Unexpected US Bank Closures in Arizona Now Surge

Unexpected US Bank closures in Arizona now surge according to the latest data from the Office to the Comptroller of the Currency.

Banking giant US Bank has closed 175 branches this year, with the bank planning to close more locations early next year.

US Bankcorp, the parent company of US Bank, is one of the largest identical institutions in the United States.

The bank has around 11.6 million members, and this year, many may have been impacted by the shuttering of bank branches across the country.

One hundred seventy-five branches have been closed this year, with the bank reporting that they plan to close more locations in early 2024. 

California has seen 100 of these closures, where it appears the bank is attempting to lower its physical footprint.

However, 14 new branches have now been announced to close down in Arizona.

It’s important to note that when a bank plans to close a branch, it is required to notify the Office of the Comptroller of Currency (OCC) at least 90 days prior to the scheduled closure. 

Below is a list of US Banks closing in Arizona soon:

  • 4989 West Ray Rd, Chandler
  • 6525 W. Happy Valley Rd, Glendale
  • 3490 Stockton Hill Rd, Kingman
  • 1901 S Gilbert Rd, Mesa
  • 258 W. 1st Ave, Mesa T
  • 115 North Grand Ave, Nogales
  • 2302 West Northern Ave, Phoenix
  • 2745 West Carefree Hwy, Phoenix
  • 4167 North Scottsdale Rd, Scottsdale
  • 10733 West Peoria Ave, Sun City
  • 20 E. University Drive, Tempe
  • 275 N. Tagner, Wickenburg
  • 11414 Fortuna Rd, Yuma

And 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.

Bank closures have risen drastically mainly due to the popularity of online banking.

Unfortunately, the increasing number of bank closures in the US is leading to ‘bank deserts’.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Other Banking News Today

Market News Today - Unexpected US Bank Closures in Arizona Now Surge.
Market News Today – Unexpected US Bank Closures in Arizona Now Surge.

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 - Unexpected US Bank Closures in Arizona Now Surge.
Market News Today – Unexpected US Bank Closures in Arizona Now Surge.

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