15 Bank of America branches will now close in October, a trend we’ve been seeing all year now.
“The second largest American bank with over an estimated $2.5trillion in assets said it would shutter 15 more branches across six states this month,” reports The-Sun.
“The company has attempted to shut down locations with duplicate branches in the same city as more customers shift to app-based banking.”
Online-only banks have become a serious competition for traditional banks resulting in the closure of several bank branches.
In fact, more than 1000 bank branches have now shuttered this year according to fresh data from the S&P Global Market Intelligence.
“The majority of Americans are concerned about widespread bank branch closures – which are hitting lower-income households the hardest.
Growing numbers of people are being left without access to basic financial services, as big-name banks have axed more than 1,000 branches already this year,” reports DailyMail.
“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – with firms pulling out of some areas at a faster rate than others.“
A survey by DailyMail has found that 51% of Americans are ‘very concerned’ or ‘somewhat concerned’ about the impact of “dwindling outlets”, which disproportionately affect poorer households.
According to the analysis by research agency Opinium, 10% of Americans with a household income less than $50,000 said they do not have a local bank branch.
As previously reported, banks are federally mandated to report branch closures to the Office of the Comptroller of Currency (OCC) at least 90 days before closing.
Below is a list of the 15 Bank of America branches closing this month.
Also Read: Bank of America is Freezing Accounts in New Scandal
Bank of America Branches Closing This Month
California is scheduled to shutter six Bank of America locations this month.
The state has had several scheduled bank closures since earlier this year.
Below is a list of upcoming Bank of America branch closures for October:
California
- 2925 Scott Boulevard, Santa Clara
- 200 Cochrane Plaza, Morgan Hill
- 1275 Fell Street, San Francisco
- 3491 McKee Road, San Jose
- 1400 Moraga Way, Moraga
- 2049 Century Park East, Los Angeles
Michigan
- Twelve Oaks Mall, Novi
- 4000 Baldwin Road, Auburn Hills
- 1310 South Rochester Road, Rochester
Also Read: Michigan Now Becomes The Next State to Experience Massive Layoffs
Massachusetts
- 108 Main Street, Medway
- 49 Main Street, Franklin
Also Read: Massachusetts Now Becomes The Next State to Experience Massive Layoffs
Maryland
- 7170 Cradlerock Way, Columbia
Virginia
- 1111 East Main Street, Richmond
- 2001 Pennsylvania Avenue (DC)
Washington
- 20708 Bothell-Everett Highway, Bothell
Also Read: Massive Layoffs At Wells Fargo Are Now Being Planned
Other Bank News Today
$260bn in deposits have now exited top US banks this year according to the latest data from the S&P Global.
However, S&P analysts say that the entire US banking industry has lost a total of $872 billion in a year that “witnessed the collapse of three large American banks,” reports DH.
Out of the $872 billion in deposits that left the industry year over year, S&P says approximately 30%, representing $260 billion, exited top us banks this year including JPMorgan, Bank of America, Wells Fargo and Citi.
When looking at the 15 largest US banks by deposits, Charles Schwab witnessed the largest level of outflows, reports DailyHodl.
“Among the top 15 deposit holders, Charles Schwab Corp. reported the largest year-over-year decrease in deposits of 31.1% to $304.79 billion, attributable mostly to outflows from brokerage accounts.”
This represents a 4% decline year over year in deposit losses for all US banks.
The report by S&P also shows just how many bank branches have been slashed recently.
As of June of this year, the number of physical branches in America were 77,796, compared to 79,172 the year prior and 96,339 in 2013.
DH says that high profile investor and venture capitalist Kevin O’Leary recently predicted a mass consolidation of US regional banks driven by the acceleration in deposit flight and a nervousness to trust the system in general.
“We have 4,100 regional banks in America. Probably in the next three years, it will be down to 2,000. They’re going to consolidate…
People are very nervous about putting their money in the bank because if another one fails and you have your cash in there, right now you’re only guaranteed for $250,000,” said O’Leary.
Also Read: Also Read: A US Bank is Now Denying Customers Access to Money
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