Category: Bank of America (Page 1 of 8)

A Popular Retailer Is Now Permanently Closing Its Doors

A popular retailer is now permanently closing its doors for good after it moved from Chapter 11 bankruptcy to liquidation.

“Retail bankruptcies have jumped through the first nine months of 2023 with over 4,500 U.S. businesses filing for Chapter 11.

That’s a 61% increase over the same period last year and some big names including Bed Bath & Beyond, Christmas Tree Shops, and Tuesday Morning have all been liquidated this year,” reports TheStreet.

“Two other big names, David’s Bridal and Party City managed to survive Chapter 11 and return to mostly normal operations.

You can blame the covid pandemic on creating a hole for many retailers that proved impossible to dig out of, but that’s not the only factor driving retailers out of business.

Supply chain issues have driven prices higher and labor shortages have led to increased wages. In addition, consumers remain wary about the economy which has led to some pullback when it comes to bigger ticket and discretionary purchases.

Upscale furniture maker Mitchell Gold + Bob Williams first shared that it was having financial trouble in late August.

The company unexpectedly closed its 27 stores across 14 states and multiple Canadian provinces over the weekend of Aug. 26-27, reports The Street.

“The retailer shut down when it was “unable to secure critical financing to continue business operations,” according to a Worker Adjustment and Retraining Notification Act (or WARN) notice filed in North Carolina.”

Mitchell Gold + Bob Williams immediately let go of 500 workers amidst its Chapter 11 bankruptcy filing.

A judge removed the option of further funding after it became clear the company would not be able to reach a deal.

The judge declared that Chapter 7 was in the best interest of the debtors, their estates, creditors and all other interested parties, Furniture Today reported.

Other Economy News Today

Market News Today - A Popular Retailer Is Now Permanently Closing Its Doors.
Market News Today – A Popular Retailer Is Now Permanently Closing Its Doors.

A new wave of massive layoffs is now hitting Texas again as the state prepares for more job cuts this year.

Six more businesses have announced layoffs in Texas for the month of October, November, and December.

“So far this year, over 18,000 job cuts in Texas have been lodged with the Texas Workforce Commission across more than 160 businesses,” reports Ash Jurberg.

“Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.”

California remains the #1 state with the most layoffs in the country.

In second place is Colorado followed by Illinois, Washington, New York, Texas, New Jersey, FloridaMichigan, and Massachusetts.

The following businesses have filed a WARN act advising of upcoming layoffs in Texas this year:

Massive layoffs in Texas have now mounted as a car dealership filed for bankruptcy, affecting several hundreds of employees August – September.

The announcement comes after the dealership had laid off a whopping 466 employees in Florida.

Off Lease LLC, a subsidiary of the renowned used vehicle dealer Off Lease Only LLC declared its intention to permanently close its operations in Katy, Texas, laying off 116 employees due to mounting financial difficulties.

Related: Unexpected Layoffs in California Now Rise This Month

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Market News Today - A Popular Retailer Is Now Permanently Closing Its Doors.
Market News Today – A Popular Retailer Is Now Permanently Closing Its Doors.

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15 Bank of America Branches To Now Close in October

15 Bank of America branches will now close in October, a trend we’ve been seeing all year now.

“The second largest American bank with over an estimated $2.5trillion in assets said it would shutter 15 more branches across six states this month,” reports The-Sun.

“The company has attempted to shut down locations with duplicate branches in the same city as more customers shift to app-based banking.”

Online-only banks have become a serious competition for traditional banks resulting in the closure of several bank branches.

In fact, more than 1000 bank branches have now shuttered this year according to fresh data from the S&P Global Market Intelligence.

“The majority of Americans are concerned about widespread bank branch closures – which are hitting lower-income households the hardest. 

Growing numbers of people are being left without access to basic financial services, as big-name banks have axed more than 1,000 branches already this year,” reports DailyMail.

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 – with firms pulling out of some areas at a faster rate than others.

A survey by DailyMail has found that 51% of Americans are ‘very concerned’ or ‘somewhat concerned’ about the impact of “dwindling outlets”, which disproportionately affect poorer households.

