BREAKING: Bank of America Shuts Down More Major Branches Nationwide – Find Out Why

The shutdown of bank branches continues to generate headlines, and for good reason. Many financial institutions’ ongoing shift to digital banking has made it easier for clients to conduct transactions online rather than in a branch, and few have done so as thoroughly as Bank of America, the second-largest bank in the United States.

Bank of America has shuttered most of its branches in recent years to optimize operations, aided by investments in digital accounting made during the pandemic to keep operations running. This has left many sections of the country in what is now known as a banking desert.

This makes it evident that eliminating failing or redundant locations frees up significant money to invest in the digital domain to improve the consumer experience. And when you throw in the reprogramming of ATMs to do even more jobs as efficiently as a bank teller, it is a brilliant concept. In reality, most banks are embracing it; since 2009, the number of branches in the United States has decreased from about 100,000 to fewer than 80,000, and there appears to be no stopping it. Fortunately for customers, there is a way to be notified of the closures before the branch they rely on simply vanishes into thin air.

The Office of the Comptroller of the Currency is an autonomous bureau of the United States Department of the Treasury. The OCC establishes, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of international banks. It also tracks and reports on branch closings. This is why banks must provide the OCC with a 90-day notice before shutting a branch, providing consumers adequate time to make any necessary arrangements, such as closing a safety deposit box, before it is too late. Although not all is happy about the closures, many persons have concerns that cannot be addressed online or over the phone. They are becoming increasingly irritated by having to drive out of their way to solve their issues.

This has caused some people to switch institutions regularly to a bank with a location near them that can suit their needs. A balance between online and in-person banking will eventually be required, but for now, we see closures, which are not slowing down any time soon.