Unexpected Bank of America branch closures: goodbye forever
Not even the banks are safe from the shutdowns we have seen happening all over the country with various retailers. Bank of America joins the horde of companies closing down their physical locations and their in person access to the public. With the rise of online banking and the decline of people who cannot or do not use the internet to solve the majority of their banking problems, physical locations begin to feel outdated to most banks.
Bank of America began its trend to consolidate locations in 2010, but the process was largely aided and sped up by the COVID pandemic. The loss of personnel and clients, the remote work implementation costs and the improvement of the electronic financial services all worked in favor of continuing with the shrinkage of physical locations.
While in person help has been severely restricted now for several years, the bank still keeps a healthy phone help line and, for now, a few physical locations you can just pop into or schedule an appointment at. Although that may change soon.
The year that saw, if not the most closings, the most impact from them was 2023, when 95 branches were closed during the year and 15 more were closed just during the month of December. But the restructuring plans don’t stop there, BoA plans to continue the trend throughout 2024. Reports claim that the bank intends to up that number to at least 138 branch closures in 2024.
As of right now, there are concrete plans for the shut down of 7 Bank of America locations just during the month of April, spread over 6 different states. After this even more closures will come over the following three months with two more states in the mix, although that list is not exhaustive.
Which Bank of America locations are closing?
These are the known branch closures that will take place from today until July.
April 9, 2024
- 2061 Lynnhaven Parkway, Virginia Beach, Virginia
- 141 s. Principal Street, Graham, North Carolina
April 30, 2024
- 417 Shippan Avenue, Stamford, Connecticut
- 3140 Princeton Pike, Lawrence District, New Jersey
- 2012 E Avenida de los Arboles, Thousand Oaks, California
- 108 Old Court Road, Pikesville, Maryland
- 825 Dulaney Valley Road, Suite 1180, Towson, Maryland
May 7, 2024
- 1111 East Main Street, Richmond, Virginia
May 14, 2024
- 7395 Mission Street, Daly City, California
May 21, 2024
- 5485 Camino al Norte, North Las Vegas, Nevada
June 11, 2024
- 20708 Bothell-Everett Highway, Bothell, Washington
July 30, 2024
- 3565 California Street, San Francisco, California
Of course, new locations will be added to the list in later months or even in between the known dates as the bank’s central services evaluate the situation and discern which other locations show a preference for online banking.
These closures are reported courtesy of the Office of the Comptroller of the Currency (OCC), an independent bureau of the U.S. Department of the Treasury that charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks. As per its purview, this office has the authority to demand that banks keep them appraised of all the bank branches they are closing, with the intention of auditing the information and informing the public of any unintended consequences it may have on them. We are still unaware of the effect the closings will have on BoA employees.
If you have a Bank of America account that was opened or transferred to any of the affected locations, we urge you to look at the paperwork associated with the account and the conditions of its maintenance to see if the branch closing will impact in any way your banking. Protect yourself and your assets by asking questions and, if necessary, transferring the funds yourself to another location not affected by the shrinkage before the account is negatively impacted by the different conditions that may have been offered in your local branch.
