64 bank branches have now filed to close down according to the latest notice from the U.S. Office of the Comptroller of the Currency.
During the week between November 12 and 18, a total of 64 bank branches filed to close down for good.
The closures will affect customers of more than 10 well-known banking chains, reports The-Sun.
“PNC Bank, the country’s sixth largest, decided to shutter the most branches during that week.”
“A total of 19 locations were slated to closed for good across eight states from Texas to New Jersey.”
PNC has already closed dozens of branches this year, with chief executive officer William Demchak telling investors in July that the bank is “going to have to take a hard look” at where it can “generate savings.”
Chase filed to close the second-largest amount of branches during the November bloodbath, with 18 locations being slated for closure.
Citizens Bank filed to close eight branches, U.S. Bank filed to shutter seven locations, and Bank of America filed to close five locations.
Meanwhile, Citi Bank slated two branches for closure, and several smaller banks filed to close a single location.
One of the biggest reasons why we’re seeing more bank closures across the country is due to the massive rise of online banking.
The surge of online banking has triggered banks to pivot more towards the digital world, resulting in US bank closures.
Although many Americans enjoy the convenience of online banking, experts have warned that a digital banking industry leaves certain customers vulnerable to improper practices.
A report from the National Community Reinvestment Coalition found that when there are fewer branches in an area, more people use “alternative financial services that open them to unregulated and predatory financial practices.”
Meanwhile, a recent survey by Daily Mail found that 51% of Americans were either “very concerned” or “somewhat concerned” about the closure of bank branches.
But I’d love to know your thoughts on these bank closures — leave your thoughts in the comment section down below.
Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
A Florida bank customer now reports a shocking money transfer after $27,000 disappeared from his account right before his eyes.
Luca Bencini, an Ivy League graduate and Federal Aviation Administration flight instructor, noticed $27,000 was drawn from his Bank of America account.
“I got an email from Bank of America, and it said, ‘Did you open up a bill-pay to an unknown American Express card?'” Bencini told local NBC affiliate WTJV.
“I went to my account, I saw that $27,000 was drawn to that American Express card. At that point, I immediately called the Bank of America for fraud, and that’s where the whole thing started,” he added.
When Bencini called to file a claim, Bank of America denied his refund.
The man told WTJV that the bank concluded that there was no fraud committed because “they used a device that was known to use bill pay.”
“But it wasn’t my laptop nor my PC. Both of them were shut down while I was traveling, and nobody came into the house,” he said.
When Bank of America claimed the charge wasn’t fraudulent, Bencini reached out to detectives at the Broward County Sheriff’s Office.
He had hoped that the detectives would help them determine if his Bank of America account was breached.
WTJV took the matter into its own hands and reached out to Bank of America on behalf of Bencini.
Bencini then received a call from the executive offices of Bank of America.
They had told him that “they had decided to return the money or refund the money.”
“So, we were obviously … extremely happy about it,” he said.
There has been numerous reports of Bank of America customers getting cheated from their money and even accounts being closed without warning.
Have you experienced any of these injustices? Leave your story in the comment section down below.
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Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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