The shutting of bank branches, for a good reason, is still in the news. The second-largest bank in the United States has made the most of the trend toward digital banking, which enables consumers to conduct business online rather than in a branch.
Over the past few years, Bank of America has shut down the majority of its branches in an effort to maintain and streamline operations. The company’s investment in digital accounting during the epidemic is the reason for this. Many regions of the nation are now referred to as banking deserts as a result.
It makes sense because getting rid of failing or redundant stores frees up a lot of money that can be used to improve the online shopping experience. This makes it seem like a great plan, especially when you consider the possibility of reprogramming ATMs to do even more jobs at the speed of a bank teller.
The majority of banks are actually abusing it. There are currently less than 80,000 branches in the US, down from nearly 100,000 in 2009, and it doesn’t appear that this trend will end very soon. It’s fortunate that people can find out about branch closures before their trustworthy branch closes.
Federal savings associations, all national banks, and federal branches and agencies of international banks are all subject to regulation and supervision. All national banks, federal savings associations, and federal branches and agencies of foreign banks are subject to regulation and supervision by the OCC.
Branch closures are also tracked and reported by the OCC. As a result, banks must notify the OCC ninety days in advance of closing a branch. This allows clients adequate time before it’s too late to make any essential arrangements, such as closing a safety deposit box.
We are aware that, as a result of their efforts, about two dozen Bank of America branches will close this month (November). In December, more will close, and in January, more cuts will be made.
Although not everyone is pleased with the closures, many people have issues that they are unable to resolve online or over the phone, and their annoyance increases daily when they must travel further to receive assistance.
This has caused some people to periodically move to a bank that has a branch close by that can help them. A balance between online and offline banking will eventually be required. However, as of right now, all we see are bank closures, and it doesn’t appear that this will change very soon.
Bank of America locations closing
Arizona
Phoenix, 9325 North 7th Street
California
Atascadero, 6905 Capistrano Avenue
Los Angeles, 2101 West 6th Street
The state of Connecticut
Brookfield, 100 Federal Road
The state of Florida
Winter Haven, 3010 Cypress Gardens Road
Georgia
Atlanta, 1674 Monroe Drive, NE
Lawrenceville, Sugarloaf Parkway, 3985
Illinois
Mundelein, 3210 W IL Route 60
Randall Road, Lake in the Hills, 40 N
The state of Maryland
Branch Avenue, 3731, Hillcrest Hills
Derwood, 7501 Redland Road
Missouri
Main Street, 3100, Kansas City
Mexico
Albuquerque, 4301 Wyoming Boulevard, NE
New Jersey
Springfield Avenue, 367, Summit
6718 Black Horse Pike, Township of Egg Harbor
New York
New York, 900 Third Avenue
Ohio
Cleveland, 3029 West 117th Street
South Carolina
Columbia, 104 Regency Drive
The state of Texas
Loop 410, San Antonio, 6401 NW
1515 San Antonio’s SW Loop 410
The state of Virginia
Richmond, 4101 West Broad Street
Braemar Village Plaza, 12881, Bristow
Washington
Bremerton, 1600 Riddell Road, NE
Kirkland, 14440 124th Avenue NE
Seattle, 1201 Madison Street
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