Don’t Panic! What to Know About Bank Branch Closures and Your Accounts
In today’s digital age, more and more bank customers are preferring online and mobile banking over traditional in-person visits to physical branches. As a result, major banks across the country have been steadily consolidating their brick-and-mortar footprints. However, for those who still rely on local access, the impending closure of a neighborhood branch location can understandably raise concerns about account security and management going forward. If you’ve recently learned that your nearby Bank of America is slated to shut its doors, don’t panic – this definitive guide will help clarify exactly what happens next and how you can continue banking seamlessly.
A Growing Industry Move to Digital Services
New statistics show that nearly 80% of American adults now choose to conduct their banking needs remotely through online and mobile platforms rather than making in-person trips. It’s easy to understand the appeal of checking balances and paying bills from your couch or on the go. For big banks aimed at maximizing profitability, adopting digital infrastructure while reducing the expensive physical branch network is a logical business choice.
Bank of America has actively participated in this consolidation trend, announcing plans to close over 100 locations nationwide throughout 2021 alone. And according to sources, additional closures throughout the current holiday season and into next year may still be pending as the company right-sizes its physical footprint to match shifting consumer preferences. While inconvenient for some dependent on local access, there are important things to note about potential impacts.
How Account Functions Are Actually Impacted
The good news is that having your nearby Bank of America branch close will not directly affect any part of your existing accounts, balances, payment details or associated services. Regardless of location proximity, your accounts were established through BofA’s centralized systems – not tied to any single branch.
A closure is simply an operational change, not one altering your underlying customer relationship status. With thousands of other locations still open systemwide, BofA infrastructure easily supports continued account management elsewhere. Your login credentials, cards, autopay arrangements and more all seamlessly keep working as normal post-closure.
Alternative Ways to Manage Your Money
While losing a neighborhood branch means adjustments, BofA ensures continued accessibility through other service channels:
- Online & Mobile Banking: Manage all needs digitally from any internet-connected device via award-winning mobile app and website portal.
- Expanded ATM Access: Use locator to find nearest fee-free in-network ATM nationwide for deposits/withdrawals.
- 24/7 Customer Service Hotline: Call 1-800-432-1000 for assistance from dedicated agent team.
- Nearby Open Branches: Maps show other locations still in your general area for face-to-face interactions as needed.
- Customized Options: Special resources aid customers reliant on certain accessibility needs.
The bank also properly alerts branch clients well in advance of any closures through direct mail notices. This advance warning allows preparation and identification of optimal alternative service methods for smooth transitions.
Government Regulations Protect Customers
While banks independently decide branch closure plans, they must comply with oversight requirements. The Office of the Comptroller of the Currency (OCC) mandates at least 90 days advance public disclosure for any such proposed closures. This ensures communities and customers receive ample heads up regarding planned changes through official government bulletins.
Overall, branch consolidations by banks like BofA mark continued industry shifts – not reasons in themselves for account holders to panic. Understanding rights, options and available access channels prevents unnecessary worries over how to maintain normal operations post-closure. With preparation and digital flexibility, seamless banking can certainly continue regardless of physical location status changes.