My bank is closing - what does this mean for my money and what should I do?
Banks are closing all over the US which is leading to Americans having questions about what will happen to their money.
Americans are becoming increasingly concerned over the recent wave of bank branch closures in recent months.
Financial institutions, such as Wells Fargo, PNC Bank, and JP Morgan Chase, have closed sites across the country.
This reflects a wider change to a digitized model of doing business which originated during the Covid-19 pandemic.
According to the National Community Reinvestment Coalition, over 13,000 bank branches shut down between 2008 and 2020.
This is approximately 14 percent all of banks which has led to many customers wondering what this means for their money and what they should do.
READ MORE: Chase Bank set to close five more branches as customers only have weeks left
Using a backup plan
The primary option available to bank customers affected by customers is mobile banking which is useful for managing day-to-day transactions.
However, eventually, people will need in-person services so a backup plan will be required.
One of the solutions to this will be driving to the nearest branch which your bank can direct you to.
Alternatively, you can call your nearest branch if it is so far away to carry out a service, for example, getting a cashier’s check mailed to you.
Using retailers
Certain banking services are available at local convenience and grocery stores depending on your area.
As well as this, nationwide retailers sometimes offer banking support which is ideal if your nearest branch is far away.
Here is a breakdown of the major retailers which offer banking services to customers:
- CVS
- Fred Meyer
- Fry’s Food
- Kroger
- Harris Teeter
- Publix
- Ralph’s
- United States Postal Service
- Walgreens
- Walmart
Use your community for support
The Federal Reserve has referred to much of the US as living in a “banking desert” due to the speed of closures.
As such, those affected by branch shutdowns are encouraged to ask their neighbours, friends and coworkers in their local area for advice on how they manage their money without a local bank.
Multiple people who need in-person banking services can carpool to their nearest branch to save money.
Furthermore, workers should enquire with their employer about any potential working relationships between banks and your company.
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