Major US banks are continuing their plans to shut down branches nationwide, resulting in a growing number of Americans being left without access to essential financial services.
America’s sixth-largest bank, PNC, has confirmed the closure of 19 more branches nationwide, following a staggering 203 branch closures earlier this year. This decision, aligning with the bank’s shift towards digital banking, is raising concerns among customers who prefer traditional banking methods.
Scheduled for February 2024, the closures will primarily impact Pennsylvania, where the majority of branches marked for closure are located. However, several branches in other states, including Illinois, Texas, Alabama, New Jersey, Ohio, Florida, and Indiana, will also be shutting their doors, leaving customers in these regions with limited access to in-person banking services, The Sun reported.
This decision follows the shutdown of a branch in Strasburg, Pennsylvania, on November 17, where banking services have been limited to an ATM across the street, and the bank’s assets have been transferred to a nearby location.
“PNC recognizes that branches play a key role in how we provide solutions to our clients. alongside our other channels,” the bank said in a statement.
“As a result of this work, we have grown our PNC branch footprint over the past five years–by building out new branches and through acquisitions–while total industry branches have declined.
“At the same time, we also make decisions to close branches as customer needs evolve.
“As always, we will continue to invest in – and optimize – our branch network alongside our other core banking channels to serve our customers in the most effective way we can,” the company said.
The total number of branch closures for PNC in 2023 is estimated to be around 203, as per a bulletin from the Office of the Comptroller of Currency (OCC) and reports from the Pittsburgh Business Times.
PNC Bank’s decision to shutter these branches is indicative of a larger trend in the banking industry, where financial institutions are increasingly prioritizing digital banking platforms over brick-and-mortar locations.
While PNC cites the rise of online banking and changing customer behaviors as the driving forces behind these closures, critics argue that this digital shift compromises both the security of customer data and the government’s ability to regulate banking activities effectively. Digital platforms, they point out, are susceptible to cyber threats, data breaches, and hacking incidents that can jeopardize customer privacy and financial security.
PNC Bank joins a number of other banks in downsizing their physical presence. Below is a list of bank branches that have either recently ceased operations or are on the schedule for imminent closure per Newsbreak.
In October, The Gateway Pundit previously reported that Bank of America led the way by closing 21 branches in just the first week of October, according to a bulletin published by the Office of the Comptroller of the Currency (OCC).
Wells Fargo was not far behind with 15 closures, while US Bank and Chase reported closing nine and three branches, respectively, according to the Daily Mail.
“In total, some 54 locations had either closed or were scheduled to close between October 1 and October 7. Of the overall closures, three were in Louisville in Kentucky. Eight of the 21 Bank of America closures were in California,” the outlet reported.
In 2022, 3,000 bank branches have closed down nationwide, according to the Kiplinger Letter.
The post America’s Sixth-Largest Bank Announces Closure of 19 Additional Branches Nationwide After Closing 203 Branches in 2023 appeared first on The Gateway Pundit.
