Bank of America closing over 100 branches: Here’s where they’re located (2024)

FAQs

Why is Bank of America closing so many locations? ›

The bank is adjusting to the reduced demand for in-person services, which has led to the closure of some branches and the opening of others. The aim is to reduce the number of low-traffic offices. Unfortunately, this means that clients may have to travel longer distances to reach their nearest branch.

On July 30, the California Street Bank of America branch will join the many branches that have already closed in the Bay Area this year. Don't expect the San Francisco-area closures to slow down anytime soon: By the end of 2024, the region will have seen more than two dozen Bank of America branches close.

Bank of America's Financial Health

In recent years, Bank of America's financial performance has been relatively stable. In 2022, the bank reported a net income of $20.4 billion, a decrease from the previous year's $27.4 billion. However, its revenue increased from $91.2 billion in 2021 to $95.2 billion in 2022.

Bank of America will close over 100 branches by the end of 2023. See the complete list to see if you are impacted. Bank of America is the second largest bank in the United States, and this year, the financial giant has announced that it will close up to 138 locations.

The banks of greatest concern are Flagstar Bank and Zion Bancorporation, according to the screener. Flagstar Bank reported $113 billion in assets with a total CRE of $51 billion. The bank, however, only had $9.3 billion in total equity, making its total CRE exposure 553% of its total equity.

Republic First Bank reported unrealized securities losses in excess of its equity as early as June 2022. State regulators closed Republic First Bank in April 2024, marking the first bank failure of the year.

Bank of America is the second-largest bank in America in terms of assets, and they're FDIC insured up to $250,000 per depositor. They offer fraud protection and other security features like third-party access reviews and customized reviews, so you can keep an eye on your accounts.

Bank of America is just one place below JPMorgan Chase on both the 2023 G-SIBs list and the Federal Reserve's list of the largest U.S. banks, which is why it was chosen in our research as one of the safest banks.

Deposits in checking accounts, savings accounts, money market savings accounts and Certificates of Deposit (CDs) are insured up to $250,000 per depositor, per insured bank, for each account ownership category under the FDIC's general deposit insurance rules.

Which banks are closing in 2024? ›

As a result, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank. Signature Bank and First Republic Bank collapsed for similar reasons as Silicon Valley Bank. Notably, all three banks had many customers with uninsured deposits.

The popularity of online banking has resulted in major banks closing down physical branches, leaving customers with fewer options for in-person assistance. In recent years, online-only banks have emerged as competitors, leading to a decline in transactions at physical bank branches.

Fresh rounds of closures are being announced every few weeks, with banks justifying the reduction of their networks on the grounds that customers are spurning traditional counter services in favour of banking online and via mobile phones.

Not enough activity with your account

According to the deposit agreement accounts of major banks such as Chase, Wells Fargo and Bank of America, a bank may close your account if you maintain little to no activity and keep it at a zero balance.