CNBC, January 24, 2024, If Your Local Bank Branch Has Closed For Good, You’re Not Alone – Here’s What You Can Do
While this trend is widespread, it’s been hitting low-income and majority-minority communities even harder. According to the National Community Reinvestment Coalition, one-third of the branches closed from 2017 to 2021 occurred in areas that were predominately lower-income and majority-minority.
The ramifications of banks suddenly disappearing from communities aren’t surface-level either — affected residents now have to drive farther to make a simple deposit or withdraw cash, which takes more time, for example.