According to the analysis by research agency Opinium, 10% of Americans with a household income less than $50,000 said they do not have a local bank branch. 

As previously reported, banks are federally mandated to report branch closures to the Office of the Comptroller of Currency (OCC) at least 90 days before closing.

Below is a list of the 15 Bank of America branches closing this month.

Also Read: Bank of America is Freezing Accounts in New Scandal

Bank of America Branches Closing This Month

Market News Today - 15 Bank of America Branches To Now Close in October.
Market News Today – 15 Bank of America Branches To Now Close in October.

California is scheduled to shutter six Bank of America locations this month.

The state has had several scheduled bank closures since earlier this year.

Below is a list of upcoming Bank of America branch closures for October:

California

  • 2925 Scott Boulevard, Santa Clara
  • 200 Cochrane Plaza, Morgan Hill
  • 1275 Fell Street, San Francisco
  • 3491 McKee Road, San Jose
  • 1400 Moraga Way, Moraga
  • 2049 Century Park East, Los Angeles

Michigan

  • Twelve Oaks Mall, Novi
  • 4000 Baldwin Road, Auburn Hills
  • 1310 South Rochester Road, Rochester

Also Read: Michigan Now Becomes The Next State to Experience Massive Layoffs

Massachusetts

  • 108 Main Street, Medway
  • 49 Main Street, Franklin

Also Read: Massachusetts Now Becomes The Next State to Experience Massive Layoffs

Maryland

  • 7170 Cradlerock Way, Columbia

Virginia

  • 1111 East Main Street, Richmond
  • 2001 Pennsylvania Avenue (DC)

Washington

  • 20708 Bothell-Everett Highway, Bothell

Also Read: Massive Layoffs At Wells Fargo Are Now Being Planned

Other Bank News Today

Market News Today - 15 Bank of America Branches To Now Close in October.
Market News Today – 15 Bank of America Branches To Now Close in October.

$260bn in deposits have now exited top US banks this year according to the latest data from the S&P Global.

 However, S&P analysts say that the entire US banking industry has lost a total of $872 billion in a year that “witnessed the collapse of three large American banks,” reports DH.

Out of the $872 billion in deposits that left the industry year over year, S&P says approximately 30%, representing $260 billion, exited top us banks this year including JPMorgan, Bank of America, Wells Fargo and Citi.

When looking at the 15 largest US banks by deposits, Charles Schwab witnessed the largest level of outflows, reports DailyHodl.

“Among the top 15 deposit holders, Charles Schwab Corp. reported the largest year-over-year decrease in deposits of 31.1% to $304.79 billion, attributable mostly to outflows from brokerage accounts.”

This represents a 4% decline year over year in deposit losses for all US banks.

The report by S&P also shows just how many bank branches have been slashed recently.

As of June of this year, the number of physical branches in America were 77,796, compared to 79,172 the year prior and 96,339 in 2013.

DH says that high profile investor and venture capitalist Kevin O’Leary recently predicted a mass consolidation of US regional banks driven by the acceleration in deposit flight and a nervousness to trust the system in general.

“We have 4,100 regional banks in America. Probably in the next three years, it will be down to 2,000. They’re going to consolidate…

People are very nervous about putting their money in the bank because if another one fails and you have your cash in there, right now you’re only guaranteed for $250,000,” said O’Leary.

Also Read: Also Read: A US Bank is Now Denying Customers Access to Money

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Market News Today - 15 Bank of America Branches To Now Close in October.
Market News Today – 15 Bank of America Branches To Now Close in October.

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A Bank Giant Refuses to Reimburse Customer’s Stolen Money Now

Market News Today - A Bank Giant Refuses to Reimburse Customer's Stolen Money Now.
Market News Today – A Bank Giant Refuses to Reimburse Customer’s Stolen Money Now.

A bank giant was refusing to reimburse a customer’s stolen money, that is until media stepped in to ask questions.

Cheryl Friedman of Norton, Massachusetts says she received a call from a scammer claiming to be an employee at PayPal, leading to the disappearance of thousands of dollars from her Bank of America account, according to CBS Boston.

