Major Bank Will Now Permanently Shutter 15% of Branches
A major US bank will now permanently shutter 15% of its branches starting in January of 2024.
Executives at Huntington Bank have announced that the branches inside 11 ‘Cub’ supermarkets in Minnesota will be shutting down.
Huntington (Huntington Bank) Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio.
The company is ranked 521st on the Fortune 500, and is 26th on the list of largest banks in the United States
The branches will be closing down on January 12 and these feature facilities for customers who want to withdraw cash and deposit checks, per The Star Tribune.
“Banks in Minneapolis, Blaine, Bloomington, Burnsville, Coon Rapids, Eagan, Inver Grove Heights, Maplewood, West St. Paul, and White Bear Lake will close.
The locations are said to make up 15 percent of the chain’s locations in Minnesota,” reports The-Sun.
“The upcoming closures come after the bank chain, which has 1,200 stores, announced a raft of future shutdowns.
Huntington Bank branches are set to shutter across Michigan, Ohio, and Wisconsin, as revealed by the Office of the Comptroller of the Currency.
Nine branches in Michigan are set to go to the wall and the closures are part of the banking giant’s consolidation plans.”
Toledo Blade reports that a total of 34 Huntington Bank branch locations will shutter by early next year.
But Huntington isn’t the only bank closing branches this year — this is a trend that even larger banks have fallen into, primarily due to the rising use of online banking.
Around 20 more Bank of America branches across the US will be closing down.
Brian Moynihan, the Bank of America CEO, said in an earnings call that the company’s headcount had reduced from 100,00 to 60,000, as reported by American Banker.
Also Read: A US Bank is Now Denying Customers Access to Money
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JPMorgan Chase is now facing a lawsuit for closing accounts and failing to rightfully return $1,160,000.
In August, the bank was accused of discriminating customers and closing accounts.
Rui Wang and Hengchen Qu, mother and son, have filed a lawsuit against JPMorgan Chase Bank for alleged unjust enrichment and breach of contract related to certificates of deposit (CDs), reports Think Advisor.
“They purchased three automatically renewable nine-month CDs totaling $1.16 million at a Chase branch in Arcadia, California in 2019.
The complaint says that when the customers arrived back in California after being in China, they visited their Chase branch to discover that the bank had closed their accounts.
The bank said it had mailed checks back to Wang and Qu for reimbursement,” reports Daily Hodl.
Both customers say they never received the checks nor do they know where the money was supposed to be sent out to.
The lawsuit states the following:
“The staff stated that the CD accounts had been closed and three checks, each representing the fund therein, had been mailed to the address provided by plaintiffs, which were not received by, or even known to, plaintiffs.”
CDs are usually known to be the safest types of investments due to their contractual high-yield interest agreements.
After requesting that the checks be reissued, an assistant vice president reportedly asked the two customers to provide the numbers of the checks.
However, the plaintiffs said that it was impossible for them to do.
The lawsuit requests JPMorgan Chase to return the funds, and says that Wang and Qu “have suffered financial losses for their failure to access the funds they needed.”
This is a developing story.
Also Read: A US Bank Has Now Left Customers With No Money
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