The Office of the Comptroller of the Currency (OCC), has announced the closing of several branches of the well-known Bank of America. The OCC is in charge of announcing branch closings, openings or relocations, so that the public is aware of them. Bank of America has proceeded with the Branch Closure Advance Notice, which is the notice to the OCC.
The affected branches are located in California, Florida, Texas, Tennessee, New Hampshire and New York. The closure of Bank of America, as well as many other banks, is in response to the digitalization of banking. Technological advances have also affected the way we relate to the bank; we no longer go to the branches, but make use of online banking and mobile banking.
The Office of the Comptroller of the Currency (OCC)
It is an independent agency of the U.S. Treasury Department. It is the entity in charge of overseeing the health of the country’s banking system. Its function is to supervise, regulate and authorize the actions of national banks, as well as federal savings associations, branches and agencies of foreign banks. It is in charge of making sure that their practices respect the law and offer security and reliability.
Bank of America
Headquartered in Charlotte, North Carolina, it is the second largest bank holding company in the United States in terms of assets. It is a banking and financial services company. It is present worldwide, with offices in European countries such as Brussels, Paris, Ireland, Germany, among many others. It has more than 3,700 branches in the United States, 15,000 ATMs and provides services to more than 60 million users through online banking.
Banking transformation
More and more banks are closing their branches. It is not something specific or related to Bank of America, but the number of closed branches is increasing rapidly. This means not only the dismissal of staff, but the deprivation of users to be served in a physical office to meet their requests. What is happening? It’s easy. The world of technology and its advances already covers virtually all sectors of the world, and of course, banking was not going to be less.
Although there are groups of people who prefer to go to a physical office, the reality is that the vast majority prefer to make their requests through online banking, without having to travel. This is a great advance in terms of user experience, but a problem in terms of personalized face-to-face assistance. The way we interact with banking has changed, and with it our needs.
Closure of branches
Thanks to the Advance Notice of Branch Closure sent by Bank of America to the OCC 90 days prior to the closure, the OCC was able to make public the list of affected branches:
California branches:
- 26002 MARGUERITE PARKWAY, SUITE A, MISSION VIEJO, CA.
- 180 NORTH SANTA ANITA AVENUE, ARCADIA, CA.
Florida branches:
- 1479 SOUTH DIXIE HIGHWAY, LANTANA, FL.
- 3801 HOLLYWOOD BOULEVARD, HOLLYWOOD, FL.
- 23123 STATE ROAD 7, BOCA RATON, FL.
Rest of the United States:
- 701 TOWN & COUNTRY BOULEVARD, HOUSTON, TX.
- 200 W MARTIN LUTHER KING BLVD, SUITE 100, CHATTANOOGA, TN.
- 620 ELM STREET, MANCHESTER, NH.
- 115 WEST 42ND STREET, NEW YORK, NY.
You can access the complete list of affected branches on the official website of the Office of the Comptroller of the Currency (OCC), and check if your nearest branch is on it.
Do you know that another bank is carrying out a massive closure of its bank accounts? Find out here!
