Bank of America has scheduled branch closures in some California cities over the coming months.
Last year, the financial institution closed hundreds of locations throughout the country, and though the pace of closures has slowed in 2024, some states continue to experience them, including California.
Before closing any location, banking institutions must notify the Office of the Comptroller of the Currency (OCC) at least 90 days before the potential shuttering date.
The notification is made through an Advance Notice of Branch Closing. These notices are shared by the OCC in weekly bulletins, published on its official website. Based on these reports, here are the branches that will close soon in the Golden State.
READ ALSO: New minimum wage for health workers in California delayed
Bank of America branches closing in California in the coming months
Taking into account that the closure announcement must be made at least 90 days in advance, we can estimate that the April bulletins include information on the Bank of America branches that could begin to close as of July.
Based on notices shared in April, these are the Bank of America locations that may soon close:
- 5225 CANYON CREST DRIVE, RIVERSIDE, CA
- 8949 CLAIREMONT MESA BLVD., SAN DIEGO, CA
- 7404 JACKSON DRIVE, SAN DIEGO, CA
- 512 FLETCHER PARKWAY, EL CAJON, CA
READ ALSO: Red Lobster still clinging on
— Modernism Week (@ModernismWeek) June 20, 2024Did you know that this historic @bankofamerica has officially reopened? Following 3 years of extensive renovations and restoration, this 1959 Class One Historic Site is open to the public once more.
Full story via @KESQ: https://t.co/Rco*kA7G1nQ@psmodcom @CityofPS pic.twitter.com/D35Balyfuh
Meanwhile, the upcoming closure of the following branches in California was reported in May, meaning they could cease operations as of August:
- 8655 BEVERLY BLVD., LOS ANGELES, CA
- 1515 BROADWAY, SACRAMENTO, CA
- 866 NORTH WILCOX AVENUE, MONTEBELLO, CA
Closure notices for these branches were shared in June, so customers can expect to see these locations close as early as September:
- 4054 MACARTHUR BLVD., OAKLAND, CA
- 9460 SCRANTON ROAD, SAN DIEGO, CA
- 44411 20TH STREET, EAST, LANCASTER, CA
Why has Bank of America closed so many branches?
Bank of America and other financial institutions have recently closed branches due to the rise of online banking.
Banks point to the change in the banking needs of their customers as one of the main reasons for the move, since currently many more transactions are carried out online than in physical branches.
Due to this and other factors, such as inflation and interest rates, some physical branches are no longer as profitable as they used to be.
