Three massive bank branches are now closing in California according to fresh data from the Office of the Comptroller of the Currency.
This week, two giant banks closed two branches in the golden state.
Bank of America closed its location on 3591 Mission Blvd, Fremont while JPMorgan shuttered its branch on 1030 W Alameda Ave, Burbank.
However, three additional major bank branches have now made the list of upcoming closures in California.
The Office of the Comptroller of the Currency details that the following bank branches will be closing in California soon:
- Bank of America. 225 Canyon Crest Dr, Riverside
- Bank of America. 8949 Clairemont Mesa Blvd, San Diego
- Bank of America. 7404 Jackson Dr, San Diego
According to official US Government data, over 220 bank branches closed across the nation in January and February, and California was the state most impacted.
The federal regulator found Bank of America, US Bank and Citizens led the charge with the national banks accounting for nearly half of all closures, reports GBNews.
These banking groups closed 92 locations within the space of eight weeks with 222 sites closing down during the period overall.
If banks across the United States continue to shut down at their current rate, around 1,300 will close by the end of 2024.
Steven Reider, the founder and president of Bancography, cited the growing confidence among banks in being able to provide sufficient financial services online.
In January and February, Bank of America’s 41 branch closures having potentially saved the financial institution nearly $100million.
Redier explained: “’Banks are willing to close a branch that isn’t really overlapping any other branch on the gamble that customers are willing to drive a little bit further.
“I think Bank of America has leaned into that more than the other large banks have.”
The rate of bank branch closures has been exacerbated due to the Covid pandemic which resulted in people relying on online banking services due to staying at home.
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Also Read: California’s New $20 Minimum Wage Now Creates Painful Layoffs
Other Economy News Today
A massive bank now freezes money from direct deposits affecting several users. The giant says it was an unprecedented glitch.
Bank of America clients have been saddled by direct deposit delays following a payment processing glitch.
Customers began to report digital payment delays to Bank of America.
Social media users tagged the bank to explain how their paychecks hadn’t yet hit their accounts in November.
“Bank of America Day 4 & still no direct deposit, no update on potential resolution,” one user wrote on X.
“Or at the very least what’s being done to resolve the issue, no transparency, no assistance, no communication from you all at all. Nothing. Wow. This is so bizarre.”
Wells Fargo clients also reported experiencing direct deposit lags, and both banks reported questions to The Clearing House.
The Clearing House is an automated clearing house system that operates as a private sector in the US.
The Clearing House told CBS MoneyWatch that payment instructions were sent to banks due to a “processing error.”
Payments were delayed since banks needed to process data and incoming payments to clients’ accounts.
The company said it worked with the affected customers and the Federal Reserve to fix the issue.
“Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed,” The Clearing House wrote.
An ACH network enables money to be digitally transferred between US bank accounts.
The Clearing House and the Federal Reserve Banks process millions of payments daily, as per The Clearing House.
Its process involves an operator sending a file to a bank or credit union and allowing the institution to transfer funds into a client’s account.
The Clearing House posted a statement on its website saying the payment error resulted from masked information, “due to a TCH error.”
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Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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Banks are pulling out and making the digital currency phase go into act… we are all going to be in a third world country soon, if you think about it, everyone’s broke and the economy is face down in the dirt… there won’t be any pavement to land your face on soon… like the old days it’s all dirt again… watch!
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