Posted on 10/16/2023 6:00:03 PM PDT by Libloather
Major US banks are continuing to close branches across the US, leaving an increasing number of Americans without access to basic financial services.
Bank of America axed 21 branches in the first week of October, according to a bulletin published by the Office of the Comptroller of the Currency (OCC) on Friday.
Wells Fargo shuttered 15, while US Bank and Chase reported closing nine and three respectively.
In total, some 54 locations had either closed or were scheduled to close between October 1 and October 7. Of the overall closures, three were in Louisville in Kentucky. Eight of the 21 Bank of America closures were in California.
On Friday, major US banks including Wells Fargo and JPMorgan Chase reported their third quarter earnings. Increased revenue thanks to higher interest rates saw both banks' revenues increase.
This months' closures come after an exclusive poll by DailyMail.com revealed that 51 percent of consumers said they were very or somewhat concerned about the declining number of bank branches. Only 18 percent said they were not at all concerned.
The survey also found that brick-and-mortar services are less accessible to black Americans. While 14 percent of black Americans said they did not have a local branch, that was only the case for 8 percent of white Americans.
In March Senator Sherrod Brown sent a letter to the OCC wanting to launch an inquiry into the impact of such closures on lower income communities.
When banks close a branch, they must notify the OCC. In a statement to DailyMail.com in August, a spokesperson said: 'The OCC understands the importance of bank branches and is committed to supporting access to banking services in all communities.'
They also noted that although banks and credit unions need to notify their 'primary regulator of closures', the statute that requires...
(Excerpt) Read more at dailymail.co.uk ...
There aren’t enough banks because of the color of people’s skin!!!
MOASS soon
They’ve been closing quite a few local branches and Wells has even apparently started closing some ATM machines? It may be that they went to hi totally online with just a few places you can make a withdrawal !?
BOA is a bigoted, anti-white financial institution. I hope they are forced to close all their branches
Bank of America: 3900 branches, 16,000 ATMs
Wells Fargo: 8050 branches, 13,000 ATMs
Chase: 4700 branches, 16,000 ATMs
I don’t think any of these banks are going anywhere.
Thirty years ago, I went to the bank weekly. I went there so often, I had my favorite tellers and they knew me by name.
These days, I go inside a Wells Fargo branch maybe once a year if I need a money order, if even that frequently.
Everything is electronic. My paychecks are deposited electronically. If I receive a personal check, I can deposit it through the WF app on my iPhone. If I need cash, I can get cash back at the grocery store on my purchase without paying a fee. And I rarely use cash.
Branch banks are becoming obsolete. They certainly don't need as many as they've got.
I am not surprised that bank profits are very high.
Many banks are still paying their depositors 0.02% interest on their check and savings accounts and lending it out at 5 or 6% interest.
Who goes to a brick and mortar bank?
Everything is online and if you need cash, jut go to an ATM. Never a need to go into a building with humans working inside.
“...major US banks including Wells Fargo and JPMorgan Chase reported their third quarter earnings. Increased revenue thanks to higher interest rates...”
These banks charge a least 8% interest on loans and then offer 0.0001 interest on customer savings accounts. Huge ripoff.
Loan sharks and racketeers are more honest than Wells Fargo and BOA. /spit
If I get a check I can cash it in an ATM or with my phone. I can transfer money between accounts, open accounts without ever going into a bank and got a car loan from the credit union I would have gone to otherwise from the car dealer.
My local bank had a great deal for interest on savings, but you had to be in an area without one of their branches. If you had a branch nearby you still got the 0.1% rate.
Bank branches are an expensive antique.
I’ve had bad experiences with both so on a personal level…good.
On a macro level…build back better huh
I live in a third ring suburb of Minneapolis.
Chase opened up an ATM about three blocks from my home and they’re opening up a new brick and mortar branch about three miles from me.
Up ‘til now, Chase has been non-existent in my area.
Bank of America has 6,180 branches in operation nationwide. Some people have nothing better to do than write meaningless news articles.
It could be certain areas of cities. Safety/security.
It could also be paving the way for cashless society. Not good.
Wells Fargo closed the nearest branch to me about 4 years ago. Then 2 years ago they closed the next nearest one to me. Now I need to drive 25 minutes to the nearest one. Used to be 5 minutes.
Only go once a month or so unless there’s something special I need to do. But there is ALWAYS a line and a wait.
My Dad cashed his checks at the liquor store, I had to stay in the car. His employees deposited the business checks, cash payments got a 50% discount and went into his pocket. In the days of 70% marginal rates he came out ahead except for the IRS risk.
Pretty sure that’s a feature of Brandonomics.
Pretty sure you’re right!
Use cash more. Do your part to keep cash alive. This applies to all FReepers.
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