California Now Faces A New Round of Massive Bank Closures

California now faces a new round of massive bank closures according to new data from the Office the Comptroller of the Currency.

Seven new bank branches were announced this week to close down after seven were announced just last week alone.

The following bank branches are now scheduled to close in California:

  • PNC Bank. 16920 Van Buren Blvd, Riverside
  • Bank of America. 7395 Mission St, Daly City
  • Bnk of America. 3565 California St, San Francisco
  • Bank of America. 455 Island Ave, San Diego
  • JP Morgan. 7160 N 1st St, Fresno
  • Wells Fargo. 2485 Notre Dame Blvd, Chico
  • Wells Fargo. 1601 West Capitol Ave, West Sacramento

Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.

Below is the full list of bank branches closing in California:

  • US Bank. 1309 North Chester Ave, Bakersfield
  • Wells Fargo. 5377 West Centinela Ave, Los Angeles
  • Wells Fargo. 535 South Myrtle Ave, Monrovia
  • Wells Fargo. 1705 N First St, San Jose
  • Wells Fargo. 3550 Wilshire Blvd, Los Angeles
  • Bank of America. 90 Pier Ave, Hermosa Beach
  • Bank of America.300 Lakeside Dr, Oakland
  • JP Morgan. 25882 MC Bbean Pkwy, Valencia
  • Bank of America. 29687 The Old Rd, Castaic
  • JP Morgan. 140 West Anaheim St, Wilmington
  • Wells Fargo. 303 2nd St, San Francisco
  • Wells Fargo. Hores Parkway, Redwood City
  • Wells Fargo. 305 W. Sepulveda Blvd, Torrance
  • Wells Fargo. 7950 West Sunset Blvd, Los Angeles
  • BMO Bank. 6055 East Washington Blvd, City of Commerce
  • 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 Sy, Garden Grove
  • Sterling Bank. 1900 Fillmore St, San Francisco
  • Bank of America. 40 West Foothill Blvd, Upland
  • Wells Fargo. 101 N. Milpas St, Santa Barbara
  • Wells Fargo. 13255 Black Mountain Rd, San Diego
  • Bank of America. 2516 East Chapman Ave, Fullerton
  • Bank of America. 1401 S. Harbor Blvd, Fullerton
  • Wells Fargo. 2201 Pacific Coast Hwy, Lomita
  • Bank of America. 25 West Main St, Brawley
  • JP Morgan. 6950 Sunrise Blvd, Citrus Heights
  • JP Morgan. 5060 Arlington Ave, Riverside

Also Read: A Massive Bank Now Closes Several Branches in Florida

Other Banking News Today

Market News Today - California Now Faces A New Round of Massive Bank Closures.
Market News Today – California Now Faces A New Round of Massive Bank Closures.

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: A US Bank is Now Denying Customers Access to Money

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Market News Today - California Now Faces A New Round of Massive Bank Closures.
Market News Today – California Now Faces A New Round of Massive Bank Closures.

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