A massive bank will now close locations nationwide to consolidate its branch network, part of a $750 million cost-cutting effort.
Truist CEO Bill Rogers announced that 72 locations would be affected, or 3.5% of its branch network, by March.
The firm said it sent customers a letter in mid-December explaining the branch closures and identifying the next nearest location at which they can bank.
A Truist spokesperson told American Banker that nine branches are set to close in North Carolina and seven in the Washington, D.C., metropolitan area.
The firm is expected to shutter branches in Alabama, Georgia, Kentucky, Maryland, North Carolina and West Virginia, the publication reported.
The Atlanta Business Chronicle reported that the lender will close eight branches in Georgia, including four in Atlanta.
“For the vast majority of branches that are closing, clients will have access to a branch about two and a half miles away on the average,”
Brian Davis, director of consumer and small business banking communications, said in a statement.
“In response to our clients’ evolving preferences, these decisions create additional opportunities for investment in our digital capabilities.”
Following the closures, Truist will operate 1,900 branches and 2,900 ATMs, Davis said.
“We understand that in-person service and caring conversations are still important to many of our clients,” Davis said.
Truist CEO Bill Rogers announced plans to consolidate the bank’s branch network in September, part of the firm’s efforts to shave $750 million off gross costs over the next 12 to 18 months.
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Also Read: A Massive Bank Now Closes Several Branches in Florida
Other Banking News Today
A massive US bank is now being accused of freezing accounts according to several customer reports on social media forums.
JPMorgan Chase is facing fresh accusations of locking down and terminating a customer’s bank account over unfounded concerns of suspicious activity, reports DailyHodl.
In a new post on the r/Chase Reddit forum, a user says a new Chase bank account has been abruptly shut down without warning or explanation.
After getting their account set up, the poster says their mother sent cash to the new account via Zelle, and several additional Zelle transactions were sent and received with friends and family for basic items like Uber rides and food.
Three days after the account was opened, the Reddit user says they were completely locked out of their account.
“When I try to login it says my account is locked due to suspicious activity. I cannot call at this time because it is already past business hours so I wait until Friday morning. I call and they are not able to confirm my identity over the phone because the number I gave wouldn’t show up in their database (this is the number I used to open the account).
At this point, the user says they were not informed that the account was facing imminent termination.
I’m told that I would need to go in person with two forms of ID. I schedule a meeting for whenever I wasn’t busy which was Thursday the 21st. The day comes, but I am unable to make it so I rescheduled for the 26th (today) which was the only day available. Today comes and I find out that my account was closed.
I only had 10 business days to resolve this, which I did not know because in the mail I received it didn’t specify how long I had. I’d also like to add that on the 15th when I was locked out of my account it said my balance reached below $20 and my available balance was $0. I had $50 when I was locked out.”
This isn’t the first time JPMorgan Chase has been accused of wrongfully closing accounts.
Last summer, Republican attorneys general in 19 states accused JPMorgan of routinely discriminating against its own clients and closing bank accounts without warning based on religious and political biases.
Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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