Wells Fargo and Bank of America close on a dozen branches
The locations are widespread, affecting small communities and large cities.
With the rise of online banking services, you can do more and more with your money via an application or a website. However, there are times when you have to visit aBrick and mortar location To recover money in an automatic counter or to secure the check for a cashier. You probably know where the local branch of your bank is, and it is comforting to know that you can stop in a pinch. But if you are a Wells Fargo or Bank of America client, your nearest bank could soon be on the blocking. Read the rest to find out which branches in these banks close permanently.
Read this then:Walgreens and CVS close even more locations.
The number of banking branches overall has been in constant decline.
Bank of America and Wells Fargo are not the only two financial services companies reduces branches. In July, PNC Financial Services Group announced that it would close a total of135 locations on the insidegrocery store, Reported business journals.
The Pittsburgh -based banque chain launched the closings this fall, with plans to continue to close the branches during the next year. The majority is located inside the supermarkets Giant Food and Stop & Shop in New Jersey, Maryland, Delaware and Washington, D.C., with a handful in Shoprite stores in Pennsylvania. According to corporate journals, it is not too surprising, because the abolition of the bank branches of retail stores is part of a wider trend.
However, the traditional branches are not sure either and the closures are not new. According to Federal Deposit Insurance Corporation (FDIC), the data cited by CNBC Select, roughly8,000 banks were active in 2000, but 22 years later, just half half. Recent waves have even created "bank deserts", leaving neighborhoods and communities without a bank or credit cooperative within a radius of 10 miles.AE0FCC31AE342FD3A1346EBB1F342FCB
Wells Fargo and Bank of America were forced toTemporarily close to locations At the end of 2021 due to a shortage of labor and an increase in infections in COVID-19, but now, they are permanently closing places.
Wells Fargo closes the branches nationwide.
When banks close the branches, they are required to inform the American Currency Controller (OCS) at least90 days Before the closing date via a closing notice in advance, according to the controller license manual. These closures are documented in aweekly bulletin, the last of which was published on October 29.
According to the recent bulletin, Wells Fargo closes a total of 14 branches across the country. Individual locations will be closed in Chicago; San Francisco; Jersey City, New Jersey; Denver; Richmond, Virginie; Chandler, Arizona; Surfside Beach, South Carolina; Minneapolis; And Ponte Vedra, Florida. New York will lose two branches in New York and Manhasset, while Texas will lose two branches in Austin.
Last year, Wells Fargo closed the largest number of retail sites of any other bank, according to CNBC,switch off 267 branches. The figures continued to fall this year, according toWinston-Salem Journal; At the end of June, the company operated a total of4,660 locations, but this number had fallen to 4,612, on September 30.
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Bank of America says goodbye to the locations of the east and west coast.
Bank of America has fewer closures on the backrest, but they will close a location in Darien, Connecticut; Two locations in San Francisco; And a location in West Newton, Massachusetts. According to the locator of Bank of America stores, theDarian location Close on March 3, 2023, but no additional information is listed for the other three branch closures.
Better lifeContacted Wells Fargo and Bank of America to comment, but has not yet heard.
Other banks also close branches.
Wells Fargo and Bank of America are not alone in their closure plans, according to the Occ bulletin. Jpmorgan Chase Bank Closes Seven Shipments in Michigan, New York, Texas and California. Citizens Bank, a regional chain, reported four closures, all in Pennsylvania; And another regional operation, First Financial Bank, closes seven branches in Indiana, Tennessee, Kentucky and Illinois.
The closures affect everyone - illustrated by the last closures in large metropolises and small cities - but CNBC reports that "low -income and mainly communities" are the hardest affected. If you lose your brick and mortar bank, you still have options, and fortunately, most banking problems can be resolved virtually. But CNBC also recommends examining online banks only, as a study by J.D. Power found that they could be even better in terms of Customer service .
