More than 1000 bank branches have now shuttered this year according to fresh data from the S&P Global Market Intelligence.
“The majority of Americans are concerned about widespread bank branch closures – which are hitting lower-income households the hardest.
Growing numbers of people are being left without access to basic financial services, as big-name banks have axed more than 1,000 branches already this year,” reports DailyMail.
“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – with firms pulling out of some areas at a faster rate than others.“
Wells Fargo is now scheduled to close 100 branches this year according to records from the Office of the Comptroller of the Currency (OCC).
“While the total number of branches continues to decline, new branches are being opened in high growth neighborhoods of existing markets, allowing us to offer more branch convenience,” the bank said.
A survey by DailyMail has found that 51% of Americans are ‘very concerned’ or ‘somewhat concerned’ about the impact of “dwindling outlets”, which disproportionately affect poorer households.
According to the analysis by research agency Opinium, 10% of Americans with a household income less than $50,000 said they do not have a local bank branch.
Grace Miller, research manager at Opinium, said: “Despite the majority of Americans preferring digital payment methods over cash, recent bank closures across the United States are still causing concern.
Notably, the digital transition showcases disparities in accessibility, especially for Americans with lower household incomes.”
According to the latest data, PNC has been the worst offender, shuttering a total of 201 bank branches in just seven months.
U.S. Bank and Wells Fargo were close behind, having closed 185 and 160 branches respectively.
Also Read: Banks Are Now Closing Thousands of Accounts Daily
A New Wave of Bank Closures is Hitting California
A new wave of bank closures is hitting California as early as this month with many more scheduled through November now.
In August, I reported a number of bank closures hitting California up to October.
However, today’s article will highlight additional banks closing in California this year.
This trend has only grown more in recent months and years as online banking surges in popularity.
Between Citibank, Wells Fargo, JPMorgan, and Bank of America, many banks have begun to close nationwide, but especially in California.
According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
Below is a list of banks closing in California for the month of October.
- Wells Fargo. 1565 East Highland, San Bernardino
- JP Morgan. 1 Hacker Way, Menlo Park
- Wells Fargo. 1071 El Camino Real, Redwood City
- Wells Fargo. 42420 Washington Ave, Bermuda Dunes
- Bank of America. 2925 Scott Blvrd, Santa Clara
- Bank of America. 200 Cochrane Plaza, Morgan Hill
- Bank of America. 1275 Fell St, San Francisco
- Bank of America. 3491 McKee Rd, San Jose
- Bank of America. 1400 Moraga Way, Moraga
- Bank of America. 2049 Century Park East, Los Angeles
- Wells Fargo. 303 N. El Dorado St, Stockton
- City NB. 50 Freemont St, San Francisco
- City NB. 800 Silverado St, La Jolla
- City NB. 1800 Century Park East, Los Angeles
- JP Morgan. 150 W. Foothill Blvd, Azusa
- City NB. 1100 FLlynn Rd, Camarillo
- JP Morgan. 23220 Hawthorne Blvd, Torrance
- Wells Fargo. 116 Sunset Dr, San Ramon
- Wells Fargo. 103 Eeast Stetson Ave, Hemet
- Wells Fargo. 118 E. Carillo St, Santa Barbara
Also Read: A US Bank is Now Denying Customers Access to Money
California Bank Branches closing in November
The following banks are closing in California for the month of November.
- Wells Fargo. 8405 North Fresno St, Suite 300, Fresno
- Bank of America. 2708 Ming Ave, Bakersfield
- Bank of America. 1440 Truxton Ave, Bakersfield
- JP Morgan. 14111 Riverside Dr, Sherman Oaks
- JP Morgan. 707 Broadway Ste 100, San Diego
- JP Morgan. 1720 Fulton St, San Francisco
- JP Morgan. 12555 Valley View St, Garden Gr
- US Bank. 4947 Third St, San Francisco
- Zion Bank. 700 West Camino El Real, Mountain View
- Bank of America. 2134 Montebello Town Center, Montebello
- Bank of America. 800 Irving St, San Francisco
- Bank of America. 39168 Winchester Rd, Murrieta
Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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