US bank branch closures now hit the state of Virginia in a time where the United States has seen US bank branch closures nationwide.
Banks have closed a total of 539 branches in just six months – with Wells Fargo, Chase among those shutting the most, per Daily Mail.
Virginia has seen a total of 15 bank branch closures so far this year, making it one of the most impacted states in the country.
If this trend persists, more than 1,000 branches could disappear from malls, town centers, and city streets nationwide by year’s end, according to the outlet’s report.
“This mass departure raises serious concerns about the future of banking accessibility in Virginia, especially for those who rely on in-person services,” says NewsBreak journalist Ash Jurberg.
“These closures can lead to “banking deserts” when communities are left without access to a bank or credit union within 10 miles.”
Unfortunately, studies have shown that residents in these areas where bank closures are common, are more likely to turn to non-traditional and high-fee lending options such as payday loans and check-cashing services, which further adds to the wealth gap.
The National Community Reinvestment Coalition warns of several adverse effects on communities when bank branches close.
Small business lending and activity in the area for example typically tends to decline.
This leads to more people becoming vulnerable to potential predatory financial services as well.
Which banks have closed branches in Virginia this year?
Below is a list of Virginia bank branch closures:
- Arlington: 2100 F Crystal Drive, Capital One
- Charlottesville: 180 Mccormick Rd., Bank of America
- Dublin: 5225 Alexander Road, Woodforest NB
- Fairfax: 3941 Pickett Road, Capital One
- Fairfax: 9504 Main Street, TD Bank
- Falls Church: 402 West Broad Street, PNC Bank
- Fredericksburg: 125 Washington Square Plaza, Woodforest NB
- Jonesville: 468 Trade Center Lane, Woodforest NB
- Manassas: 5575 Ashland Community Square, Capital One
- Midlothian: 13200 Hull Street Road, Wells Fargo Bank
- Norfolk: 580 East Main Street, Old Point NB of Phoebus
- Onley: 25306 Lankford Hwy., Shore United Bank
- Sterling: 45415 Dulles Crossing Plaza, Woodforest NB
- Woodbridge: 14901 Potomac Town Place, Capital One
- Woodbridge: 1708 Old Bridge Road, Bank of America
Are you concerned with today’s U.S bank branch closures? Leave your thoughts in the comment section below.
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Also Read: A Massive US Bank is Now Closing Credit Cards
Other Economy News Today
A banker is now convicted for stealing money from customers while working at Bank of America over a 10-year period.
The personal banker was arrested after her years-long scam, resulting in nearly $300,000 being stolen, came to light.
Police in Seneca, South Carolina said they received a report in 2013 about missing money from an account with Bank of America.
The victim, who also reported the incident to the Customer Service department, told police he was missing around $30,000.
Investigators worked with Bank of America for several weeks after the crime was reported and learned that an employee who had been stealing money from several people in Oconee County.
The police said the victims would use the Bank of America location in Seneca as their primary bank and Bobbi Cortese was their personal banker.
Seneca Police investigators and the US Secret Service spent nearly a decade doing more interviews.
Meanwhile, Bank of America was given time to complete an internal investigation.
It was revealed that Cortese had stolen nearly $300,000 from four people while working at the bank.
Some of the money was in the victims’ bank accounts for life insurance payouts related to the deaths of their spouses.
Others had a lifetime of earnings that was supposed to be used for their retirement, said police.
Cortese would open accounts under the victims’ names without their knowledge or consent and would perform a “shell game.”
This is when a scammer uses the money from one victim to replace what she stole from another victim.
After investigating further, police said Cortese forged several documents and issued them to the victims to hide the theft.
She committed these acts for about four years while working at the Bank of America, said police.
Cortese was arrested in May 2023 and charged with four counts of breach of trust and two counts of forgery.
She was later fired by the bank, reports The-Sun.
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Also Read: A Massive Bank Now Freezes Money From Direct Deposits
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About The Author
Well, I bet you the bank culture has given her the thought that if the higher ups in Bank of America can steal, then maybe I should be allowed to steal.
Leave your thoughts below.
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