Major financial institutions seem to be accelerating a trend that many conservatives find alarming: the closure of physical bank branches.
According to a bulletin published by the Office of the Comptroller of the Currency (OCC) on Friday, Bank of America led the way by closing 21 branches in just the first week of October.
Wells Fargo was not far behind with 15 closures, while US Bank and Chase reported closing nine and three branches, respectively, according to the Daily Mail.
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.
Major US banks are continuing to close branches across the US, leaving an increasing number of Americans w/out access to basic financial services
54 locations in the last week
The Cyber & Certificate Authority madness hasn’t even started yet!
Financial Storm = en route
— Michael Rae Khoury (@Vltra_MK) October 13, 2023
The Kiplinger Letter reported that over 3,000 bank branches have closed down nationwide.
Banks are closing branches faster than they’re opening new ones. U.S. banks closed over 3,000 branches last year while opening just 1,000. JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133. The trend
Source: The Gateway Pundit