A report by BestLife indicates that Bank of America (BofA) is closing more branches in the United StatesWhich implies a contraction of physical banks for users, who must be aware of the affected branches to avoid failures.
Based on information from the United States Office of the Comptroller of the Currency (OCC), the media point to BofA closed a total of nine branches last month,
Five branches were located in California., in South Lake Tahoe, Palm Desert, Culver City, Mission Viejo and Sherman Oaks. Two locations in Las Vegas were also closed, the Round Forum Shops at Caesars Palace and the New York-New York Hotel & Casino, and individual branches in Kennesaw, Georgia and Reno, Nevada also disappeared.
“What we’re seeing across the industry is Our customers are using digital banking for more than their daily needs“A BofA spokesperson said recently. “They only come to our financial centers if they want to have a conversation about their finances or something more complex.”
Bank of America is not alone in taking these drastic measures Wells Fargo is doing the same And closed many branches last month.
Wells Fargo ended activities at various branches in the country on January 24, Three were from California, located in San Francisco, Redwood City and Torrance. In Florida, it closed four branches in Hallandale, Plantation, Lakeland and Naples in a single day. While 3 other locations in Texas disappeared in Hearst, Austin and San Antonio.
Other individual branches of this bank also closed in Pennsylvania and Virginia, Harrisburg and Williamsburg, respectively. ,Branches continue to play an important role “The way we serve our customers is changing in combination with our mobile and online channels and ATMs,” Amy Amirault, vice president of consumer, small and business banking communications at Wells Fargo, told the outlet.
“As customer preferences and transaction patterns change, so will our branches. In recent years, We have resized our branch network And we can continue to combine the two existing old branches into a better location. Doing so does not take away from the importance of our customers and the communities we serve,” Amirault said.
Given the facts, customers of these institutions should be cautious and locate other branches if they need support or have a claim. Online banking is also another option for continuing services.
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