Six banks filed to close almost 40 branches last week leaving millions of Americans without access to vital financial services, with Wells Fargo alone axing 13 locations.
Wells Fargo has been a leader in the closure of branches around the country, having closed 160 in the first half of the year, according to data from S&P Global Market Intelligence.
And in the latest filings to its regulator, the Office of the Comptroller of the Currency (OCC), it indicated that five would now close in California, three in Florida, and another five elsewhere in the country.
A filing from regional bank KeyBank to close ten branches was unique in that nine of those ‘branches’ were in fact ‘charters’ that allowed a handful of private customers to make deposits, a spokesperson for the bank told DailyMail.com.
(See the full list below to see if your branch is on the chopping block.)
Wells Fargo has filed to close five branches in California , three in Florida , and another five elsewhere around the country
KeyBank has said the ‘branches’ it filed to close are actually ‘charters’ that allow their private banking customers to make deposits
‘KeyBank has made the business decision to close out nine charters for Key Private Bank offices,’ said spokesperson Meg Lower in a statement to DailyMail.com.
‘These charters allowed Key Private Bank to collect deposits from clients in its offices at these various locations. As part of the process of closing the charter, we filed the appropriate notice with the OCC last week which was labeled as a branch closure.’
Unlike Wells Fargo, whose branches are scattered among a number of states, KeyBank is limited to a handful in the Northeast and Northwest. Four of KeyBank’s closures were in Ohio.
Also to notify of closures this week were US Bank, Citizens, Chase and Associated Bank, with seven, three, two and one proposed respectively.
This year alone a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states, according to data from S&P reviewed by DailyMail.com.
And these most recent closures come after an exclusive poll by DailyMail.com revealed 51 percent of consumers said they were very or somewhat concerned about the declining number of bank branches.
The survey also found that brick-and-mortar services were less accessible to black Americans. While 14 percent of black Americans said they did not have a local branch, that was only the case for 8 percent of white Americans.
Associated Bank is headquartered in Green Bay, Wisconsin , and has 200 branches throughout Wisconsin, Illinois and Minnesota
US Bank filed to close seven branches last week, according to the OCC’s weekly bulletin. Pictured is a branch in Minnesota
Between November 5 and 11, Chase reported to the OCC that it would close two branches in Connecticut and Illinois
When banks close a branch, they must notify the OCC.
In a statement to DailyMail.com earlier this year, a spokesperson said: ‘The OCC understands the importance of bank branches and is committed to supporting access to banking services in all communities.’
They also noted that although banks and credit unions need to notify their ‘primary regulator of closures’, the statute that requires them to do so does not allow the regulator to object to the closure.
Have bank branch closures been affecting you or are you able to manage your financial affairs online? Write us an email at [email protected].
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Source: | This article originally belongs to Daily Mail