Why Bank Of America Is In Big Trouble

Why Bank Of America Is In Big Trouble

The U.S. banking system, even major banks like Bank of America is in big trouble! But why? Bank branch closures, shifts in customer behavior, and economic pressures are just a few of the reasons for the current issues. But there are way more things causing these problems!

In 2024, the industry witnessed a wave of bank branch closures, with Bank of America leading the charge by closing over 100 branches. The closures are part of a broader trend where large banks like Chase, PNC, and Wells Fargo are reducing their physical footprints, impacting states like Florida, California, New York, and Pennsylvania the hardest.

The banking sector's reasoning behind this move is the shift towards digital banking, as more customers use online platforms for their everyday financial needs. However, these closures are just the tip of the iceberg when it comes to the deeper issues facing U.S. banks.

Welcome to Rem Report, your favorite source for business news. I make videos about business, the economy and finance.

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[austinbar]

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." Thomas Jefferson

[chipsramek]

All Deception... Yes over 100 banks closed buy This poster "forgets" to mention that 135 new ones opened up.

[ghanna]

I've rarely visitied a bank in over 30 years. The last was Sept 2018 when I paid off my house.

[HappyPandaBear]

AWESOME NEWS ON THE COLLAPSING OF THE U$A’s FINANCIAL INSTITUTIONS & THAT DAY CANNOT COME SOON ENOUGH! THERE’s A GOD AFTER ALL!👍🏼😅😂🤣

[MichaelKolbe-xncp]

Cant walk in a bank and do buisness then i just wont

[ThrowBackZone]

I never thought about branch closures leading to more payday lenders. Isn't that like trading one problem for a worse one? 🤔

[fss]

A lot of locations are closed yet teller positions are still open. Whats the point

[aladeobafemi]

Neto and is alliance will answer that question

[anomaly]

Why are you still showing people with masks??

[RonaldSkancke]

Saying intrest rates are historicaly high is laughable. I watched people borrow money at 18% in the early 80s to buy farm land. For some it worked for others not so much.

[chrism]

Banks have created their own Nemesis - online/ digital banking. Online banking is so convenient. 24/7 hours. Assistance via the phone or keyboard. Currently 99% secure. Over the next few years, as this develops, banking will become more competitive with offers, reduced interest for loans, increased interest for deposits etc. The use of cheques is almost zero and will fade away as older users pass away. Frankly, the post office could handle all physical banking requirements on behalf of all the banks, so a main street presence is now unnecessary. Regrettably this will lead us quickly into a CBDC environment and once cash, as an alternative, is unavailable, we will be at the mercy of whoever controls the keyboard in banking and in government. Cash must stay.

[allenbarrow]

When Bank of America said online at YouTube, the posting was gone in 24 hours.
The reasons that posting disappeared was due to the US Fed & government was worried that it did frightening investors and kill confidence in the American Banking System. What a joke!!!
So raising interest rates for borrowing and loaning was defensive mechanism for banks while the public (suckers ) still got the illusion the Dollar economy is safe.

[chris]

Call this a would get better service from a blind

[srsssnr]

Please shorten the length of the video ... too much repetition of the same stuff again and more like a local news coverage...making 3 min news into a 30 min program. Tiring.

[AbuHasan-nwjj]

No problem sir, you all are reach peaple, dont worry☝️👌

[nayan]

The de dollarization process has already set in and its a matter of time that stock market will collapse leading to worst
situation than the great depression. people should alert and keep at least 6 months groceries and liquid cash as the time may come where ATM may not dispense cash.