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Bank of America Closing Branches

July 28th, 2009

Bank of America is closing branches all across the country to cut back on expenses. Bank of America is planning on closing 10% of its branches which would equate to around 610 branch closings.

bofaBank of America says that this move will save money for the bank, but won’t dramatically reduce the customer experience as many account holders do online banking as opposed to making branches visits for deposits. Based on that statement you would expect them to cut out branches that are in close proximity to each other and not phase out certain regions, but who actually knows. They have not stated which branches they have decided to close yet.

Bank of America stock is up $0.25 or 1.91% at the time of this writing so it appears that stock holders agree that this is a move to just cut the fat off of BofA.

Bank of America was one of the larger recipients of government bailout money receiving $45 billion that has yet to be paid back. What do you think of the move? Are they in trouble or just cutting on unnecessary expenses?

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  1. T.H.M
    August 13th, 2009 at 08:41 | #1

    It is very disturbing for employees to know that you might be out of a job really soon,it is upsetting to feel the pressure of your Markets for more numbers and it is not that employees are not doing their job, but it is customers that with one account is sufficient for them, or they already have everysingle product that Bank of America offers, if branches were to be close the ATMs will do a wondefull job even give you a copy of your check, will count the money for you, no deposit ticket is needed neither and envelope so good luck to everyone of you.

  2. December 11th, 2010 at 10:42 | #2

    bank of america closes what will happen to the mortgages/if

  3. December 11th, 2010 at 10:47 | #3

    I’M TRYING TO MODIFIE MY MONTHLY PAYMENT FROM $1368/MONTH TO A LOWERD PAYMENT

  4. Pat Taylor
    March 3rd, 2011 at 16:01 | #4

    Are they closing the Bank of America in Roswell, New Mexico

  5. Bobmadden75
    April 22nd, 2011 at 18:36 | #5

    They are in big trouble. THe morgage creises cost them big. They might not admit it but it”s true.

  6. May 2nd, 2013 at 19:48 | #6

    Since there is NO Bank of America in or near Hagerstown, Md. I suppose I'll be closing my account and going to amother banking institution.

    • May 2nd, 2013 at 20:19 | #7

      I'm in the process of doing the same!

    • May 2nd, 2013 at 23:49 | #8

      I had Bank of America.I changed 3 years ago.Try a credit union,they have hardly any fees.I use Vystar cedit union.Much happier and do not seem to be crooks

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