banking doesn’t inadvertently leave someone behind,” he said.

Topics: ATMs, Mobile Banking

Companies: Capital One

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