The shutdown of bank branches continues to generate headlines, and for good reason. Many financial institutions’ ongoing shift to digital banking has made it easier for clients to conduct transactions online rather than in a branch, and few have done so as thoroughly as Bank of America, the second-largest bank in the United States.
Bank of America has shuttered the majority of its branches in recent years in an effort to optimise operations, aided by investments in digital accounting made during the pandemic to keep operations running. This has left many sections of the country in what is now known as a banking desert.
It makes sense; eliminating failing or redundant locations frees up a significant amount of money to invest in the digital domain to improve the consumer experience. And when you throw in the reprogramming of ATMs to do even more jobs as efficiently as a bank teller, it appears to be a brilliant concept.
In reality, most banks are embracing it; since 2009, the number of branches in the United States has decreased from about 100,000 to fewer than 80,000, and there appears to be no stopping it. Fortunately for customers, there is a way to be notified of the closures before the branch they rely on simply vanishes into thin air.
The Office of the Comptroller of the Currency (OCC) is an independent bureau of the United States Department of the Treasury. The OCC establishes, regulates, and supervises all national banks, federal savings associations, as well as federal branches and agencies of international banks. It also tracks and reports on branch closings.
This is why banks are required to provide the OCC with a 90-day notice before shutting a branch, providing consumers adequate time to make any necessary arrangements, such as closing a safety deposit box, before it is too late.
Thanks to their efforts, we now know that over two dozen Bank of America locations will close permanently this month (November), with more to follow in December before the New Year brings an even larger downsizing drive.
Although not everyone is happy with the closures, many people have issues that cannot be resolved online or over the phone, and they are becoming increasingly frustrated by having to drive out of their way to resolve them.
This has caused some people to switch institutions on a regular basis to a bank with a location near them that can suit their needs. A balance between online and in-person banking will eventually be required, but for the time being, all we see are closures, which do not appear to be slowing down 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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