Bricks-and-mortar banks are traditional physical banks with actual buildings, teller counters, ATMs, and staff you can talk to face-to-face. The name comes from the building materials — bricks and mortar — that make up their physical branches.
For decades, bricks-and-mortar was the only way to bank. You would walk into a branch to open an account, deposit checks, apply for loans, or speak with a financial advisor. Major players include JPMorgan Chase (4,700+ branches), Bank of America (3,800+ branches), and Wells Fargo (4,500+ branches) in the US alone.
Today, bricks-and-mortar banks face intense competition from digital-only banks (neobanks) like Chime, Revolut, and N26 that offer lower fees and 24/7 convenience. Many traditional banks are closing branches — over 3,000 US branches closed in 2023 alone — while investing heavily in mobile apps and online services.