Bank of America has announced that it will be closing several branches across the United States, with the closures scheduled to take place before the end of the year. Other financial giants, such as JP Morgan Chase and Wells Fargo, have also closed various locations in recent months, with more closures expected.

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. Customers are increasingly choosing digital banking experiences, which has made it difficult for traditional banks to sustain their physical branches.

Moreover, for many banking institutions, maintaining physical branches is no longer profitable and comes with high costs. As a result, many banks have decided to close unprofitable branches even though these losses are offset by profits in other areas.

A look at the branches that will be closed next month

Banks are required to notify the Office of the Comptroller of the Currency (OCC) at least 90 days before closing a branch. This is done through an advance branch closing notice. The OCC publishes a weekly bulletin that includes details of all the closures that have been scheduled since the last bulletin was published. Therefore, the September bulletin lists the Bank of America branches that are set to close in December, which include the following locations:

The OCC also reported the closure of the branch located at the San Francisco International Airport in California.

In the September 30 bulletin, it was also reported that three branches located in:

So far, Bank of America will close 34 branches next year, as per the October and November bulletins.