Americans in rural parts of the country have been hit hard by bank closures as they lose access to services for which they struggle to find substitutes, raising their costs and contributing to their economic malaise, according to a newly released study.
Researchers at the Federal Reserve said in a new study (pdf) that, as post-crisis banking industry consolidation brings branch closures, “some consumer segments appear to have been left without sufficient, convenient, and low-cost access to the financial services they need to manage their financial lives.”
