Bank of America has closed more than 100 of its branches so far this year.
It comes amid an ongoing bloodbath of national bank branch closures that has seen more than 500 local services shuttered since January.
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Bank of America, however, has closed more than any other major bank, accounting for around a fifth of all closures in 2024. Scroll down for the full searchable list with addresses.
The closures, which banks must report to federal regulator, represent a trend as major banks move away from expensive brick-and-mortar branches in favor of online services.
Bank of America told DailyMail.com also said the bank had just completed a three year project to modernize their on-the-ground- footprint in America.
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A spokesperson for the bank acknowledged the closures but explained that the corporation still operated around 3,800 financial centers.
Bank of America also tends to consolidate two branches into one when there is a close, the spokesperson said.
When we close a financial center, many times we consolidate two centers into one new financial center’ they explained.
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‘These shifts in our branch network reflect that, more and more, our clients are using digital banking for their everyday financial needs and coming into financial centers for more significant needs or to have conversations about their finances,’ the spokesperson added.
Indeed, recent survey by GOBankingRates found that even retirees prefer online banking to in-branch services.
Overall 78 percent of Americans prefer using mobile and online banking and almost one in four did not visit their bank in the past year.
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‘The majority of Americans, from Gen Z to boomers, are in less need of a traditional bank, which may explain the rising number of physical branches that have been closing over the past year’ Andrew Murray, lead data researcher at GOBankingRates told DailyMail.com.
‘Our survey of more than 1,000 adults clearly shows that demand for in-person banking is low across all generations, even boomers 65 and older,’ Murray explained.
‘It’s likely that overhead costs (rent, maintenance, supplies and staff salaries) are a large factor especially given that our survey shows how infrequently people visit brick and mortar banks.’
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Indeed closures can lead to significant savings since the average freestanding bank branch costs around $2.6 million a year to run.
Banks must report all planned closures and openings to the Office of the Comptroller of the Currency (OCC), a federal banking regulator.
