Category: Business News (Page 1 of 193)

8 New Bank of America Branches Will Now Close in California

8 new Bank of America branches are now closing in California according to the latest data from the Office of the Comptroller of the Currency (OCC) and FDIC.

“According to OCC.gov, the federal Office of the Comptroller of the Currency, multiple Bank of America branches have been announced as permanently closing from October through year’s end.

The ongoing popularity of online banking has been reported as the primary cause of the current spate of state closures,” reports Joel Eisenberg.

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.

The-Sun says Bank of America customers in California will have fewer options as eight branches are shutting down next month.

A total of 20 bank branches, including Wells Fargo, Bank of America, JPMorgan, and Citibank are also closing in California in October.

While the exact closure date has not been confirmed, one branch in Washington has closed down on September 12.

The following California locations set to close next month are:

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

Aron Levine, president of Preferred Banking for the company, told the San Francisco Business Times that branches play a critical role in its business.

“Our own research tells us that students say, ‘I may never go to a financial center, but I will choose a bank knowing they have one near,'” Mr. Levine said.

Related: Bank of America is Freezing Accounts in New Scandal

Other Bank News Today

Market News Today - 8 New Bank of America Branches Will Now Close in California.
Market News Today – 8 New Bank of America Branches Will Now Close in California.

More US banks are now freezing and closing accounts according to several new reports from Chase customers, Credit Karma (MVB Bank), and others.

Last week I reported Eric Begley said his family of four are being affected by Credit Karma’s bank partner, MVB bank and are on the brink of being evicted.

His payroll has been frozen and the family is working with local state reps to look into the problem.

“Our family with 2 children are being evicted Monday so please everyone pray for our family that this gets resolved for us asap.

C.K. is purposely holding up these simple routing numbers & now my family’s lives are suffering.”

Keith Sowder says his family is experiencing the same problems with Chase, Credit Karma’s bank, and Cash App.

“This is happening to my Wife and I even as we speak…with THREE different Financial institutions. Cash app, Chase and Credit Karma.

Cash app froze her acct. in Jan. 2022, claiming there had been a security breech. They sent her a total of EIGHT cards…none of which worked they “claimed” because she didn’t receive and attempt to activate them in time.

Her money shows up as still there…she just can’t access it. Chase claims she had several fraudulent purchases she disputed, close her acct. and was going to send her her $1,700 in that account…that was in JUNE!

Still haven’t seen it ! Finally, she opened an account with Credit Karma…same deal, they froze that account for NO reason!

If anyone has any ideas on who we need to contact to get her access to her money…and to make these BASTARDS PAY….please let me know ! We have contacted Attorneys and State Reps…with absolutely NOTHING being done! Thanks!”

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

Market News Published Daily 📰

Market News Today - 8 New Bank of America Branches Will Now Close in California.
Market News Today – 8 New Bank of America Branches Will Now Close in California.

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A US Bank Is Now Preventing Families From Accessing Money

A US bank is now preventing families from accessing money, causing households to miss rent and fall behind on bills.

“This fourth day can’t reach customer service by chat or live agent. No transaction is allowed to go through although I have funds available. I can’t get groceries or Uber, idk what to do. Green dot has essentially stolen my money,” reports Tye Lanier.

More Green Dot Bank customers are speaking out against the bank in the latest scandal that has users trapped with no access to their money.

Green Dot Bank is now facing fraud allegations from various customers who have been locked out of their account from weeks to months.

Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.

“It been a month and I still haven’t been able to get my money from Walmart green dot. I have ask for a replacement card 4 time haven’t got a card yet my rent is due for last month and this month I think there trying keep my money,” says Marzell Land.

“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,” reported Bobby Rivers.

“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.

I’ll get my new card with my money on it. This has been going on since August 1 and I was in the hospital when I was hacked…I want my money, it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

What is Being Done About This?

Market News Today - A US Bank Is Now Preventing Families From Accessing Money.
Market News Today – A US Bank Is Now Preventing Families From Accessing Money.

The Better Business Bureau (BBB) announced that it has been flooded with reports of bank customers complaining of frozen accounts, particularly in Green Dot Bank.

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

A Green Dot Bank user says their family was almost evicted after the bank froze their account on ‘fraudulent charges’ and cancelled their card.

“After I had fraudulent charges on my account they cancelled my card and were supposed to resend one. This happened August 5 2023. I finally got a working card September 14 2023.

Was almost evicted, with my 2 children, missed countless bill payments and multiple days of work because I had no gas for my car. I’m beyond disgusted and in the worst financial position in my life. No Christmas or birthdays for my kids this year. Again,” says one user.

“I had accounts with Green Dot Bank(Go2bank), I closed them around 2 years ago and still haven’t received my refund in prepaid credit card, I sent proof of D.L and SSN.

Now they can’t find my accounts, but they send me monthly bank statements.

When I try to enter my name and password it kicks me off, and customer service hang up or put me on hold never answering again.

I am a cancer patient and veteran. $222.63 to a disabled person is a lot”, John Burnett reported to FrankNez.

