This massive bank is now closing branches in California early in 2024 and is sending letters to employees advising of new policies.
Bank of America will be closing the following twelve branches in California during the first quarter of 2024 according to the latest data from the Office of the Comptroller of the Currency:
- 1 MARKET STREET, SAN FRANCISCO, CA
- 5800 SOUTH EASTERN AVENUE, LOS ANGELES, CA
- 1400 MORAGA WAY, MORAGA, CA
- 1818 SOUTH EUCLID STREET, ANAHEIM, CA
- 90 PIER AVENUE, HERMOSA BEACH, CA
- 1440 TRUXTUN AVENUE, BAKERSFIELD, CA
- 2708 MING AVENUE, BAKERSFIELD, CA
- 39168 WINCHESTER ROAD, MURRIETA, CA
- 800 IRVING STREET, SAN FRANCISCO, CA
- 300 LAKESIDE DRIVE, OAKLAND, CA
- 3491 MCKEE ROAD, SAN JOSE, CA
- 40 WEST FOOTHILL BOULEVARD, UPLAND, CA
This decision is attributed to the reduced need for in-person banking services and a plan to eliminate branches needing more customer engagement.
Simultaneously, Bank of America is enforcing strict workplace attendance policies, as reported by Business Insider.
The financial giant has issued warning letters to employees not adhering to in-office work schedules since late 2023.
These letters underscore the bank’s “workplace excellence expectations,” explicitly warning that non-compliance with role requirements, especially regarding office attendance within two weeks of notice, may result in further disciplinary actions.
Since October 2022, the bank has required employees to be in the office for at least three days each week.
This approach to mandating in-office work is not unique to Bank of America; other major financial institutions like JP Morgan and Goldman Sachs have also issued similar directives, indicating a shift in the banking sector’s work practices post-pandemic.
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Also Read: A Massive US Bank is Now Closing Credit Cards
Other Banking News Today
A US bank is now abruptly freezing accounts and money after a customer reported an incident involving a check deposit.
A Chase customer is reporting the bank froze their account and advised their funds would be on hold for 2-3 years while they ‘verify’ a check.
Going by the name Nooj, they explained on Reddit that they had deposited a check from their uncle and saw their account was frozen the next.
Nooj called Chase and was told the entire account was locked due to check holds, and they were advised to call back in a week to resolve the matter.
But when the time came, Nooj was told the bank account was still frozen and that they would have to once again call back for an update.
Unfortunately, on the third phone call to Chase, they were told the account would be closed in just four days if the matter wasn’t resolved, reports The-Sun.
“During the attempt to verify the check, I was informed that there was no associated phone number for my uncle in the Chase system, rendering verification impossible,” Nooj said.
“I discovered that the funds would be held for two to three years and, if not verified, sent to the state.
Despite my pleas, the representative provided no steps for verification and claimed there was nothing they could do.”
They said they were never informed that the check had to be verified until after the account was frozen and that Chase waited until after the check cleared to notify them that it would be held.
Nooj said they gave Chase their uncle’s phone number, but the bank said it wasn’t verified in its system.
“I now face months without access to my funds, causing significant stress, inconvenience, and financial hardship.
The lack of transparency in this process is deeply concerning,” they said.
“I have made upward of 20 calls, visited the branch, and filed a complaint with the CFPB in an attempt to find a path to verify the check.
“Every response I receive is that there is nothing they can do, and until they have a verified number for my uncle, they will continue to hold the funds. (Though they can’t tell me how to get his number verified).”
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Also Read: A US Bank is Now Denying Customers Access to Money
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