WFCN –
At a time when US bank branches have been closing all throughout the country, the state of Virginia is the next to feel the pinch.
Wells Fargo and Chase were among the most prolific in shuttering branches in the past six months, with a total of 539 closures reported by the Daily Mail.
One of the hardest hit states in the nation, Virginia, has witnessed a total of fifteen bank branch closures this year.
According to the outlet’s research, if this trend continues, over a thousand branches could vanish from shopping centers, town squares, and city streets across the country by the end of the year.
Reporter Ash Jurberg of NewsBreak expresses grave worries about the future of banking accessibility in Virginia, particularly for individuals who depend on in-person services, due to the large-scale departure.
When a community does not have a bank or credit union within a 10-mile radius, it is referred to as a “banking desert.”
Research shows that when banks close, people in those areas tend to seek out alternative, higher-interest financing choices like payday loans and check-cashing businesses, widening the wealth gap even further.
Closing bank branches can have multiple negative impacts on communities, according to the National Community Reinvestment Coalition.
SEE MORE –
For instance, it is common for small company lending and activity in the area to decrease.
SEE MORE –
Unexpected Move: U.S. Bank Announces Surprise Branch Closure
More individuals are left open to the possibility of exploitative financial services because of this.
So far this year, which Virginia banks have shut down their branches?
All of the following Virginia bank branches will soon be closing:
- Arlington: Capital One, 2100 F. Crystal Drive
- First National Bank of Charlottesville, 180 Mccormick Rd.
- Room 5225, Alexander Road, Woodforest NB, Dublin
- Fairfax addresses capital one at 3941 Pickett Road.
- To the Fairfax: TD Bank, 9504 Main Street
- At 402 West Broad Street, PNC Bank is located, Falls Church.
- Room 125, Washington Square Plaza, Woodforest Avenue, Fredericksburg NB
- Address: 468 Trade Center Lane, Woodforest NB, Jonesville
- Capital One, 5575 Ashland Community Square, Manassas
- Midlothian: Wells Fargo Bank, 13200 Hull Street Road
- At 580 East Main Street, Old Point, Norfolk 25306 Lankford Hwy., Shore, is located north of Phoebus Onley. American Financial Bank
- Sterling: Woodforest, New Brunswick, 45415 Dulles Crossing Plaza
- Woodbridge: Capital One is located at 14901 Potomac Town Place.
- Location: 1708 Old Bridge Road, Woodbridge, Bank of America
Did today’s announcement of bank branch closures in the US worry you? Feel free to share your opinions in the space provided.
Make sure you’re up-to-date on U.S. Bank Branch Closure news by opting in for push notifications.