JPMorgan Chase, a multinational corporation that generated over $115 billion of net revenue in 2019, is planning to close the only bank in Knolls Crescent.
But Assemblyman Jeffrey Dinowitz isn’t letting the bank closure go down without a fight, sending the company a formal request to keep the Chase branch open indefinitely.
“It would be unconscionable for Chase to close the only bank in Knolls Crescent during the middle of what we expect to be a resurgence of the COVID-19 pandemic, forcing vulnerable populations to use mass transit and risk exposure to a deadly virus just to get their money from the bank,” Dinowitz said.
Knolls Crescent is located in the southwestern corner of Riverdale and is bound by Henry Hudson Parkway, the Harlem River and the former JFK High School campus. It has a high concentration of people over 80-years-old and is built around the Knolls Crescent shopping center where Chase is the only financial institution within walking distance for people who have limited mobility.
On Oct. 6, residents received a notice from Chase that the branch located at 13B Knolls Crescent will close Dec. 30. The closest other Chase branches are at 5881 Broadway and 3775 Riverdale Ave., but topographically would require a car, bus or paratransit vehicle to transport someone living in Knolls Crescent to use their bank.
“This is a corporation that makes billions and billions of dollars every year, and it would be shameful for them to deny our community what should be a basic public service just because it wasn’t making them enough money to stay open,” Dinowitz said. “I hope that this decision was an oversight from their operations department and, once they are aware of the hyper-local details of our community, the decision will be reversed.”