Massive banks in New Jersey unexpectedly close down for 2024, including Wells Fargo, PNC Bank, and Citizens Bank branches.
“Several major New Jersey bank branches are scheduled to permanently shutter in 2024, as listed with the Office of the Comptroller of the Currency (OCC),” reports Joel Eisenberg.
“No specific dates of closure have yet been announced for any of the banks listed below and it should be noted more New Jersey branch closures are expected to be announced, following trends, in upcoming OCC bulletins.
The popularity of digital banking, inclusive of electronic payments and direct deposits, continues to be widely acknowledged by industry analysts as the primary factor in this regard.”
This trend of bank branches closing across America has been very common this year.
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.
For example, Wells Fargo revealed last Friday that several branches would be closing in Arizona, Georgia, Iowa, Florida, Texas, and Alabama.
California also continues to be heavily affected, with both large and regional bank branches permanently shuttering this year.
Below are the banks permanently closing in New Jersey in 2024 according to the Office of the Comptroller of the Currency:
Wells Fargo 50 East State Street, Trenton.
Citizens Bank 698 U.S. Hwy 202N, Three Bridges; 725 Bloomfield Ave, Verona; 2150 RT 130 N, Burlington.
PNC Bank 930 Washington Street, Cape May.
Aside from branch closures, banks have also stated that job cuts have played an important role to weather strong recession conditions going into 2024.
Other Banking News Today
A US bank has now been fined for ‘massive fraud’ by The Federal Reserve and New York Department of Financial Services.
The agencies say Metropolitan Commercial Bank (MCB) will pay a total of $29.5 million in penalties for allowing criminals to open new accounts and misdirect a whopping $300 million.
“According to the DFS, the bank issued its MovoCash digital prepaid visa card program to bad actors in 2020 because it did not use an adequate verification process to uncover the true identity of the applicants,” reports DailyHodl.
The culprits provided fraudulent identification and used their accounts to misdirect millions in direct deposit payroll payments and government benefits.
“MCB failed to prevent a massive, ongoing fraud in the MovoCash prepaid card program, allowing bad actors to abuse the financial system…
[MCB] observed a surge of fraudulent MovoCash account openings, and after failing to remedy the problem, allowed new MovoCash accounts to be opened.
This inaction allowed the fraud to increase exponentially over the next few months and facilitated more than $300 million in pandemic unemployment benefits to be misdirected to the MovoCash accounts of fraud actors,” the report stated.
The Fed says it’s now forcing MCB to improve its customer identification, customer due diligence, and third-party risk management programs.
MCB has $6.683 billion in total assets with seven branches across New York.
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