Bank of America branches that are closing in December 2023: Complete list
Bank of America will close several branches by the end of the year. Here’s the full list of locations closing in December.
Bank of America has recently announced its decision to close a number of its branches throughout the United States. The closures are expected to take place before the year-end. Other financial giants, such as JP Morgan Chase and Wells Fargo, have also shut down several locations in recent months. It is anticipated that more closures will follow.
The rise in popularity of online banking has led to major banks shutting down their physical branches. Consequently, customers are left with fewer options for in-person assistance. In recent years, online-only banks have emerged and become competitors, resulting in a decline in transactions at physical bank branches. Customers are increasingly preferring digital banking experiences, which has made it increasingly difficult for traditional banks to sustain their physical branches.
In addition, many banking institutions find it unprofitable to maintain physical branches due to high costs. As a result, several banks have decided to close their unprofitable branches, even though these losses are offset by profits in other areas.
A look at the branches that will be closed next month
Banks must notify the Office of the Comptroller of the Currency (OCC) at least 90 days before closing a branch. This is done through an advance branch closing notice. Over forty bank branches are slated for closure, with eleven closing in December. Already, six locations have closed:
The remaining branches will close on the eighth or twelfth of this month:
Braches set to close in 2024
Already, Bank of America has scheduled the closure of twenty-six branches in 2024.
In January and February, twelve of those locations will shutter:
All other remaining closures that are currently scheduled will take place by September.