Bank of America axed 21 branches in the first week of October, according to a bulletin published by the Office of the Comptroller of the Currency (OCC) on Friday.
Wells Fargo shuttered 15, while US Bank and Chase reported closing nine and three respectively.
In total, some 54 locations had either closed or were scheduled to close between October 1 and October 7. Of the overall closures, three were in Louisville in Kentucky. Eight of the 21 Bank of America closures were in California.
On Friday, major US banks including Wells Fargo and JPMorgan Chase reported their third quarter earnings. Increased revenue thanks to higher interest rates saw both banks’ revenues increase.
This months’ closures come after an exclusive poll by DailyMail.com revealed that 51 percent of consumers said they were very or somewhat concerned about the declining number of bank branches. Only 18 percent said they were not at all concerned.
The survey also found that brick-and-mortar services are 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.
In March Senator Sherrod Brown sent a letter to the OCC wanting to launch an inquiry into the impact of such closures on lower income communities.
When banks close a branch, they must notify the OCC. In a statement to DailyMail.com in August, 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.
It also noted that the OCC does not regulate all banks in the US.
Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – with firms pulling out of some areas at a faster rate than others.
Across the board Americans are suffering a zip code lottery when it comes to accessing a branch.Â
© Copyright RawNews1st
