Concerns Rise Over Bank Closures In Ocean County

Photo by Chris Lundy

  TOMS RIVER – With many Ocean County residents, especially senior citizens, concerned about the increase in brick-and-mortar bank branch closures, officials have passed a resolution asking banking officials to review the practice.

  “Many seniors and business owners have voiced their concerns to the Ocean County Office of Senior Services and the Ocean County Department of Consumer Affairs that their local bank branches, which they have patronized for years, are suddenly closed,” Ocean County Commissioner Joseph H. Vicari, Chairman of Senior Services, said. “And, bank employees are redirecting them to ‘nearby’ branches which, based on the size of Ocean County, may be miles away, forcing them to drive further distances.

  “Our seniors have worked their entire lives and deserve to enjoy their retirement without the added stress of finding and traveling to a bank far from their homes,” Vicari said, who requested the Board’s support for the resolution.

  On November 17, residents and members of the Ocean County Tourism and Business Development Advisory Council attended the meeting of the Ocean County Board of Commissioners to express their concerns about the bank closures and how it will affect seniors, low-income residents and also businesses.

The TD Bank on Mule Road in Toms River recently closed. (Photo courtesy Ocean County Scanner News)

  “Ocean County is home to more than 200,000 senior residents, many of whom are over the age of 85 and often rely on caregivers to assist with their day-to-day routines, which can also make them more vulnerable to elder fraud,” Vicari said. “When you close a bank branch and take away the knowledgeable tellers that can pick up on something that might not be quite right with a customer, you are removing a layer of security from our elderly population. That leaves our seniors more vulnerable to scammers.”

  Vicari said that closures will also force many low to moderate income residents to seek the use of check cashing services which comes with higher fees. He also noted that he realizes many banks are moving towards new technology and are transitioning from in-person service to an online and virtual model.

  “And, while this may work for customers accustomed to computers and smart phones, it is more problematic for our senior citizens, who may not be comfortable with the latest technology, those with physical disabilities, and those who have economic hardship,” Vicari said.

  The Board of Commissioners is requesting the New Jersey Department of Banking and Insurance, the Federal Reserve and the U.S. Department of the Treasury’s Comptroller of the Currency to review banking practices including closures that have a negative impact on banking customers in Ocean County and across the country.