Massive National Bank Closures, Will Montana Be Affected?
The last few years have shown some financial instability, and several bank closures have happened along the way.
This, of course, is a surefire way to get everyday folks more than a little concerned about what is going on with our financial institutions. The Government has stated that there is nothing to worry about, however, that certainly hasn't calmed all the nervousness occurring across the country.
Here in Montana, we've felt the pinch in other ways. While the economy is in question, that certainly hasn't stopped the rising costs of homes and rental prices. As people continue to move to popular locations across the state, the demand for housing has increased, and in return, so have the prices.
Having said that, should Montanans be worried?
Are we looking at the possibility of a financial meltdown? Keep in mind it's an election year, so there will be lots of fearmongering coming from both sides about how if you don't vote for them, we're all doomed. While it might be hard to come by unbiased news, the truth is two major banks have announced that they will be closing down several branches across the nation.
The two banks in question are Bank of America and Chase Bank. Currently, Bank of America has no Montana locations, although, Chase Bank does have branches in Billings, Bozeman, and Helena.
According to Finance Buzz, while Chase does plan to close multiple branches across the United States in 2024, none of those closures are located in Montana. The closest locations to The Treasure State scheduled to be closed are both in Seattle.
Banking, like many other industries, has had to adjust and pivot after the pandemic back in 2020. As technology advances, and more people bank, shop, and buy online, it makes sense that we would see a decrease in "brick and mortar" locations.
While it might not be time to worry about a financial meltdown in Montana, it is certainly worth keeping an eye on.
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