A spokesperson at the Federal Reserve says the agency is aware of the new complaints against Green Dot, but can neither confirm nor deny whether there’s an active inquiry into the bank’s practices.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

The US Treasury Direct Has Now Locked People’s Money

Bank News and Updates Today - Franknez.com.
Bank News and Updates Today – Franknez.com.

Green Dot Bank users aren’t the only ones facing a similar issue with locked or frozen accounts.

The US Treasury Direct (TreasuryDirect) has also locked people’s money by prohibiting users from being able to log into their accounts.

Complaints of users being unable to access their securities for weeks to months has grown since the last reports.

Many TreasuryDirect customers have also reported having their accounts frozen after making deposits.

The inability to access money, especially through a federal department, is quite alarming.

I’ve been unable to login for at least 24 hours- 8:25 am Eastern time 9/25 now. I may miss the 13 week purchase deadline today. I’ve never had a PRIVATE FINANCIAL INSTITUTION BE DOWN FOR SUCH ASN EXTENDED PERIOD OF TIME. GOOD JOB FEDS,” reports Fred Qwerty.

Maybe an ooops that is a precursor to the full Fed Now rollout. Get used to not really owning anything tied to USD currency, it is just numbers on paper or a computer screen,” says Mark Doore.

“My account has been frozen since April right after I deposited $1,500 from a settlement. I mailed in the required form from my bank that was needed to unlock my account and it is still locked.

It’s sad to know financial institutions are basically taking citizens money like times aren’t already hard,” reported Tammarra Johnson to FrankNez.

This year many people have raised several concerns over their bank’s or financial institution’s liquidity issue.

Families have been evicted over frozen bank accounts and retirees have been stripped of their entire life savings.

Samuel Clemens says, “there’s no way to speak with them. Emails are ignored and written correspondence takes months. In the meantime, my accounts are frozen, and I do not have access to my money. If this were a private business, fraud charges would be laid!”

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Market News Published Daily 📰

Market News Today - A US Bank Is Now Preventing Families From Accessing Money.
Market News Today – A US Bank Is Now Preventing Families From Accessing Money.

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Mullen Announces It Has Now Delivered Its First Vehicles

Mullen Automotive (NASDAQ:MULN) announced that it has now delivered its first vehicles to Randy Marion Automotive, part of its $63 million purchase order.

The company said in a press release on Thursday that it delivered the first ten Class 3 EV Cab Chassis Trucks, invoiced at $630,000, to RMA Group.

The order was originally placed in May 2023 with the company planning to deliver an additional 150 units by year’s end.

1,000 of the remaining vehicles are anticipated to be delivered throughout 2024.

“This first delivery marks a watershed moment in the Company’s history with the Mullen THREE, Class 3 EV Truck being the first vehicle produced, assembled and now delivered by the Company.

Mullen THREE production is based out of Tunica, Mississippi, which is home to Mullen’s commercial vehicle assembly for both Class 1 EV Cargo Vans and Class 3 EV Cab Chassis Trucks,” said the company.

Recently, the Company achieved key milestones, furthering Mullen’s Class 3 program to market, including  commencing of vehicle deliveries. These milestones include:

  • Received federal EPA certification on Sept. 22, 2023, approving Mullen’s Class 3 vehicles
  • Received IRS approval as “qualified manufacturer” on Sept. 14, 2023, enabling and qualifying for up to $7,500 in federal EV tax credits on both the Mullen Class 3 EV Cab Chassis Truck and Class 1 EV Cargo Van

“This is a significant point in our evolution as we shift the Company from engineering development and engineering approvals to production and vehicle deliveries for our customers.

As the Class 3 line is fully operational, production will be increasing month-to-month throughout the next year,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen Automotive says it plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.

Mullen CEO Says Balance Sheet Is Strong in New Update

Market News Today - Mullen Announces It Has Now Delivered Its First Vehicles.
Market News Today – Mullen Announces It Has Now Delivered Its First Vehicles.

Mullen Automotive (NASDAQ:MULN) CEO David Michery says the company’s balance sheet is strong in a new update to shareholders.

Shares of the EV company have continued to fall despite Mullen Automotive’s recent developments.

On Wednesday, MULN stock fell nearly -9% with shares now down more than -99% this year-to-date.

“Despite a challenging economic environment where many enterprises are capital-constrained, our balance sheet remains strong, and we have achieved meaningful strides since our last update to shareholders on August 14, 2023.

Recent company highlights include:

Effective Sept. 22, 2023, Mullen received EPA certification for Class 3 EV commercial vehicles, which is a critical milestone to allow shipping to customers.

Mullen previously announced that it had requested a hearing before a Nasdaq Hearings Panel.

The hearing has been granted, and the hearing request stays any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. 

The Company has taken a firm stance against manipulative trading in its stock.

