A New Wave of Unexpected Bank Closures Now Hits Illinois
A new wave of unexpected bank closures now hits Illinois according to new data from the Office of the Comptroller of the Currency.
In the week leading up to Christmas, another three bank branches in Illinois were listed to close.
These locations add to a growing wave of bank locations closing in Illinois and nationwide.
The following bank branches closing in Illinois are:
- PNC Bank. 1640 W Fullerton Ave, Chicago
- Litchfield NB. 704 North State St, Litchfield
- JP Morgan. 3856 W 26th St, Chicago
The following banks have either recently closed or are expected to shutter in Illinois soon:
- Bank Of America. 2 N. Riverside Plaza, Chicago.
- Chicago PB. 10 S. Wacker Dr, Chicago
- PNC Bank. 5650 South Brainard Ave, Countryside
- JP Morgan. 5341 N Lincoln Ave, Chicago
- PNC Bank. 302 West Adams St, Chicago.
- Bank of America. 68 Stratford Dr, Bloomingdale
- Bank of America. 2400 N. Richmond Rd, McHenry
- JP Morgan. 3480 West 183rd St, Hazel Crest
- PNC Bank. 13470 Route 59, Plainfield
- JP Morgan. 1000 W. Randolph St, Chicago
- JP Morgan. 923 West Washington Blvd, Chicago
- Home State Bank. 5999 Northwest Hwy, Crystal Lake
- PNC Bank. 13470 S Route 59, Plainfield
- Old Plank Trail Community Bank. 200 West 162nd Street, South Holland.
- Bank of America. 2 N. Riverside Plaza, Chicago
- JP Morgan. 7007 West Dempster St, Niles
- JP Morgan. 935 West Armitage Ave, Chicago
- JP Morgan. 4854 West Irving Park Rd, Chicago
- JP Morgan. 923 West Washington Blvd, Chicago
- JP Morgan. 600 North Dearborn, Chicago
- JP Morgan. 2365 North Farnsworth Ave, Aurora
- JP Morgan. 444 South Rand Rd, Lake Zurich
- JP Morgan. 1289 South Rand Rd, Lake Zurich
- Citibank 227 West Monroe St, Chicago
- JP Morgan. 2968 N. Lincoln Ave, Chicago
- JP Morgan. 50 Skokie Blvd, Wilmette
- JP Morgan. 5200 Dempster St, Skokie
- JP Morgan. 4200 Dempster St, Skokie
- BMO Bank. 9731 Skokie Blvd, Skokie
- Wells Fargo. 10 S. Wacker Drive, Chicago
- Huntington NB. 4355 N. Sheridan Rd, Chicago
- Huntington NB. 5667 W Touhy Ave, Niles
- Keybank. 101 West Lawrence Ave, Chicago
- Keybank. 1301 Meijer Dr, Rolling Meadows
- PNC Bank. 1140 N Main St, Gainesville
- PNC Bank. 2217 W Market St, Bloomington
- PNC Bank. 1949 E Sangamon Ave, Springfield
- Associated Bank. 200 East Randolph Dr, Chicago
- Associated Bank. 1 Junction Dr West, Glen Carbon
- Associated Bank. 105 East State Street, Hamel
Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.
The increase in bank closures is leading to ‘banking deserts’, which results in people having to travel further to reach their nearest bank, primarily impacting vulnerable and older customers.
Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
Bank of America now closes a seven figure account without warning according to a distressed Reddit user who shared their experience.
Banks often reserve the right to close clients’ accounts abruptly with little explanation, reports The-Sun.
“This was the case with one Reddit user, whose seven-figure account was recently closed by Bank of America.”
The Redditor sought advice online and expressed surprise at the closure.
“I’m so incredibly lost,” they posted on the online forum.
The user, whose post garnered over 50 responses, shared that it all began when they called the bank.
While asking about checks they had deposited a month ago, he said the phone call ended with an abrupt notice.
“I was told at the very end of the call, ‘Are you aware that BofA is closing your account as a business decision?’” they said.
The client was surprised considering their status: They were a diamond tier preferred rewards member.
Diamond tier clients, who must have maintained an average daily balance of over $1 million to apply, receive unique benefits.
However, the status does not make accounts immune to cancellation.
Eventually, the client got through to a supervisor.
“They gave me no reasoning stating it is just a business decision,” the client said. “I’m totally shocked.”
Some users explained that banks do not need to explain.
“Your account agreement probably describes that your bank can close your account at any time for any reason,” one commenter said. “It does come as a surprise to most people when this happens.”
A variety of transactions can trigger a bank to take action against a client.
Often, they use automated systems to detect unusual account behavior.
If they suspect an account is a liability, they retain the right to cancel it, reports The-Sun.
Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal
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In the old days banks operated on paper and ink with bulky records. Profits were low yet still, they prospered. Right now, electronic transfers make banking smooth, efficient, and inexpensive. Profit margins should be high. Yet now they fail. I am concerned.
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