More banks are closing branches!!! Big banks are buying up small banks! Will you be able to access your cash? Reach a person to help with your account? Everything online? CBDC? Cashless society? Continued below the vid…
In a recent trend indicative of a broader shift in the banking landscape, major financial institutions such as PNC Bank, JPMorgan Chase, Citizens Bank, and others have filed for the closure of multiple branch offices across various states. This move comes as part of a longstanding pattern of rising branch shutdowns, with data from the U.S. Office of the Comptroller of the Currency revealing a significant number of filings between November 12 and 18.
America’s Sixth-Largest Bank Announces Closure of 19 Additional Branches Nationwide After Closing 203 Branches in 2023 via Gateway Pundit
PNC Bank leads the pack with 19 branch closure filings, spanning states like Pennsylvania, Illinois, Texas, Alabama, New Jersey, Indiana, Ohio, and Florida. JPMorgan Chase closely follows with 18 filings, affecting states including Ohio, Connecticut, South Carolina, New York, Illinois, Florida, and Massachusetts. Citizens Bank and U.S. Bank also contribute to the trend, filing for eight and seven closures, respectively, while Bank of America, Citibank, and several others have made additional filings, totaling 64 closures.
This recent surge in closures is part of a broader trend that has been ongoing for several years. A report from the National Community Reinvestment Coalition indicates that between 2017 and 2021, 9 percent of all bank branches shut down, a rate that doubled during the COVID-19 pandemic.
US Banks File to Shut 64 Branches in a Single Week—Are You Affected? JPMorgan Chase and PNC Bank filed for closing over a dozen branches each, along with other major banks across the country. – Epoch Times
S&P data reveals that in the past year alone, there were 3,012 branch closures and 958 openings, resulting in a net closure of 2,054 branches. This marks the third consecutive year with net closings exceeding 2,000, reflecting a significant transformation in the banking industry.
A primary catalyst for this surge in closures is the accelerated adoption of digital banking, a trend that gained momentum during the pandemic. According to a survey by the American Banking Association (ABA), 8 in 10 Americans used a mobile device to manage their bank accounts in the previous month, highlighting the increasing reliance on digital tools for financial transactions.
FILINGS: 64 US Bank Branches File to Shut Down in a Week! It is important for all of us to keep these bank branch closings in proper perspective. There are a total of 4,823 local and national banks offering banking services in USA, with nearly 77,000 branches in 9,912 cities. – Jabbar JD
The shift to digital banking is not only driven by changing consumer preferences but also by the cost-saving benefits for banking institutions. Establishing and maintaining physical branches involves substantial upfront and recurring costs. In contrast, digital transactions are more cost-effective, contributing to the strategic decision by banks to invest in digital infrastructure rather than expand physical locations.
Big banks like PNC Bank and JPMorgan Chase are closing multiple branches due to rising shutdowns. Branch closures have been increasing over the past few years. Actress Patricia Heaton speaks out about the evil rising since the Hamas attack on Israel. She… – America One News
While this digital transformation offers efficiency and convenience, it has negative implications, particularly for customers in small towns. The closure of branches can lead to the emergence of “bank deserts,” where the nearest bank is over 10 miles away. The National Community Reinvestment Coalition report emphasizes that such closures adversely impact small business lending, local economic activity, and contribute to increased usage of unregulated financial services.
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A recent survey by Daily Mail indicates that 51 percent of Americans are either “very concerned” or “somewhat concerned” about the closure of bank branches, emphasizing the importance of physical branches for many consumers.
PNC Bank’s significant number of closure filings align with its intensified focus on cost-saving measures. During its second-quarter earnings call, CEO William S. Demchak emphasized the need to examine areas for generating savings without hindering potential growth. The closures, expected to make 60 percent of PNC’s banking business exclusively online, follow the shutdown of 47 branches in June and 29 in August. The bank reported a drop in third-quarter profits, leading to layoffs and an anticipated reduction in yearly personnel expenses.
As the banking industry continues to evolve, with digital banking becoming the norm, the closure of physical branches reflects a strategic shift by major banks. While this transformation offers efficiency and cost savings, it also poses challenges for communities, businesses, and consumers who value the presence of physical branches. Striking a balance between digital innovation and maintaining accessibility for all remains a critical consideration for the evolving banking landscape.
Major Points Discussed:
- Major U.S. banks, including PNC Bank and JPMorgan Chase, are closing numerous branch offices across multiple states, part of a trend of increasing closures in recent years.
- PNC Bank leads with 19 closure filings, followed by JPMorgan Chase with 18, signaling a significant shift in the traditional banking landscape.
- The surge in closures is attributed to a long-term trend, with 9 percent of all bank branches shutting down between 2017 and 2021, a rate that doubled during the COVID-19 pandemic.
- Digital banking adoption is a primary driver, with 8 in 10 Americans using mobile devices for banking, leading to cost-saving strategies for banks as they invest in digital infrastructure.
- While digital transformation brings efficiency, cost savings, and convenience, the closures negatively impact small towns, creating “bank deserts” and prompting concerns from 51 percent of Americans about the loss of physical branches.
Comments – Threads – Links
- In Argentina: BREAKING: Argentina’s President-elect Javier Milei says he will be closing the country’s central bank. “Given the false rumors spread, we wish to clarify that the closure of the Central Bank of the Argentine Republic (BCRA) is a non-negotiable matter.” Tweet
- PNC Bank will start 2024 branch cuts in the first quarter with 19 locations closing across eight states. DKB
- I’ve had a letter off my bank to say my branch is closing down in March. Nearest branch is about 5 miles away. I feel sorry for older people who do not have online banking and maybe don’t drive. There will be very few bank branches left soon. – Julie Smith
- Barclays announces 16 more bank branch closures – full list of new sites closing
- My branch is closing I use on a almost every other day basis. It’s the only one that ever has staff anywhere near me as well. The other BOA are packed to the brim and you damn near need to make an appointment to literally do just about anything. Worst bank ever. – Andrew D’Angelo
- And the Deep State Globalists Say: Elizabeth Warren has officially come out in favor of a centralized digital banking currency (CBDC). She is so desperate to kill the digital asset industry she’s willing to sacrifice Americans’ financial privacy to do it. – Club For Growth
- President of the Federal Reserve Bank of Minneapolis, Neel Kashkari: CBDC doesn’t solve any actual problems, other than enabling central bankers to monitor all transactions, and deduct taxes directly from people’s accounts. “I keep asking anybody, at the Fed or outside of the Fed, to explain to me what problem this is solving… I can see why China would do it. If they want to monitor every one of your transactions, you could do that with a central bank digital currency. If you want to directly tax customer accounts, you could do that with a central bank digital currency. So I get why China would be interested. Why would the American people be for that?” – Wide Awake Media