Bank of America Now Announces Unexpected Branch Closures

December 1, 2023

Bank of America now announces unexpected branch closures filed with the Office of the Comptroller of the Currency (OCC).

So far in 2023, Bank of America has closed around 150 locations since the beginning of the year.

In October, it was announced that Bank of America would also close down 21 in-person locations across the US.

Colleen Haggerty, senior vice president of media relations with Bank of America explained the closings come as the pandemic has shifted operations to a more digital approach.

“The pandemic significantly accelerated banking behaviors toward digital self-service platforms instead of traditional foot-traffic banking,” Haggerty said in an email in early November, The Daily Breeze reported.

“For example, 90 percent of our clients now interact with us digitally – including nine out of every 10 checks are deposited outside the walls of a branch via mobile deposit and at ATMs,” he continued.

However, earlier this year in June, Bank of America announced it will be opening up locations in nine new markets over the next four years.

The new branches will be dedicated to Bank of America’s new “high tech and high touch approach” as the company invests in new digital capabilities to modernize its financial centers, according to a June press release.

“Our financial center strategy is designed to serve our clients when, where, and how they choose to manage their financial lives,” said Aron Levine, President of Preferred Banking at Bank of America.

“Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs.

Our redesigned centers make it easy for them to meet with professionals for tailored solutions and advice on their life priorities and financial goals.”

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Other Banking News Today

A massive bank now closes a customer account with $130K in life savings after claiming the money was ‘inactive’.

Terry Johnston, of Utah, claimed Wells Fargo said the money was inactive, but she had deliberately set it aside.

She revealed that the money came from the sale of a home in California.

Johnston had four accounts with the banking chain but had received notices that one was inactive.

Months after receiving the first warning, she was told her account had been shut and the money sent away. The funds were later returned.

Johnston was stunned when the representative said the funds were considered “unclaimed property.”

“How can you call it unclaimed property? This is our account,” she said.

Johnston searched online to see if she could find the money but was unsuccessful, reports The-Sun.

“She then called investigators at the Utah Unclaimed Property Division to see if they could help.”

David Damschen, the State Treasurer, told KSL: “The money never made it to their office.”

The case was investigated further and the money was found in an account that was being prepared to be sent to the Unclaimed Property Division.

A Wells Fargo spokesperson told KSL that the bank takes steps to send money to the state treasurer if they cannot get in touch with an account holder for 23 months.

But Johnston is not the only Wells Fargo customer who has spoken out about funds disappearing.

Ken Pischke, of Atlanta, claimed that $14,000 was wiped from his account relating to payments for a Mercedes car – even though he didn’t buy nor own one.

Wells Fargo said the transactions had been authorized and Pischke and his wife could not get the money back.

Also Read: A US Bank is Now Denying Customers Access to Money

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