Bank of America has announced it will close four branches in a single state as part of a larger plan to shut down more than 50 branches nationwide in 2024.
This move will require regular customers of these branches to adapt by finding the nearest Bank of America location for their future banking needs.
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Bank of America Closes Four Massachusetts Branches
Bank of America is set to close four of its branches in Massachusetts in the upcoming weeks. The first closure will be the Boston branch at 125 High Street, scheduled for February 27.
Approximately 13 miles south of Boston, in Braintree, the branch at 250 Granite Street is also slated to shut down permanently on the same day.
Following closely, on March 5, the Bank of America branch at 172 Park Street in North Reading, 19 miles north of Boston, will cease operations.
The final closure in this series will be the South Dennis branch at 430 Route 134, which is planned to close on March 12.
In its January 27 weekly bulletin, the U.S. Office of the Comptroller of the Currency (OCC) reported that Bank of America closed nine branches in the past month.
According to the bulletin, California saw the most closures, with five branches shutting down in South Lake Tahoe, Palm Desert, Culver City, Mission Viejo, and Sherman Oaks. Las Vegas also experienced two closures: branches at the Round Forum Shops at Caesars Palace and the New York-New York Hotel & Casino ending operations.
Additionally, individual branches in Kennesaw, Georgia, and Reno, Nevada, were closed.
Responding to these closures, a Bank of America spokesperson commented to The Daily Mail.
They explained that the trend across the banking industry is a shift towards digital banking for everyday transactions, with customers preferring to visit physical branches for more in-depth discussions about their finances or to address complex issues.
In a move similar to Bank of America, Wells Fargo closed several branches last month. The Jan. 27 bulletin from the Office of the Comptroller of the Currency (OCC) reveals that Wells Fargo shut down twelve branches on January 24.
In California, three Wells Fargo branches were closed for good, affecting San Francisco, Redwood City, and Torrance locations. Florida experienced a significant reduction, with four branches closing in Hallandale, Plantation, Lakeland, and Naples. Texas also saw closures, with Hurst, Austin, and San Antonio branches ceasing operations.
Bank of America Settles Florida Lawsuit
Bank of America customers in Florida may soon see extra funds in their accounts, even as the bank announces branch closures. This comes following the bank's recent settlement in a legal case concerning late-night debt-relief communications sent to its customers in the state.
The lawsuit accused Bank of America of breaching Florida's Consumer Collection Practice Act. The issue centered around contacts made to customers outside the permissible time frame of 8 am to 9 pm.
Whether these communications were through text messages, calls, or emails, affected customers are eligible for compensation from the settlement, for any such contact made since April 22, 2020.
Customers who believed they were impacted had to submit a claim form by January 26. Those who qualify are anticipated to receive up to $500 for the settlement agreement.
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