There are announcements of more branch closures ; has anyone else received any additional indication; some people have stated that they received information that their branch was closing in June
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Okay, I see I'm being urged to hit my local money dojo and become one with finance.
No one seemed to have any rebuttal for my appraisal of local banks being better for America than the concentration of banking we have now.
And those wise old sensei's telling me to educate myself did not mention how Wells and the other Too Big to Fail banks got that way, but swallowing up smaller banks.
So, great, there are many other banks, I myself do my banking at a credit union, a credit union that just bought another credit union.
So eventually we'll have how many options?
Next, educate me on why I should ever again see my tax dollars go to the next TARF program.
Break up the banks.
You state that “there are announcements” what announcements have you been made aware of? If you are willing to share. Just so you are aware when a branch closes they are required to file with the OCC and there’s a list that you can search through this link: https://apps.occ.gov/CAAS_CATS/
The related companies section of this site tells there are many more than 6 banks, never mind many many credit unions. The top six have 38% of the total deposit share combined - that doesn’t come close to monopoly status.
“ if you have six financial institutions with all the money, you do not have a free market“ Is a stunning disconnect from anyone who has worked in or knows anything at all about banking or financial services. One could write a book about the tangled confusion wrapped up in that sentence but instead a better approach would be a teaser to inspire research which might lead to seeking an education: money is a liability to a bank. Start there grasshopper and the journey of a thousand miles begins a single step.
If we broke up the banks and limited banks to local communities those branches would stay open and those people would have jobs.
A local bank would make decisions based on what's best for the local community, because that would also benefit the bank.
Having a handful of giant Too Big to Fail banks who only care about shareholders and Wall Street is hurting America and is not sustainable.
I'm all in for the Free Market, but if you have six financial institutions with all the money, you do not have a free market.
What you end up with is a handful of giant, criminal enterprises. Wells is not the only criminal bank, they're all corrupt.
Best wishes to those losing their jobs, I hope you land on your feet.
This is true but unfortunately it is needed. Wells Fargo was making so much profit from banks due to unethical sales practices that they turned a blind eye to how inefficient they are. Through each merger they simply kept the branches rather than evaluating the actual needs. Besides the fact that some branches get little foot traffic, traditional branches are going out of style now that online banking is becoming more common. If I were a branch team member I’d look to leave as soon as possible...