Major financial firms appear to be hastening the closure of physical bank branches, which many conservatives find troubling.
According to a bulletin issued on Friday by the Office of the Comptroller of the Currency (OCC), Bank of America led the way by closing 21 branches in the first week of October.
According to the Daily Mail, Wells Fargo was not far behind with 15 branch closures, while US Bank and Chase reported cutting nine and three branches, 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.
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 ⛈️ https://t.co/XpXo4vGY3a pic.twitter.com/iwisXgHZLG
— 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 will likely continue as banks face staunch competition for deposits and younger customers from online banks, fintech firms and Big Tech.
Note that the number of bank closures varies widely by area. Between 2017 and 2021, more than 7,000 branches were closed in the U.S., which represents 9% of all locations. One-third of these closures have been in areas with large minority populations.
The initial wave of closures was sparked by mergers and acquisitions in the wake of the 2008 financial crisis. More recently, changing consumer preferences and improved banking tech are the reasons given for ditching brick-and-mortar locations. It shows that big-bank investment in tech is paying off, as new apps and websites with an expanding array of services have lured more customers.
Clive Thompson, a retired Managing Director of Wealth Management who previously worked in Swiss Private Banking, predicted that the world economy would suffer a crisis at some point. He expects banks will be shuttered, followed by an announcement about the implementation of Central Bank Digital Currencies (CBDCs).
CBDCs | "At Some Point the World or a Country Is Going to Go Into a Crisis. When That Happens I Think They Will Close the Banks, You'll Wake Up On Sunday & Hear the News, Monday You'll Get the Announcement We're Getting the CBDCs."#CBDC#CBDCs#GreatReset#TheGreatReset… pic.twitter.com/W28QeLCdDW
— Clay "Anti-Great Reset & Watching BRICS" Clark (@TheClayClark) October 6, 2023
We are in a depression and the pain is just beginning.
Thanks to Biden and his handlers.
He inherited a booming economy only to destroy it on purpose.
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