Important Takeaways:
- Wells Fargo axes another 13 branches in a single week as a host of banks shut down vital services – is YOURS on the chopping block?
- 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.
- Also to notify of closures this week were US Bank, Citizens, Chase and Associated Bank, with seven, three, two and one proposed respectively.
- Associated is headquartered in Green Bay, Wisconsin, and has 200 branches throughout Wisconsin, Illinois and Minnesota.
- 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.
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- BANK CLOSURES HSBC to close 69 bank branches – see the full list
- The HSBC bank locations closing will be shuttered between July and October this year.
- Several locations in central London including Westfield shopping Centre in London, Bond Street and the City are among the 11 branches being ditched first.
- Ellesmere Port, Petersfield, Falmouth and Sidmoth are some of the areas which are losing a bank branch later in the year.
- It follows 82 HSBC branches closing last year and 27 the year before that in 2020.
- Jackie Uhi, head of HSBC UK’s branch network, said the way people banked is changing and that has been accelerated by the pandemic.
- HSBC isn’t the only bank closing branches. Natwest and RBS said in February it was closing 32 locations.
- Lloyd’s and Halifax said last year they would close 48 sites, while TSB announced in November that it would axe as many as 70 branches.
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Barclays to close 160 branches in 2022: 28 more closures announced
- Since the start of 2022, the bank has already closed dozens of its branches. Based on its current schedule, by the end of the year it will have closed 160 sites.
- Barclays told us more of its customers were doing their banking via digital channels, and less than 10% of its transactions were done in person.
- Barclays confirmed to Which? it has 50 pop-up sites in local spaces, such as community centers, libraries and business hubs. It says it will look at solutions in future that will be part of a ‘flexible sustainable model’, such as smart ATMS, which can do more than just dispense cash.
- While proposals put forward by the banking industry to protect access to cash, such as enhanced Post Offices, were welcome, government legislation to underpin them was vital.
- ‘Now that legislation has been announced, the government must hand the Financial Conduct Authority the powers to ensure that when local communities lose a bank branch, their cash needs are still met.’
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