1,144 banks have now closed this year with more scheduled leading up to 2024 according to the latest data by the S&P Global Market Intelligence.
“While California had the most closures in absolute terms, New Jersey suffered the greatest losses per capita with a total of 83.
It was trailed by Washington D.C. and Connecticut. Vermont was the only state to have not lost a single bank branch,” reports Daily Mail.
“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 – and firms are pulling out of some areas faster than others.”
However, more than 10.6K bank branches have closed down since 2019, with majority being Wells Fargo and Chase, which affected several small regional banks.
“Although the onslaught on brick-and-mortar branches is ongoing, it may be slowing.
In 2022 there were a total of 3,066 – nearly thrice the number to have been culled in seven months this year.
Banks had a total of 78,121 active branches across the country as of the end of May,” according to S&P data.
Which banks have closed this year? These are the banks with the most closures between January 1 – July 31.
- PNC – 201 branches closed this year
- U.S. Bank – 185 branches closed this year
- Wells Fargo – 160 banks closed this year
- JPMorgan Chase – 54 banks closed this year
- Bank of America – 49 bank branches closed this year
- Santander – 44 branches closed this year
- Citizens Bank – 38 branches closed this year
- Huntington Bank – 32 banks closed this year
- M&T Bank – 21 bank branches closed this year
- Fifth Third Bank – 19 banks closed this year
While many banks may be closing this year, banks such as Wells Fargo and Bank of America have stated that certain locations will be combining and as well as opening brand new branches.
Banking News Today
A US bank is now prohibiting customers from withdrawing money according to several more users reporting to FrankNez.
Last week we reported that Green Dot Bank had been freezing some retiree accounts when a customer reported a painful experience that many others are facing today.
Beth Williams, 78, said she has been a WMC cardholder for 10 years now and has been unable to gain access to her WMC/Green account for 20 days since August 4.
“Since August 4th I have been unable to access my WMC debit card account. On August 3rd I noticed 2 unauthorized charges & immediately contacted WMC/Green. My account had to be frozen per CS/ RESOLUTION dept.
I have been calling and spending hours on hold to reach CS trying to find out when my expedited replacement card is arriving! CS has given to me 4 extended dates when I’ll get my replacement card.
The flimsy CS explanations: 1st-upgrade system & 2nd having technical difficulties! I was told today by CS that the card is to arrive on or before August 27th, and by standard mailing. I am panicking and afraid that I’m being lied to,” she reported to FrankNez.
Gloria Templeton says she has been unable to access her account for four weeks!
“I use a Walmart money card and can’t get my money for going on 4 weeks now. I’m getting the run around it’s bullshit.”
Tom Lowry says he’s having a similar experience and has not been able to get a hold of proper customer service.
“I’ve had the same experience. I have not been able to withdraw cash from my Green Dot account for a week now. I’ve also been unable to talk to a human at Green Dot bank while trying to get any answers as to why.”
The bank, which has 33 million customers, initially said account balances and transactions were impacted by an issue with a payment processing partner.
Now, the bank says its systems are fully up and running – however, many customers continue to experience being unable to withdraw money from the US bank.
Also Read: TD Bank is Now Under Federal Investigation
Market News Published Daily 📰
Join the newsletter ⬅️ to receive daily stock market news, business news and updates straight to your inbox; more than 10,000 readers have joined!
THANK YOU to all of our blog sponsors, this year we’ve been able to increase our email sends and signup slots as well as introduce push notifications.
Franknez.com is the media site that keeps retail investors informed.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
- California Now Has Massive Departures As Hundreds of Thousands Leave
- A US Bank is Now Denying Customers Access to Money
- A US Company Now Declares An Unexpected Bankruptcy
- Wells Fargo is Now Freezing Bank Accounts in New Scandal
- The US Treasury Direct is Now Freezing Customer Accounts
- Massive Layoffs in California Now Underway Prior to Holidays