JP Morgan Is Quietly Moving Bank Branches Out Of Lower Income Areas | WHAT REALLY HAPPENED


JP Morgan Is Quietly Moving Bank Branches Out Of Lower Income Areas

Some of the biggest banks in the United States are quietly closing branches in low income areas, and nobody more so than the people's JP Morgan.

As one example, JP Morgan is shutting it outlet in Aberdeen, Washington, where it has just one branch. And now that the bank is going to be leaving the town, the closest Chase branch is going to be 40 miles away. This is part of a broader move that banks are making, as they shift their attention in the age of online banking to wealthier areas, according to a new Bloomberg article.

As this branch closes, JP Morgan is planning on opening 70 branches in the vicinity of Washington DC. Places like McLean Virginia, the 25th richest town in the US, will be getting a branch. This comes amidst a larger move from banks to shrink their vast branch networks, cutting back in "relatively poor neighborhoods". As online banking spreads, major banks have still claimed that serving all of their customers at branch locations is important, regardless of income - a requirement of the Community Reinvestment Act.

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