Category: Market News (Page 1 of 240)

Chase has now closed the most branches with more scheduled to shutter by the end of the year.

Thousands of banks have shut down in the US last year, but one has stood apart from the pack with the most closures, says The-Sun.

“Banks are closing branches faster than they’re opening new ones.

U.S. banks closed over 3,000 branches last year while opening just 1,000.

JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133.

The trend will likely continue as banks face staunch competition for deposits and younger customers from online banks, fintech firms and Big Tech,” reports Kiplinger.

Between 2017 and 2021, more than 7,000 branches were closed in the U.S., which represents 9% of all locations.

One-third of these closures have been in areas with large minority populations.

“The initial wave of closures was sparked by mergers and acquisitions in the wake of the 2008 financial crisis.

More recently, changing consumer preferences and improved banking tech are the reasons given for ditching brick-and-mortar locations.

It shows that big-bank investment in tech is paying off, as new apps and websites with an expanding array of services have lured more customers.”

Although Chase is leading bank closures, the bank has stated that it plans to open new branches as well.

A spokesperson for the company told The U.S. Sun that the bank has made “significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states.”

Below is a list of bank branches Chase will be closing this year.

Also Read: More US Banks Are Now Freezing and Closing Accounts

Here Are The Bank Branches JPMorgan Chase Is Now Closing

Each week, the Office of the Comptroller of the Currency (OCC) releases a bulletin of banks set to close, and the list continues to grow.

Banking giant JP Morgan announced that it will be closing the following two branch locations in Indianapolis:

• JP Morgan. 7001 Madison Ave, Indianapolis
• JP Morgan. 8120 South Meridian St, Indianapolis

CNBC reports: “,The consolidation of bank branches is also creating “banking deserts,” when communities are without access to a bank or credit union within 10 miles.

Earlier this month it was reported that four more bank branches in Washington State will close this year, with two being JPMorgan Chase locations:

• JP Morgan. 6916 19th St W University Place
• JP Morgan. 5464 Sand Point Way NE, Seattle

This is the current list of bank closures happening in Pennsylvania over the next three months.

• JP Morgan. SWC of W Trenton Ave and Plaza Blvd, Morrisville

Below is the list of more JPMorgan Chase branches closing in California this year.

• 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

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Also Read: Banks Are Now Closing Thousands of Accounts Daily

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Layoffs in Washington are surging according to new WARN data advising of job cuts until year’s end.

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.

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, Texas, Washington, New York, Texas, New Jersey, Florida, and Michigan.

Washington so far has had more than 17,000 layoffs this year with at least 48 WARN notices according to the latest data.

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

• WestRock. Tacoma. 408 job cuts.
• T-Mobile. Bellevue. 401 job cuts.
• SkyKick Inc. Seattle. 181 job cuts.
• Crothall Healthcare, inc. Seattle. 174 job cuts.
• Columbia Valley Fruit, LLC. Union Gap. 131 job cuts.
• Centerra. Seattle, Tacoma, Yakima, Spokane, Richland. 92 job cuts.
• Universal Protection Service. Redmond. 71 job cuts.
• Agilent Technologies, inc. Kirkland. 64 job cuts.
• KeHE Distributors, Inc. Statewide. 42 job cuts.
• Divvy Homes, Inc. King County. 4 job cuts.
• ImmunityBio. San Juan County. 1 job cut.
• Dawn Food Products, Inc. Seattle. 55 job cuts.
• Cognizant Technology Solutions. Bothell. 93 job cuts.

These are the latest job cuts expected to hit Washington before year’s end.

The list will be updated as new information becomes available.

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

Bank News Today

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

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New warnings of bank collapse have begun to surface due to massive unrealized losses, per the latest FDIC data.

Banks have now reported having more than $309 billion in unrealized losses for the second quarter ending on June 30 alone.

The FDIC reported that all 4,645 FDIC-insured financial institutions had $309.6 billion in unrealized losses on held-to-maturity securities.

According to Bank of America’s federal regulatory filing known as the Call Report, for the quarter ending June 30, 2023, it had $105.79 billion in unrealized losses on its held-to-maturity (HTM) securities, reports Wall Street on Parade.

Bank of America’s unrealized losses represents 34% of all unrealized losses on held-to-maturity securities reported by the 4,645 FDIC-insured commercial banks and savings institutions.

“Not only are Bank of America’s unrealized losses beyond the norm on a percentage basis, but the total dollar amount of its held-to-maturity securities are also far beyond the norm.

In terms of assets, Bank of America is the second largest federally-insured bank in the U.S. with $2.4 trillion in assets. (That’s just the federally-insured commercial bank unit of Bank of America. The bank holding company has $3.1 trillion in assets and includes the giant retail brokerage firm and investment bank, Merrill Lynch.)

JPMorgan Chase is the largest bank in the U.S. with $3.38 trillion in assets at its federally-insured bank (Chase Bank) and $3.87 trillion in assets at its holding company, says WoP.

CPA/CFA Sandy Peters says this extreme amount of unrealized losses is what cause Silicon Valley Bank (SVB) to collapse.

“This is what SVB did. At 12/31/2022, SVB reflected $91.3 billion of HTM financial instruments, 43.1% of its balance sheet, at amortized cost. Their fair value was only $76.2 billion, or $15.1 billion less than their carrying value.”

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

Why is No One Talking About This?

Wall Street on Parade is questioning why no one is willing to talk about these massive unrealized losses that have the potential to wipe out American’s money.

“Why does Bank of America have billions more of these debt securities than the global behemoth JPMorgan Chase? No one seems willing to talk about it,” reports the journal.

Sandy Peters says banks are good at hiding their financial burdens.

“What that means is that the financial statement carrying value of those financial instruments held-to-maturity is reflected at amortized cost, or what management paid for the asset sometime in the past plus amortization of the discount or premium from the face value.

The fair value is only disclosed on the face of the financial statement and in the footnotes. Any unrealized loss is ‘hidden in plain sight.’

“But management intent and business model do not change the value of financial instruments. The HTM classification only makes it harder for investors and depositors to see.”

Will we see bigger banks collapse this decade?

I’d love to hear your thoughts on this — leave a comment down below.

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

Other Bank News Today

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

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.

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