Several U.S. institutions, including Bank of America, continue to close branches. Some banks had to temporarily shut down branches during the coronavirus pandemic because of a lack of available workers and an uptick in the number of new infections.
Nonetheless, following the conclusion of the health crisis, banks have decided to terminate certain branches. This is due to a number of factors, including the rise of online banking, competition from online-only institutions, a decline in physical branch transactions, the demand for increased digitization, and the existence of unprofitable and expensive locations.
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Bank of America is one of the institutions closing multiple branches this month and in subsequent months. Bank of America is currently reporting the definitive closure of multiple locations between July and September, including a long-standing branch in Oregon.
According to OCC via EN.AS.com, the following Bank of America location in the state of Oregon will be permanently closing in July:
- Portland, Oregon
Industry analysts acknowledge that the popularity of digital banking — which includes electronic payments and direct deposits — is the primary factor in the recent spate of significant (and regional) U.S. bank closures.
Tell us in the comments below what you think of the decision by Bank of America to close down some of its branches.
