Bank of America announces it will close 50 locations across the U.S.

• Bank of America announces closures
• The bank is facing major challenges.
• Millions of customers will be affected.

Bank of America recently warned customers that it will close 50 locations, four of them located in Massachusetts.

The banking giant has announced its decision in a move that reflects the growing trend towards online banking.

Closings of large retail chains in the United States continue to be a frequent occurrence this year.

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One of the largest banks in the United States has made a shocking announcement.

According to data provided by the Office of the Comptroller of the Currency (OCC), Bank of America officially reported at least 55 closures in 2024.

The affected branches in Massachusetts include one located in Boston, at 125 High Street, which will close on February 27.

This will be followed by a branch in Braintree, at 250 Granite Street, which will also close that same day, according to The Sun.

Bank of America announces closures

In North Reading, the banking giant’s branch at 172 Park Street will close its doors on March 5.

While in South Dennis, the Bank of America located at 430 Route 134 will close as of March 12 of this year.

This announcement comes amid a series of scheduled closures across the country, much like in 2023, when the bank closed 108 locastions.

In addition to the branches in Massachusetts, at least seven other branches are expected to close nationwide this month.

Nationwide Bank of America closures

Two branches in California and one in Maryland closed on February 13, and four more in California are scheduled to close on the 27th.

These closures will continue throughout the year until at least early November, according to the list provided by the OCC.

So far, at least 20 additional branches will be closed in states such as Virginia, North Carolina and Connecticut, The Sun reported.

New Jersey, California, Maryland, Nevada, Washington, Arizona and Florida have also been affected by the Bank of America closures.

The bank recently settled a lawsuit

This announcement has generated concern among regular customers of these branches, who must now look for different banking locations.

They will need to find different Bank of American branches or turn to online banking.

Bank of America recently settled a lawsuit in Florida.

This was related to sending out after-hours debt-relief communications to customers in that state.

What will the plaintiffs receive?

The bank violated Florida’s Consumer Collection Practices Act.

Affected customers could receive compensation of up to $500 per contact since April 22, 2020.

According to The Sun, they must have submitted a form before January 26 of this year.

The Bank of America closures are an effort to adapt to changes in the industry and other issues.