Wells Fargo Bank Axes Another 13 Branches In A Single Week As A Host Of Banks Shut Down Vital Services

Wells Fargo Bank axes another 13 bank branches last last week. Five other banks filed to close almost 27 branches last week. Thus, leaving millions of Americans without access to vital financial services.

Wells Fargo has been a leader in the closure of branches around the country. The bank has closed 160 in the first half of the year.

Wells Fargo notified the OCC that would be closing five branches in California and three in Florida. The bank also said it was closing another five branches elsewhere in the country.

Regional bank KeyBank filed a notice with the OCC says it is closing ten branches. Nine of those branches are unique because nine of those ‘branches’ were in fact ‘charters.’ That designation allows a handful of private customers to make deposits.

These charters allowed Key Private Bank to collect deposits from clients in its offices at these various locations. 

KeyBank is limited to a handful in the Northeast and Northwest. However, Wells Fargo has bank branches scattered among a number of states. Four of KeyBank’s closures were in Ohio.

Also, other banks notified the OCC of closures this week. Those banks included US Bank who closed seven. Citizens closed three. In addition, Chase closed two more and Associated Bank closed one branch.

Green Bay, Wisconsin based Associated Bank 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.

When banks close a branch, they must notify the OCC.

Banking regulations say banks and credit unions need to notify their ‘primary regulator of closures. However, the statute does not allow the regulator to object to the closure.

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