Bank of America closes U.S. branches in August: which cities will be affected
The Office of the Comptroller of the Currency (OCC) showed in a report that Bank of America will close some branches in August; the company has not commented on the matter.
Even large financial firms are not spared from branch closings. Now it was Bank of America’s turn to announce the upcoming closure of some of its most important banking centers in the United States.
Despite being one of the banks too big to fail, Bank of America will close two of its locations in August.
This was confirmed by a monthly bulletin reported by the Office of the Comptroller of the Currency, the major bank will close its branch in Houston and Flower Mound, Texas.
According to a publication in AS, these closures could be due to the rise of online banking. Since the Covid pandemic, more and more people are banking through their apps or their bank’s website, allowing them to conduct 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 that online banks, strong competitors to traditional banks, have is that they have no physical branch operating expenses. This allows them to offer attractive rates of return on their savings accounts and low or no fees.
But Texas branches would not be the only ones. One thing Bank of America did make official is the closures of two other locations in Massachusetts. In October, the state’s West Brockton and East Brockton banks will cease service.
However, these closures are part of a strategy in which this company is building a 4,600-square-foot bank. The new location will be a stand-alone building with a drive-thru and ATM.
“There will be no service interruption from the closing (of both locations) until the opening of the new, improved center,” a Bank of America spokesperson told The Sun, even calling the construction of this new branch “exciting.”
In the case of the closures in Texas, the company has not commented on the matter, so there is no official message confirming what was said by the Office of the Comptroller of the Currency, or anything indicating that they will follow the same strategy as Massachusetts.