It’s still in the news that bank branches are closing, and for a beneficial reason. Many banks are moving toward digital banking, which makes it easier for customers to do business online instead of at a branch. Bank of America, the second-largest bank in the US, has done this the most.
Bank of America has closed most of its branches over the last few years in order to streamline operations and keep them running. This is due to the company’s investment in digital accounting during the pandemic. As a result, many parts of the country are now known as “banking deserts.”
It makes sense; eliminating underperforming or duplicate locations frees up significant funds that can enhance the online customer experience. This, combined with the idea of reprogramming ATMs to perform even more tasks at the speed of a bank teller, makes it seem like an excellent plan.
In fact, most banks are taking advantage of it. In the US, the number of branches has dropped from almost 100,000 in 2009 to less than 80,000 today, and it doesn’t look like it will stop any time soon. People are lucky that they can learn about branch closings before their reliable branch disappears.
The Office of the Comptroller of the Currency (OCC) regulates and oversees all national banks, federal savings associations, and federal branches and agencies of foreign banks. The OCC regulates and oversees all national banks, federal savings associations, and federal branches and agencies of foreign banks.
The OCC also monitors and reports on branch closures. Because of this, banks have to give the OCC 90 days’ notice before closing a branch. This gives customers enough time to make any necessary plans, like closing a safety deposit box, before it’s too late.
We know that nearly two dozen Bank of America branches will close for the better this month (November) thanks to their work. More will close in December, and further cuts will be made in January.
Not everyone is happy about the closures, but a lot of people have problems that they can’t solve online or over the phone, and their frustration grows every day when they have to drive out of their way to get help.
This has led some individuals to occasionally switch to a bank with a nearby branch that can assist them. At some point, there will need to be a balance between online and in-person banking. For now, though, all we see are bank closings, and it doesn’t look like that will stop any time soon.
Bank of America locations closing
Arizona
9325 North 7th Street, Phoenix
California
6905 Capistrano Avenue, Atascadero
2101 West 6th Street, Los Angeles
Connecticut
100 Federal Road, Brookfield
Florida
3010 Cypress Gardens Road, Winter Haven
Georgia
1674 Monroe Drive, NE, Atlanta
3985 Sugarloaf Parkway, Lawrenceville
Illinois
3210 W IL Route 60, Mundelein
40 N Randall Rd., Lake in the Hills
Maryland
3731 Branch Avenue, Hillcrest Heights
7501 Redland Road, Derwood
Missouri
3100 Main Street, Kansas City
New Mexico
4301 Wyoming Boulevard, NE, Albuquerque
New Jersey
367 Springfield Avenue, Summit
6718 Black Horse Pike, Egg Harbor Township
New York
900 Third Avenue, New York
Ohio
3029 West 117th Street, Cleveland
South Carolina
104 Regency Drive, Columbia
Texas
6401 NW Loop 410, San Antonio
1515 SW Loop 410, San Antonio
Virginia
4101 West Broad Street, Richmond
12881 Braemar Village Plaza, Bristow
Washington
1600 Riddell Road, NE, Bremerton
14440 124th Avenue NE, Kirkland
1201 Madison Street, Seattle
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