“Just before the criminal called her, Friedman says she was helping a friend with a complicated refund on PayPal, leading her to believe the call was legitimate,” reports DH.

“So I said ok, thinking this is coming legitimately from somebody on PayPal and through the app.”

Friedman then clicked a link sent to her by the voice over the phone in order to supposedly verify her account.

That’s when money started to leave her bank account.

“They got $3,500. I think, one, I think it’s cr*zy, my initial reaction was I can’t even believe this could happen… And I don’t understand how someone can access your phone like that.”

The Massachusetts woman reported the fraud both to the police and to Bank of America, but her claim was denied for months.

Similarly, many Green Dot Bank customers have also been defrauded, though these customers have been experiencing frozen accounts between weeks to months.

Then, CBS Boston says it stepped in and got Friedman’s stolen money back. Once CBS began questioning BofA about the theft, the bank said it had received new information from Friedman and refunded the money.

Friedman says BofA should have additional guard rails to protect against potentially suspicious moves of cash.

“I feel foolish but I don’t want anyone else to get sucked into it. I feel also, just unfortunately, angry at my bank for not flagging it and not having better fraud protection.”

Also Read: A US Bank Has Now Left Customers With No Money

Other Bank News For You

Market News Today - A Bank Giant Refuses to Reimburse Customer's Stolen Money Now.
Market News Today – A Bank Giant Refuses to Reimburse Customer’s Stolen Money Now.

Green Dot Bank is preventing users access to their money in its biggest fraud scandal, one of which has also affected many retirees.

The bank, which says it has 33 million customers, is also being scrutinized by the Better Business Bureau over a “pattern and influx of complaints against Green Dot”.

However, the bank’s alarming activities persist. 

Florida resident Mary Cannon is only one of many who says she’s still having trouble.

Cannon has been unable to access her IRS tax refund of more than $7,000 since mid-July.

She said there remains a suspicious-activity hold on her account that she believes is erroneous and that she has been unable to resolve with the bank.

“They giving me the runaround,” she said.

Many bank customers have been left unable to pay their bills for weeks, resulting in the use of high interest credit cards.

“My account has been on lock down for over 2 weeks waiting on a replacement card. Is anyone else getting cards? This is debilitating HOW CAN THEY JUST LEAVE ME WITHOUT ANY MONEY FOR FOOD OR RENT FOR OVER 2 WEEKS,” says Amanda Gannaway.

“From Az have not gotten my money since Wednesday. I have a family and bills I have to pay. I know when they fix this problem I’m getting my money and I’m gone like the wind, this is not right .🌋🌋🌋🤬🤬🤬. Just got done going through pandemic now this,” says Bobby Rivera.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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Market News Today - A Bank Giant Refuses to Reimburse Customer's Stolen Money Now.
Market News Today – A Bank Giant Refuses to Reimburse Customer’s Stolen Money Now.

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A New Wave of Bank Closures is Hitting California

Market News Today - A New Wave of Bank Closures is Hitting California.
Market News Today – A New Wave of Bank Closures is Hitting California.

A new wave of bank closures is hitting California as early as this month with many more scheduled through November now.

In August, I reported a number of bank closures hitting California up to October.

However, today’s article will highlight additional banks closing in California in September, October, and November.

This trend has only grown more in recent months and years as online banking surges in popularity.

Between Citibank, Wells Fargo, JPMorgan, and Bank of America, many banks have begun to close nationwide, but especially in California.

According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.

Here is the latest report on banks closing in California this year.

Related: A US Bank is Now Freezing Some Retiree Accounts

California Bank Branches closed in August

Market News Today - A New Wave of Bank Closures is Hitting California.
Market News Today – A New Wave of Bank Closures is Hitting California.

The following list of bank branches have now closed in California during the month of August.

