Bank of America has quietly led the charge in U.S. branch closures this year, shutting down 132 locations between January and September 2024, more than any other major bank. As banking giants continue to streamline operations, over 700 branches across the country have been shuttered so far, pushing thousands of customers to travel farther for in-person services.
While Bank of America insists many closures involve consolidating nearby branches, this rapid reduction signals a larger trend towards mobile and online banking, with studies revealing two-thirds of seniors now prefer digital banking. Despite this shift, customers still rely on physical branches for essential services like cash deposits and in-person advice, highlighting the tension between convenience and accessibility. With branch closures on track to surpass 1,000 by year’s end, experts warn traditional banking could be fading fast.
