Several Massive Banks Are Now Closing in California

Several massive banks are now closing in California according to the Office of the Comptroller of the Currency (OCC) bulletin.

This latest release of the current federal OCC bulletin is expected to be updated the week of December 18.

It should be further noted that in the United States major banks cannot close branches until the passing of a minimum of three months following their initial OCC bulletin listing.

According to the OCC’s current weekly bulletin listing, the following seven California bank branches have been added to the 2024 permanent closure list:

  • Bank of America, 25 West Main St, Brawley
  • Bank of America, 1053 Sun Valley Center Blvd, Concord
  • Chase Bank, 690 West Huntington Drive, Monrovia
  • Chase Bank, 110 Wilshire Blvd, Suite 3, Los Angeles
  • Chase Bank, 6950 Sunrise Blvd, Citrus Heights
  • Chase Bank, 5060 Arlington Ave, Riverside
  • Wells Fargo, 2201 Pacific Coast Hwy, Lomita

Other bank branches closing in California also include:

  • JPMorgan. 6950 Sunrise Blvd, Citrus Heights
  • JP Morgan. 5060 Arlington Ave, Riverside

While these are the latest bank closures, during the week between November 12 and 18, a total of 64 bank branches filed to close down for good.

Chase filed to close the second-largest amount of branches during the November bloodbath, with 18 locations being slated for closure.

Citizens Bank filed to close eight branches, U.S. Bank filed to shutter seven locations, and Bank of America filed to close five locations.

Meanwhile, Citi Bank slated two branches for closure, and several smaller banks filed to close a single location.

The surge of online banking has triggered banks to pivot more towards the digital world, resulting in US bank closures.

Although many Americans enjoy the convenience of online banking, experts have warned that a digital banking industry leaves certain customers vulnerable to improper practices.

A report from the National Community Reinvestment Coalition found that when there are fewer branches in an area, more people use “alternative financial services that open them to unregulated and predatory financial practices.”

Meanwhile, a recent survey by Daily Mail found that 51% of Americans were either “very concerned” or “somewhat concerned” about the closure of bank branches.

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

Other Banking News Today

Market News Today - Several Massive Banks Are Now Closing in California.
Market News Today – Several Massive Banks Are Now Closing in California.

A bank now fails to prevent a retiree from losing all her money after the Memphis, Tennessee, resident fell victim to scammers.

Maureen Rosenblum, 88, is now demanding she be compensated $500,000 by her bank after losing $120,000 to the fraudsters.

She claims her bank failed to prevent the fraudulent charges.

Her son, attorney Jeffrey Rosenblum, claims that his mom’s bank allowed the fraudulent transactions to occur.

According to the suit, Regions Bank approved two large transactions from Maureen in late November of last year.

“She got a message on her laptop,” the attorney reported.

“One of the things she enjoyed doing is getting on Facebook and emailing her friends who moved away from Memphis, and she sees this message, ‘Your computer’s been hacked!’ and she panicked.”

Maureen contacted the fraudsters soon after, ultimately losing her $120,000 in life savings after wiring the money from her financial institution, Regions Bank.

On November 28, Rosenblum worked with his mother to file a lawsuit against the bank, claiming they should have prevented their client from taking out the cash to pay the scammers, reports The-Sun.

They’re asking for at least $500,000 for Regions Bank’s alleged “negligence” in letting the 88-year-old withdraw the considerable funds.

The scammers claimed to be part of Microsoft’s “fraud department,” per the suit.

A man who referred to himself as “Josh” then told Maureen over the phone that she should transfer at least $95,000 to “protected accounts” so her money wouldn’t be stolen from the “hack,” the suit continued.

The fraudster then allegedly gave Maureen the information for an account at Hang Seng Bank in Hong Kong, China, for the money to be wired.

According to the lawsuit, Maureen also claimed Josh told her to inform employees at Regions Bank that the excess funds were for a family emergency when asked.

The first $95,000 wire transfer was approved, per the suit, and Maureen went back only one day later for another transfer of $25,000.

“She was told by this ‘Josh’ fella to go back to the bank the following day and to wire $25,000 more to a man called Shen Ciao Hsin at Standard Charter Bank in Hong Kong and Regions Bank again allowed her to do it,” Rosenblum claimed.

Maureen is now requesting $500,000 in damages from the financial institution along with the $120,000 she lost, the suit states.

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

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Market News Today - Several Massive Banks Are Now Closing in California.
Market News Today – Several Massive Banks Are Now Closing in California.

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