JPMORGAN Chase has added to the dominos of bank closures falling across the nation.
The banking giant has already closed three branches this past month, and now more customers will need to travel farther to access their money.
The US banking system is experiencing unprecedented closures, and Chase is shuttering more branches.
In New York City, Chase is set to close two locations in the coming weeks.
The branch at 86 East 98th Street in Brooklyn's last day is October 25.
And the 3804 Nostrand Avenue location, also in Brooklyn, will close on November 2.
The U.S. Sun confirmed with branch employees about the closing dates.
Existing customers will need to travel to the next closest Chase branch.
Some customers have taken to X to beg the the bank to open up more locations in their area.
The bank responded it "keeps track of popular requests through feedback and reviews expansion plans on a regular basis.”
A BANKING DESERT IN AMERICA
Although bank closures aren’t unusual, the ripples of the pandemic and an economic downturn are making them too common.
There's been an increasing number of closures and bankruptcies across every industry, big banks being the last players to fall.
Chase alone closed 144 branches last year, and the entire industry saw over 3,000 branches shutter, according to Kiplinger.
Many communities will be left in a “banking desert,” which means they lack access to a bank or credit union within 10 miles.
Low-income residents and the elderly are especially vulnerable to this issue, which makes them susceptible to predatory credit interest rates and lending.
And despite banking going digital for most functions, many Americans still prefer the privacy and security of conducting financial business in person.
FINANCE OF THE FUTURE
A JPMorgan Chase representative told The U.S. Sun it’s all part of their innovative strategy for the digital age.
"Our goal is not to have the most branches – but to have the right branches, in more communities, serving the financial needs of our customers."
The company has also opened hundreds of new locations.
The representative added the bank has made "significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states."
Chase has developed more digital financial services as it has tried to persuade younger, more online customers.
In other words, don’t judge a bank by its closures.
But the banking giant is hardly the only one experiencing a complete institutional restructuring.
Wells Fargo is closing 15 branches as banking bloodbath continues to sweep US
And Bank of America is closing 15 branches across a multitude of states.
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