Wave of Branch Shutdowns Raises Alarms about Potential Banking Deserts in New Jersey
New Jersey continues to lead the way in an unwanted statistic- the number of bank locations closing. New Jersey has been the most impacted of any state, with the highest proportion of bank closures of any US state between January and August this year.
Five more bank branches in New Jersey have been listed to close as major banks continue to push customers toward online banking and close locations across the United States.
The five bank locations in New Jersey listed to close are.
- Wells Fargo. 50 E. Clementon Rd, Gibbsboro
- Wells Fargo. 201 Chestnut St, Roselle
- Bank of America. 904 River Rd, New Milford
- PNC Bank. 528 Station Ave, Hadden Heights
- PNC Bank. 410 Main St, Orange
New Jersey has had a net loss of 279 bank branches during the past three years, or 10% of its total.
One report states, "If the trend of current bank branch closings continues, there may be no bank branches left in 10 years." The closures have left more New Jerseyans living in 'banking deserts' where there are no bank branches within two miles in an urban area, five miles in a suburban area, and 10 miles in a rural area
As banks continue to close, there is a fear that this could lead to banking deserts in some communities.
Do these branch closures affect you? Will you move to online banking? Will you switch to a credit union? Should branches stay open for people who prefer to conduct their banking in person? Do you have confidence in your local bank? What can the government do to keep more banks open?
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