According to Bank of America, many of its California offices will be closing in the next few months. This is making customers in California and beyond worried. There are a lot of people who don’t use online banking who are worried about what will happen to their accounts and how these closures will affect their banking needs.
Timeline and Details of Bank of America Branch Closures
The Park West Place office in Stockton is one of the ones that will not be open after October 22. This choice is part of a bigger plan that was shaped by changes in how customers act.
The main reason the company decided not to renew the lease for its Trinity Parkway location was that more and more customers prefer digital banking.
Because of this trend, Bank of America is rethinking whether it needs physical branches, particularly in places where people haven’t been walking around as much since the pandemic.
Reasons Behind the Closures in California
Colleen Haggerty, a spokesperson for Bank of America, explained why these branches were closing by saying, “The way our clients manage their finances and do business with us has rapidly evolved. Today, 90% of our clients interact with us digitally, while the remaining 10% do so by phone and in person.”
Because of this big change in how customers choose to interact with the bank, the business has had to change how it works to reflect this. Haggerty said, “Most transactions can easily be done at ATMs, on mobile devices, and online.” This shows that the bank knows that the digital age has changed the way standard banking works.
Impact on Bank of America Employees
When stores like the one at Park West Place close, it affects more than just the people who work there. Bank of America has decided to combine its resources in order to handle these changes. Employees from the affected areas will be moved to other financial centers close. This will keep their skills within the company.
Also, new ATMs will be put in the places where branches are closing to help customers who used to use those branches. Customers were told by the bank about the closing of the Stockton store as early as July. Emails and letters were sent at least 90 days before the end date.
Even though the branches are closing, Bank of America will still have a strong influence in Stockton, where it has been for more than 105 years. The bank will keep five financial centers in the city and four more in the nearby county.
This way, customers can still get services in person if they need to, and the extra ATMs will help with some of their most important in-person needs.
The Broader Trend of Mass Bank Closures
As a whole, many Bank of America branches in California are closing, and the Stockton branch is just one of them. Besides the ones that have already closed since the beginning of the year, more branches in places like Pleasanton, Reseda, and San Diego are going to close soon as well.
As a result of the COVID-19 pandemic, more banks have closed their real branches. This is because many customers switched to online banking. During this time, people relied more on digital services, which showed that real locations weren’t as important. This made banks like Bank of America rethink their branch networks.
Customers who have safe deposit boxes at the Park West Place branch will need to do something because it is going to close soon.
This won’t affect most customers, though. Before the store closes, these customers must make an appointment to either close their boxes or move their things to another location. Bank of America’s website has information for people who want more information or help with this change.