Bank of America closes US branches in August: which cities will be affected ~ August 7, 2023

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Not even large financial companies are spared from branch closures. Now it was Bank of America’s turn to announce the upcoming closure of some of its banking centers most important in the United States.

Despite being one of the too big to fail banks, Bank of America will close two of its locations in August.

This was confirmed by means of a monthly bulletin reported by the Office of the Comptroller of the Currency, the main bank will close its branch in Houston and Flower Mound, Texas.

According to a post in AS, these closures could be due to the rise of online banking. Since the Covid pandemic, more and more people are doing their banking through their applications or their bank’s website, so they can carry out their transactions without leaving home.

This trend can not only be seen within Bank of America’s customer base, it is also the new dynamic for most banking consumers. In fact, one of the advantages of online banksstrong competitors of traditional banks, is that they do not have operating expenses of physical branches. This allows them to offer attractive rates of return on their savings accounts and low or no fees.

But the Texas branches would not be the only ones. Something that Bank of America did make official are the closures of two other locations in Massachusetts. In October, West Brockton and East Brockton banks in this state will stop serving.

However, these closings are part of a strategy in which this company is building a 4,600-square-foot bank. The new location will be a separate building with a drive-thru and ATM.

“There will be no service interruption from the closure (of both locations) until the opening of the new improved center,” a Bank of America spokesperson assured The Sun, even calling the construction of this new branch “exciting”.

In the case of the closures in Texas, the company has not ruled on the matter, so there is no official message that confirms what the Office of the Comptroller of the Currency said, or something that indicates that they will follow the same strategy as Massachusetts. .