In a low-profile move this year, Bank of America shut down 132 branches from January to September 2024—more than any other U.S. bank, according to official closure data analyzed by DailyMail.com. U.S. Bank trailed with 101 closures, as the banking industry saw over 700 branches shuttered in just nine months. If this pace continues, the U.S. may witness over 1,000 branch closures by year’s end.
The reason behind these closures is often consolidation, where two nearby branches merge into one, or branches relocate to areas with higher demand. This consolidation strategy reflects the broader shift to digital services but poses challenges for customers relying on local access to banking. Some closures leave loyal clients with significantly longer commutes for in-person transactions, highlighting a growing digital divide in financial access.
Bank of America’s rapid downsizing underscores the industry’s pivot toward digital banking, impacting countless communities across the U.S.
— Tinker (@Ringside777) October 24, 2024
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