Wisconsin now faces a surprising wave of bank closures as more branches are scheduled to shutter soon according to the latest OCC updates.
Associated Bank, which is based in Wisconsin, has announced it is closing several locations in the state as part of a strategy to consolidate its physical presence, per Biz Journal.
The bank is the largest financial institution based in Wisconsin, with total assets of about $42 billion.
Five locations are scheduled to close in early March.
However, this isn’t the first time the bank has closed branches in Wisconsin.
Just last year, the bank closed seven branches and also closed locations in 2020 and 2021.
“Since 2020, we have seen an industry-wide acceleration to digital banking, based on increased customer adoption,” said Jennifer Kaminski, a bank spokesperson.
“Our branch, call center and strong digital capabilities allow customers to bank with us on their terms and require a smaller branch network.”
Associated Bank isn’t the only bank closing branches in the state.
First National Bank has also advised they are closing one location in the coming weeks.
Below is a list of upcoming bank branch closures in Wisconsin:
- Associated Bank. 48050 West Capital Dr, Milwaukee
- Associated Bank. 134 North Main St. Oconto Falls
- Associated Bank. 2722 Eddy Lane, Eau Claire
- Associated Bank. 5220 Farwell St, McFarland
- Associated Bank. 400 Scott St, Wasau
- First National Bank. 23513 Cedar St, Independence
Experts fear that if this trend of bank closures continues, communities will be left with what’s known as ‘bank deserts’.
CNBC reports that banking deserts are “when communities are without access to a bank or credit union within 10 miles.”
“Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
Bank of America is now closing accounts without warning according several customer reports.
Another Bank of America customer has claimed that her account has been closed without being warned, a growing trend seen within the bank giant.
The influencer said she received a notice about a credit warning before it completely disappeared.
In a TikTok video shared last month, she revealed that she had two checking accounts with Bank of America.
The bank user (@spirtuallyfree444) said she was transferring money between the two accounts ahead of paying bills.
However, when she logged onto her account, she claimed a notice told her she had been overcharged and was due to receive $29 in credit.
“I went through my transactions but I couldn’t see where they had overpaid me.
“I didn’t say anything. This is just an extra $29 that I have in my account,” she said.
Days later, she checked the account and noticed that it had been closed.
The mystified customer claimed a Bank of America staffer couldn’t explain why the account had been shut down.
There wasn’t a note in the Bank of America system regarding the account closure, the TikToker claimed.
She fumed: “How you all just close my account y’all [sic]. They just closed my account.”
She claimed she was glad that she didn’t have payroll going into the bank account.
The influencer raged: “They closed my f**king account.”
She claimed representatives at the banking chain said she could open another account – a response that left the TikToker perplexed.
“I found it very strange that they closed one of my accounts. So, now I’ve got to keep an eye on the other account,” she stated.
“I just took the money out of it so there’s nothing in there.”
Another TikToker, known only as Jessica (@wheresmydamnchapstick) also claimed her credit cards had been shut down without warning.
Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal
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