With Banks Closing, It’s Time to Look At The Parallel Economy

The Federal Deposit Insurance Corporation requires banks to notify customers in writing at least 90 days ahead of impending branch closures. Banks must also post a conspicuous notice on a branch that’s closing at least 30 days before they close.

However, residents across the country are getting some surprises, as many local bank branches are closing without any notice. For example, a woman in San Francisco was shocked when she went to deposit a check at the place she’d been banking for five years. No advanced notice. She arrives to find the branch is closed for good.

This year in just the state of California, only eight new bank branches have opened, while 227 have closed.

The sudden collapse of Signature Bank in New York and Silicon Valley Bank have led many to feel uneasy about our financial system, and many are withdrawing their deposits --- to the tune of tens of billions of dollars.

With the signs all around us, it’s time to look into the parallel economy.

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