US Bank now makes unexpected branch closures in Oregon according to The Office of the Comptroller of the Currency (OCC).
A total of 7 US Bank branches are slated to shutter in Oregon per the OCC.
They include:
- US Bank. 4920 Northeast 42nd Ave, Portland
- US Bank. 129 North Canyon Blvd, John Day
- US Bank. 518 North First St, Lakeview
- US Bank. 619 Southeast Main St, Roseburg
- US Bank. 206 South Bridge, Sheridan
- US Bank. 610 East Broadway St, Milton Freewater
- US Bank. Evergreen Shopping Center Highway, Clatskanie
Additionally, the Keybank at 825 NE Multnoman in Portland will also be shutting its doors in the coming weeks.
Over the last few years, 9% of all branches — almost 7,000 locations— shut their doors.
The increase in bank closures means many people must travel further to reach their nearest bank, primarily impacting vulnerable and elderly customers.
This lack of bank branches in communities is what is now known as ‘bank deserts’.
Most of the branches currently being shut are typically found in cities where another location exists, leaving customers with an office in case they require in-person assistance, reports AS.
For example, Bank of America is closing a branch in San Marcos, Los Angeles, and Anaheim, all home to additional locations.
However, the National Community Reinvestment Coalition highlights that branch closures can lead to a decrease in small business lending, an increase in reliance on less regulated financial services, and the loss of important commercial entities and job opportunities in affected communities.
Big banks such as PNC Bank and JPMorgan Chase filed for closing several of their branches in multiple states last year amid a troubling pattern of rising branch shutdowns over the several past years.
This trend raises crucial questions about the future of banking, particularly for vulnerable and elderly customers who may find themselves disproportionately affected by these changes.
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Also Read: A Massive US Bank is Now Closing Credit Cards
Other Banking News Today
A massive bank is now freezing accounts and holding money hostage according to new customer reports, a growing trend in the sector.
When Joe Redburn realized he couldn’t access his account, he called Bank of America for help, reports The-Sun.
The branch manager told him she couldn’t access the bank account either and had to call corporate, he wrote in a Facebook post.
“She called corporate and was told there was ‘suspicious activity,'” he said.
“I contacted the government agency that oversees the banks.
They have a web page for filling complaints.”
“I filed six complaints before I got my money back.”
Fellow Facebook user Theresa expressed her frustration after dealing with fraud on her Bank of America account.
“If you [are] banking with Bank of America, check your account. Someone got me for $48,234 yesterday and $2,000 today,” she wrote.
Theresa claimed that this was the second time her account had been hacked without any alerts from the bank.
“What the f**k this is the second time in one year. I’m done with them,” she wrote, alleging that the bank didn’t even text her.
“It’s just crazy how someone can get into your account and take your money.”
In the comments, others shared similar stories.
“I closed my account two to three years ago when they did something similar to me,” wrote one person.
They claimed the bank charged them for closing the account.
“I hope I don’t have those problems because as soon as my stuff switches over I’m out,” Theresa replied.
Bank of America says it will attempt to contact clients if it suspects fraud on their accounts.
The bank’s Online Banking Security page warns that it would never send emails with instructions to share personal information, including Social Security numbers and PINs.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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