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Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – 2018 U.S. ATM Benchmark Report
- Most bank closures over the last 5 years occurred with large banks; community bank branches remain steady or increased
- In the last 5 years 7,500 branches of FDIC insured institutions have closed
- 49% of large banks have decreased offices 15% of community banks have decreased offices
- ATM availability is slightly increasing, perhaps in response to bank branch closings
- There are between 475,000 and 500,000 ATMs in the US
- The ratio of ATMs to bank branches varies widely by institution – reflecting divergent strategies on the role of ATMs
- BofA & PNC have 3.5 ATMs per every bank branch – Chase has 3 ATMs per bank – Wells Fargo & Fifth Third have 2.1 – U.S. Bank (1.5) and BB&T (1.37)
About this report
Consumer use of ATMs to get cash, make deposits, and check balances remains strong despite the decline in check writing and new products like apps for digital person-to-person (P2P) payments, payment cards, and mobile wallets that aim to reduce the need for cash. A new research report from Mercator Advisory Group titled 2018 U.S. ATM Benchmark Report explores bank ATM placements in comparison to branch locations, current fraud trends, the launch of various cardless cash access technologies to provide cardless cash access at the ATM, and consumer attitudes toward ATM use.
“We see continued strong use of ATMs by many consumer market segments, including consumers who are also frequent users of online and mobile banking. Given predictions that cash use will begin to decline and in light of the precipitous drop in check use, making long-term investments in ATMs becomes more complex,” comments Sarah Grotta, Director, Debit and Alternative Products Advisory Serviceat Mercator Advisory Group and author of the report.
A recent Mercator Advisory Group report takes a look at who is closing more bank branches - large banks or community banks?
