UPDATED: 16:12 EDT, 27 October 2023
With rampant inflation and the cost of living soaring, experts warn that customers may be more likely to want to discuss their finances with their bank in person.
Branches provide a lifeline for anyone looking to speak to a staff member or carry out simple tasks such as cashing a check, making a deposit or accessing cash.
According to the National Community Reinvestment Coalition, a third of the locations that closed between 2017 and 2021 occurred in areas that were predominately lower-income and majority-minority.
Accelerating closures run a risk of communities becoming so-called 'banking deserts' - when they are without access to a bank or credit union within 10 miles - leaving residents increasingly vulnerable to falling prey to high-fee lending options such as payday loans.
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