Bank of America will close more than 100 branches in the US

Bank of America is closing branches in the U.S.

This comes amid a rise in online banking.

How will it impact communities?

Bank of America, the second largest bank in the United States, has made a surprising announcement.

Just as 2023 is coming to an end, the bank has announced that it will be closing up to 138 of its branches throughout the country.

It is worth mentioning that this move, which adds to the growing trend of large banks closing local branches, has generated concern among consumers.

It raises questions about the future of traditional banking in an increasingly digital world.

Bank of America announces closures

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Since the beginning of this year, the bank has implemented a restructuring plan that has already resulted in the closure of 95 branches.

However, it has been revealed that BofA has more branches that are scheduled to close before the end of the year.

The move, which affects several states, is expected to continue until 2024, thus marking another chapter in the transformation of the banking landscape.

They have released the complete list of branches that have closed and will close by the end of 2023.

Hundreds of branches closed

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The Office of the Comptroller of the Currency, which is charged with overseeing banking operations, has issued another announcement.

It requires that any entity planning to close a branch must provide at least ninety days’ notice of the decision.

This rule aims to guarantee an orderly transition and minimize the impact on affected customers and employees.

To date, Bank of America branches in South Carolina and Tennessee have already closed.

Where the Bank of America closures are occurring

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In Oklahoma, the BofA at 5950 E. Admiral, a Tusla branch has been shuttered, while the location at 515 South Boulder Ave is scheduled to close in March 2024.

Likewise, Connecticut has Bank of America branches on the list of closures.

The first, located at 1120 Post Road in Darien, does not have a scheduled date yet, but it is expected that it will happen before the end of the year.

While the second, in Stamford at 417 Shippan Avenue, is scheduled to close its doors in April 2024.

The impact on local communities

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In the District of Columbia, the branch located at 2001 Pennsylvania Ave, NW, will cease operations at the beginning of December.

Meanwhile, in Florida, it has been announced that six branches will be closing before the end of this year, making it one of the states with the most closures.

This adds to the long list of Bank of America closures in 2023, according to AS.

This phenomenon is not unique to BofA, as many large banks have chosen to close local branches in recent years.

Online banking is taking over

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Customers’ growing preference for online banking and cost optimization are two main drivers of this change.

However, this poses challenges for some, especially in communities where access to financial services still depends on physical branches.

Advocates of traditional banking express concern about the impact on local employees and the personal connection that branches offer to communities.

Furthermore, the question arises about the ability of the most remote communities, or those with less internet access, to adapt to this new reality. To see the complete list of Bank of America closures click HERE.