The good news is that they won’t be closing any branches in Dallas, TX, for now, but the banking giant has confirmed that at least one branch in Texas is closing.
It’s never a reassuring feeling when your bank begins closing its doors especially when coupled with the inflation we’re all coping with. Bank of America is the second largest bank in the U.S., the only one bigger being Chase Bank. Wells Fargo, Citibank, U.S. Bank, PNC Bank, Goldman Sachs, and Truist Bank round out the Top 8.
You might not be aware, but last year Bank of America closed nearly 110 branches. This year they have confirmed that they will close at least another fifty-five locations. We know this because they are required to file their intentions with the federal agency, The Office of the Comptroller of Currency with the United States Treasury.
Beginning this week and going through March, Bank of America will close branches up and down the East Coast, across the Midwest, and California. Currently, the only Texas Bank of America branch confirmed to be closing is their Coppell, TX branch.
So why are they closing so many branches? It might not be as big of a deal as it first appears.
“Bank of America has closed more than 100 branches in 2023, and is preparing to close more locations… One of the reasons for the closures is the rise of online banking. In recent years, competition has increased against banks that offer only online services.”
I mean, when you think about it, how much do you go inside your bank anymore? I handle about 90% of everything on my phone. No sense in staffing offices that aren’t being visited.
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