Major US banks are continuing to close branches across the US, leaving an increasing number of Americans without access to basic financial services.
Bank of America, Wells Fargo, US Bank and Chase are continuing to close banks. In total, some 54 bank had closed or were scheduled to close across the US.
Pictured is the Bank of America branch in Petaluma, California. It is one of 21 branches the bank reported it was closing in the first week of October 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.
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.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.
By comparison, Vermont residents remained relatively unscathed by the bank branch closure bloodbath - with no locations closing during this time period.
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