Bank of America has closed more than 100 of its branches so far this year.
This comes amid an ongoing bloodbath of national bank branch closures that has seen more than 500 local services brought to a standstill since January.
However, Bank of America has closed more than any other major bank, accounting for about one-fifth of all closures in 2024. Scroll down to see the full search list with addresses..
The closures, which banks must report to the federal regulator, represent a trend as major banks move away from costly physical branches in favor of online services.
Bank of America also told DailyMail.com that the bank has just completed a three-year project to modernize its on-the-ground presence in the United States.
Bank of America has closed more than 100 of its branches in 2024
Bank closures account for around a fifth of all closures in 2024
A spokesman for the bank acknowledged the closures but said the corporation still operates around 3,800 financial centers.
Bank of America also tends to consolidate two branches into one when there is a closure, the spokesman said.
When we close a financial center, we often consolidate two centers into one new one,’ they explained.
“These changes to our branch network reflect the fact that our customers are increasingly using digital banking for their everyday financial needs and coming into financial centres for more important needs or to have conversations about their finances,” the spokesperson added.
Indeed, Recent GOBankingRates Survey They found that even retirees prefer online banking to in-branch services.
Overall, 78 percent of Americans prefer to use mobile and online banking and nearly one in four did not visit their bank in the past year.
“Most Americans, from Gen Z to baby boomers, have less need for a traditional bank, which may explain the increasing number of brick-and-mortar branches that have been closing over the past year,” Andrew Murray, principal data researcher at GOBankingRates, told DailyMail.com.
“Our survey of more than 1,000 adults clearly shows that demand for in-person banking services is low across all generations, including among baby boomers age 65 and older,” Murray said.
‘Overhead costs (rent, maintenance, supplies and staff salaries) are likely to be a major factor, especially considering our survey shows how infrequently people visit physical banks.’
In fact, closures can result in significant savings, as operating a stand-alone bank branch costs on average about $2.6 million a year.
Banks must report all planned openings and closings to the Office of the Comptroller of the Currency (OCC), a federal banking regulator.
Your browser does not support iframes.
