4 Illinois Banks Suddenly Announce They Are Closing Their Doors

If you think it's been a challenging year already for retail, you should see what's happening to banks. There are four banks in Illinois that have reportedly just announced they are closing their doors forever.

When is the last time you've been in a brick and mortar bank location? I can't answer for you, but I know it's been nearly a year for me as nearly all of my banking is now done online. That's likely the reason that the Daily Mail just reported that 4 banks in Illinois have just filed closure notices and will be shutting down their locations. Here are the ones in the Land of Lincoln:

• Huntington NB - 87 W. 87TH STREET - CHICAGO, ILLINOIS
• JPMorgan Chase Bank - 1055 WEST BRYN MAWR AVENUE, UNIT B - CHICAGO, ILLINOIS
• U.S. Bank - 5201 W Madison Street - CHICAGO, ILLINOIS
• Wintrust Bank - 360 E. Ohio St. - CHICAGO, ILLINOIS

The report says that these Illinois banks are being closed as each bank chain is working to optimize their operations. That translates into a loss of customers taking the time to walk through the doors to make it profitable to remain open.

We have no doubt entered a different era where society is becoming cashless. Online banking is very convenient and the choice for most now. I'm still concerned about the complete loss of having a physical building you can walk into if you have a serious question that you don't feel comfortable asking over the phone or if your account is jeopardized online. What happens if the internet goes down for an extended period of time and online banking is unavailable? These are all questions that make me concerned that a slew of Illinois banks are shutting their doors.