Ohio is facing a banking exodus as more branches are closing across the state, leaving many customers and communities in distress. One of the latest victims is Huntington Bank, which announced that it will shutter its branch in Buckeye, Ohio, a town situated within Cleveland, on February 9.
Why is Huntington Bank closing its branch in Buckeye?
According to Huntington Bank, the decision to close the branch in Buckeye was based on “safety fears” and “changing customer preferences”. The bank claimed that the branch had experienced “multiple security incidents” and that more customers were opting for online and mobile banking services.
However, some locals are skeptical of the bank’s reasoning and suspect that it has more to do with profit margins and racial discrimination. Buckeye is a predominantly African American neighborhood that has been historically underserved by financial institutions. Many residents rely on the branch for their banking needs and fear that its closure will create a “banking desert” in the area.
How are the locals reacting to the branch closure?
The locals are not giving up without a fight. They have launched a petition to save the branch, which has gathered over 1,000 signatures so far. They have also organized protests and rallies outside the branch, demanding that the bank reconsider its decision.
Some of the locals have expressed their frustration and disappointment with the bank, saying that it has betrayed their trust and loyalty. They have accused the bank of abandoning the community and contributing to its economic decline. They have also voiced their concerns about the impact of the branch closure on their access to financial services, especially for the elderly, disabled, and low-income residents.
What are the alternatives for the customers of the branch?
The customers of the branch have limited options to choose from. The bank has suggested that they can use other Huntington branches in the nearby areas, such as Shaker Square and University Circle. However, these branches are not easily accessible for many customers, especially those who do not have cars or public transportation.
The bank has also recommended that they can use its online and mobile banking platforms, as well as its network of ATMs and partner retailers. However, these options are not suitable for everyone, especially those who are not tech-savvy or prefer face-to-face interactions.
The customers can also switch to other banks or credit unions that operate in the area, such as KeyBank, PNC Bank, or Third Federal Savings and Loan. However, this may entail additional costs and inconveniences, such as opening new accounts, transferring funds, updating direct deposits, and paying fees.
Conclusion
The closure of the Huntington Bank branch in Buckeye is a blow to the community and its customers. It reflects the broader trend of banking consolidation and digitalization that is affecting many rural and urban areas across the country. While the bank has cited safety and customer preferences as the main reasons for its decision, the locals have challenged its motives and protested its actions. They have urged the bank to reverse its decision and keep the branch open, or at least provide adequate alternatives for its customers. The fate of the branch and the community remains uncertain, as the bank has not shown any signs of changing its mind.