  • Wells Fargo. 625 South Lone Hill Ave, Glendora
  • Wells Fargo. 1735 Ramsey St, Banning
  • Wells Fargo. 1596 Moorpark Rd, Thousand Oaks
  • Bank of California. 530 Palisades Dr, Pacific Palisades
  • JP Morgan. 3250 Pico Blvd, Santa Monica
  • JP Morgan. 10838 Long Beach Blvd Lynnwood
  • Bank of America. 2701 Harbor Blvd, Costa Mesa
  • Wells Fargo. 16055 Foothill Blvd, Fontana
  • Wells Fargo. 3211-1 Business Park Drive, Vista
  • JP Morgan. 5180 Foothills Blvd, Roseville
  • JP Morgan. 5142 Stevens Creek Blvd, San Jose
  • Zions. 525 University Ave, Palo Alto
  • Zions. 1900 Avenue of the Stars, Los Angeles
  • Bank of America. 336 South Twin Oaks Valley Rd, San Marcos
  • Flagstar Bank. 201 Mission Street, San Francisco
  • Bank of America. 5800 South Eastern Ave, Los Angeles

Also Read: Banks Are Now Closing Thousands of Accounts Daily

California Bank Branches closing in September

Below is a list of banks closing in California for the month of September.

  • Bank of America. 336 South Twin Oaks Valley Rd, San Marcos
  • Flagstar Bank. 201 Mission Street, San Francisco
  • Bank of America. 5800 South Eastern Ave, Los Angeles
  • Wells Fargo. 3550 Round Barn Blvd, Santa Rosa
  • Citibank. 10460 MT Gleason Ave, Tujunga
  • Citibank. 41969 Big Bear Blvd, Big Bear Lake
  • Citibank. 1995 41st Ave, Capitola
  • JP Morgan. 2121 Olympic Parkway, Chula Vista
  • Wells Fargo. 301 S. Pacific Coast Hwy, Redondo Beach
  • Bank of America. 1818 South Euclid St, Anaheim

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

California Bank Branches closing in October

Market News Today - A New Wave of Bank Closures is Hitting California.
Market News Today – A New Wave of Bank Closures is Hitting California.

Below is a list of banks closing in California for the month of October.

  • Wells Fargo. 1565 East Highland, San Bernardino
  • JP Morgan. 1 Hacker Way, Menlo Park
  • Wells Fargo. 1071 El Camino Real, Redwood City
  • Wells Fargo. 42420 Washington Ave, Bermuda Dunes
  • Bank of America. 2925 Scott Blvrd, Santa Clara
  • Bank of America. 200 Cochrane Plaza, Morgan Hill
  • Bank of America. 1275 Fell St, San Francisco
  • Bank of America. 3491 McKee Rd, San Jose
  • Bank of America. 1400 Moraga Way, Moraga
  • Bank of America. 2049 Century Park East, Los Angeles
  • Wells Fargo. 303 N. El Dorado St, Stockton
  • City NB. 50 Freemont St, San Francisco
  • City NB. 800 Silverado St, La Jolla
  • City NB. 1800 Century Park East, Los Angeles
  • JP Morgan. 150 W. Foothill Blvd, Azusa
  • City NB. 1100 FLlynn Rd, Camarillo
  • JP Morgan. 23220 Hawthorne Blvd, Torrance
  • Wells Fargo. 116 Sunset Dr, San Ramon
  • Wells Fargo. 103 Eeast Stetson Ave, Hemet
  • Wells Fargo. 118 E. Carillo St, Santa Barbara

Also Read: Chase Customers Now Unable to Access Money Through ATMs

California Bank Branches closing in November

The following banks are closing in California for the month of November.

  • Wells Fargo. 8405 North Fresno St, Suite 300, Fresno
  • Bank of America. 2708 Ming Ave, Bakersfield
  • Bank of America. 1440 Truxton Ave, Bakersfield
  • 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 St, Garden Gr
  • US Bank. 4947 Third St, San Francisco
  • Zion Bank. 700 West Camino El Real, Mountain View
  • Bank of America. 2134 Montebello Town Center, Montebello
  • Bank of America. 800 Irving St, San Francisco
  • Bank of America. 39168 Winchester Rd, Murrieta

Also Read: Bank of America is Freezing Accounts in New Scandal

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Market News Today - A New Wave of Bank Closures is Hitting California.
Market News Today – A New Wave of Bank Closures is Hitting California.

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