On Aug. 29, 2023, the Company and Ulysses Novoa (collectively “Plaintiffs”) filed a complaint in the United States District Court Southern District of New York against Defendants TD Ameritrade, Inc., Charles Schwab Co., Inc., National Financial Services, LLC, and John Does 1 through 10 (collectively “Defendants”), alleging that the Defendants engaged in a course of conduct that was intended to artificially affect market activity and manipulate the price of Mullen securities between May 4, 2023, and Aug. 25, 2023, in violation of Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Plaintiffs served Defendants with the Summons and Complaint on Aug. 31, 2023. On Sept. 13, 2023, Defendants filed a request for an extension of time to respond to the complaint.

The Court granted Defendants’ request. Accordingly, Defendants’ response is due filed on or before Oct. 19, 2023.

Market News Published Daily 📰

Market News Today - Mullen Announces It Has Now Delivered Its First Vehicles.
Market News Today – Mullen Announces It Has Now Delivered Its First Vehicles.

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Massive Layoffs in Texas Mount as Businesses Now Go Bankrupt

Massive layoffs in Texas have now mounted as a car dealership goes bankrupt, affecting several hundreds of employees.

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 has declared its intention to permanently close its operations in Katy, Texas, laying off 116 employees due to mounting financial difficulties.

The WARN (Worker Adjustment and Retraining Notification) notice is a notice required by the federal WARN Act in the United States, which mandates that employers with 100 or more employees provide at least 60 days advance written notice of a plant closing or mass layoff affecting 50 or more employees.

“Given the sudden nature of this closure, the affected employees will receive less than the customary 60 days’ notice.

To compensate for this, they will be provided with a lump sum payment equivalent to their 60-day wages,” reports TI.

Layoffs in Texas 2023 Map - Franknez.com.
Layoffs in Texas 2023 Map – Franknez.com.

So far, Texas is the 4th state with the most layoffs according to the latest WARN data.

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

In second place is Colorado, with approximately 26,816 layoffs and 81 WARN notices, followed by Illinois, Washington, New York, Texas, New Jersey, Florida, and Michigan.

Below are the businesses that filed a WARN act with the Texas Employment Development Department advising of upcoming layoffs.

Upcoming Texas Layoffs in 2023

Market News Today - Massive Layoffs in Texas Mount as Businesses Now Go Bankrupt.
Market News Today – Massive Layoffs in Texas Mount as Businesses Now Go Bankrupt.

Below is a list of upcoming layoffs in Texas this year:

  • FedEx. Fort Worth. 280 job cuts.
  • CVS Health Corporation. Richardson. 167 job cuts.
  • ED Tucker Powersports. Fort Worth. 165 job cuts.
  • Aramark Hospital. Tyler. 163 job cuts.
  • S&B Industries. Deer Park. 163 job cuts.
  • Harland Clarke Corp. Grapevine. 130 job cuts.
  • Aramark Christus Spohn Shoreline. Corpus Christi. 116 job cuts.
  • Compass United. San Antonio. 104 job cuts.

These are the latest job cuts expected to hit Texas before year’s end. The list will be updated as new information becomes available.

For more market news and updates, opt-in for push notifications, join the newsletter, or follow me on social media down below.

Also Read: 21 New Bank Branches Will Now Be Closing Nationwide This Fall

Banking News Today

Other Bank News Today - Franknez.com.
Other Bank News Today – Franknez.com.

The US Treasury Direct (TreasuryDirect) has now locked people’s money by prohibiting users from being able to log into their accounts.

Complaints of users being unable to access their securities for weeks to months has grown since the last reports.

Many TreasuryDirect customers have also reported having their accounts frozen after making deposits.

The inability to access money, especially through a federal department, is quite alarming.

I’ve been unable to login for at least 24 hours- 8:25 am Eastern time 9/25 now. I may miss the 13 week purchase deadline today. I’ve never had a PRIVATE FINANCIAL INSTITUTION BE DOWN FOR SUCH ASN EXTENDED PERIOD OF TIME. GOOD JOB FEDS,” reports Fred Qwerty.

Maybe an ooops that is a precursor to the full Fed Now rollout. Get used to not really owning anything tied to USD currency, it is just numbers on paper or a computer screen,” says Mark Doore.

“My account has been frozen since April right after I deposited $1,500 from a settlement. I mailed in the required form from my bank that was needed to unlock my account and it is still locked.

It’s sad to know financial institutions are basically taking citizens money like times aren’t already hard,” reported Tammarra Johnson to FrankNez.

This year many people have raised several concerns over their bank’s or financial institution’s liquidity issue.

Families have been evicted over frozen bank accounts and retirees have been stripped of their entire life savings.

Samuel Clemens says, “there’s no way to speak with them. Emails are ignored and written correspondence takes months. In the meantime, my accounts are frozen, and I do not have access to my money. If this were a private business, fraud charges would be laid!”

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

Market News Published Daily 📰

Market News Today - Massive Layoffs in Texas Mount as Businesses Now Go Bankrupt.
Market News Today – Massive Layoffs in Texas Mount as Businesses Now Go Bankrupt.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

You can also follow me on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Become a Sponsor for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


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