by Daisy Luther, The Organic Prepper:
It’s not a great sign if your bank is closing branches all over the country. And that’s the case for many banks in the United States in 2024, in particular Bank of America, US Bank, and Citizens, which have had the most closures thus far. In all, 222 bank branches have closed in the first two months of the year, and if it keeps up at this rate, we’ll be looking at the closure of around 1300 branches.
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Why are these branches closing?
If you’re wondering why the branches are closing, the answer, of course, is money. With each branch closure, they save on salaries and overhead. There are no employees to pay, no rent is owed, and no utility bills are racked up.
It’s been estimated that Bank of America’s 41 branch closures saved them over $100 million.
I think it’s also a worrisome sign that these changes have needed to occur. We’ve talked often on this website about the looming failure of our American economy, and this seems to be a signal that things aren’t as great as President Biden wants us to believe. I’m personally a strong believer in putting my savings into gold and silver at this point because I simply no longer feel that the dollar is a viable unit of savings. If you’re interested in learning more about how to do this, you can call my friends at ITM Trading absolutely free and discuss it with them. There’s no pressure at all – it’s merely educational – and I think you owe it to yourself to learn how to protect your savings in the months ahead.
It’s causing issues – particularly for people with lower incomes.
Of course, as with most economic crises, folks with less money are hit harder and hit first. According to a report on CNBC, these branch closures are causing “banking deserts.” This is sort of like food deserts, where there aren’t enough sources of healthful whole food in an area, but for financial services.
The ramifications of banks suddenly disappearing from communities aren’t surface-level either — affected residents now have to drive farther to make a simple deposit or withdraw cash, which takes more time, for example.
The consolidation of bank branches is also creating “banking deserts,” 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.
I also foresee future closures causing problems for people who live in more remote areas if the trend continues.
What bank branches have closed?
Interestingly, the list I have came from Great Britain News. I was not able to find a similar list of branches in the American media. (I’m sure that’s just fine. Nothing to see here, right?)
Bank of America
- Chandler, Arizona – 3111 West Chandler Boulevard
- Glendale, Arizona – 7700 West Arrowhead Towne Center
- Scottsdale, Arizona – 7014 East Camelback Road
- Tempe, Arizona – 5000 Arizona Mills Circle
- Tucson, Arizona – 5870 East Broadway Bl
- Culver City, California – 294 Fox Hills Mall
- Gilroy, California – 8375 Arroyo Circle
- Martinez, California – 1175 Arnold Drive
- Mission Viejo, California – 555 The Shops at Mission Viejo
- Palm Desert, California – 72840 Highway 111
- Rancho Cucamonga, California – 12434 North Main Street
- Sherman Oaks, California – 14006 Riverside Drive
- South Lake Tahoe – California – 2020 Lake Tahoe Boulevard
- Temecula, California – 40750 Winchester Road
- Aventura, Florida – 19645 Biscayne Boulevard
- Boca Raton, Florida – 21060 Saint Andrews Boulevard
- Brandon, Florida – 459 Brandon Town Center Drive
- Coral Springs, Florida – 9469 West Atlantic Boulevard
- Fort Lauderdale, Florida – 2414 East Sunrise Boulevard
- Jacksonville, Florida – 10300 Southside Boulevard
- Jacksonville, Florida – 50 North Laura Street
- Lakeland, Florida – 3800 Us Highway 98 North
- Atlanta, Georgia – 3393 Peachtree Road Northeast
- Atlanta, Georgia – 4400 Ashford Dunwoody Road
- Kennesaw, Georgia – 1300 Ernest West Barrett Parkway
- Egg Harbor Township, New Jersey – 6718 Black Horse Pike
- Northfield, New Jersey – 1501 Tilton Road
- Summit, New Jersey – 367 Springfield Avenue
- Albuquerque, New Mexico – 6600 Menaul Boulevard NE
- Albuquerque, New Mexico – 4401 Central Avenue Northeast
- Henderson, Nevada – 1300 West Sunset Road
- Las Vegas, Nevada – 3500 South Las Vegas Boulevard
- Las Vegas, Nevada – 3790 South Las Vegas Boulevard
- Reno, Nevada – 5000 Meadowood Mall Circle
- Portland, Oregon – 9585 Southwest Washington Square Road
- Austin, Texas – 3900 North Interstate 35
- Houston, Texas – 6414 San Felipe Street
- Plano, Texas – 1925 Dallas Parkway
- Plano, Texas – 2015 Coit Road
- Charlottesville, Virginia – 180 Mccormick Road
- Seatac, Washington – 16640 International Boulevard
Bank of Brenham NA
College Station, Texas – 3030 University Drive East
Capital One
- Washington DC – 1200 F Street NW
- Houma, Louisiana – 2201 Martin Luther King Boulevard
- New Orleans, Louisiana – 313 Carondelet Street
- Chevy Chase, Maryland – 8401 Connecticut Avenue
- New York, New York – 991 3rd Avenue
- New York, New York – 470 Park Avenue South
- New York, New York – 347 6th Avenue
- New York, New York – 1166 Ave Of The Americas
- Arlington, Virginia – 2100 Crystal Drive
- Fairfax, Virginia – 3941 Pickett Road
- Manassas, Virginia – 5575 Ashland Community Square
- Los Angeles, California – 2201 Westwood Boulevard
- Lafayette, Indiana – 201 Main Street
- Las Vegas, Nevada – 2865 East Charleston Boulevard
- New York, New York – 42 Broadway
- Cincinnati, Ohio – 867 Wyler Park Drive
Citibank
- Ronkonkoma, New York – 4175 Veterans Memorial Highway
Citizens Bank
- Boston, Massachusetts – 560 Commonwealth Avenue
- Plymouth, Massachusetts – 129 Samoset St Ste 1
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