At a time when most banks are aggressively closing physical bank branches as more customers move their banking habits online, Chase Bank has chosen the opposite route.
The D.C. region is among markets where Chase is aggressively opening more branches.
Chase Bank announced this month plans to open an additional 30 new branches in the D.C. region; and over the next three years, the banks said 190 branches combined will be added across Maryland, Virginia and the District.
It has committed to opening at least 20% of those branches in lower-income, underserved neighborhoods, where the need for face-to-face banking can be lacking.
“Some folks are looking for guidance around something like budgeting or putting a savings plan together,” said Alfonso Guzman, regional director for JPMorgan Chase. “Others are looking for things a bit more complicated like investments or retiring, or taking their business to the next level.”
Chase operates one of only 16 Chase Community Banking Centers in the country in D.C.’s Ward 7 at Skyland Town Center, serving customers in both Wards 7 and 8 with a wide array of banking services, financial planning and access to a team of experts.
“The work that we do there goes well beyond traditional banking. We offer a lot of focus on financial health. We do free workshops there consistently, focusing on credit, things like budgeting, and homeownership as well,” Guzman said.
Chase also operates some unusual branches in D.C. Its only on-campus branch is on the Howard University campus. And it operates one of the few banks catering specifically to deaf clients at its branch on H Street Northeast.
“There is a very robust community there next to Gallaudet University. We partnered with them on that branch. It caters to the deaf and hard of hearing and many of our employees there are deaf and hard of hearing,” Guzman said.
Chase has also committed $4 billion over five years for regional home and small business lending, and philanthropic investments of up to $25 million in the D.C. region.
The D.C. area expansion is part of Chase’s goal to open more than 500 branches nationally in the next three years. In addition to D.C., its other focus markets are Boston, Charlotte, Minneapolis and Philadelphia. It has opened more than 650 new branches over the past five years, including 400 locations in new markets.
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