Bank of America is closing?

Introduction

One of the most leading nationalized banks, the Bank of America is closing. Many banks of this branch have been already shut. And the consumers are still figuring out the answer to it. Bank of America is an international bank that has its headquarters in North Carolina.

And in the year 2016, the Bank of America ranked about 11th on the Forbes list for the largest companies in the world. And after the acquisition in 2008, the world’s largest wealth management company and a Bank of America is the major player in the world of investment banking.

But because of the closing and shutting down of offices searching a Bank of America near me is become a task.  Though this bank is one of the big four banks in the United States, there might be some good reasons that the banks are shutting down.

Bank of America is closing its hundreds of outlets?

Bank of America is closing down its hundreds of stores and even the Citi bank and the JP Morgan; they have closed about 389 shops in the world ever since a half quarter of last year.  Before this act, the Bank of America had about 6000 branches, and now this has completely shrunk to about 4629.

And about 112 financial centers have been cut down, and according to the CEO, the closing down of the branches was mainly to shift the attraction to online banking and digital channels which are self-served. Moreover, this has nearly worked because according to the third quarter earning result the online transactions have increased whereas about 18 percent of the deposits in the banks are made online, and it currently has about 21 million online users.

This is not only better for the customers as they get convenience in working but this is also beneficial for the shareholders as the 1/10th cost of the bank has now reduced. Not only has this but the bank had to function according to the dynamic changes in the environment on technology.

The CEO of the Bank of America says that the company is working to get Quality in hand over the quantity.

But this has even affected the workforce of the bank, and it has reduced to about 16 percent,  but because of the digital marketing about 1 to 2 lakh of checks are deposited in the bank every day.

The closure of the Bank of America is sole because of the dynamic changes that technology has brought in the customer’s preferences and now they want to use the banking services and everything without any time limit or hassle. Their bank should service according to them, and this is the prime reason that they are working more on digital transactions.

Though the cost has now decreased because of the number of branches has closed down, a Bank of America has diverted their attention towards the digital marketing and are installing ATM tellers everywhere they can to reach their customers and give them convenience.

And as the customers are now moving to online transactions the Bank is trying to give more value added services to the bank; they are providing more investment and mortgage facilities to their customers.

The Bank of America is anticipating about 8000 jobs cut off on their employment as the branches are shutting down the requirement of people in the office has also reduced to a level.

While some banks are now moving on towards the digital banks, there are many people that want to expand their user way with traditional banking service.

SWOT analysis of the Bank of America.

Well, every well-named bank though doing excellent still have many flaws in their working too! Here is the complete SWOT analysis of the Bank of America, SWOT analysis stands for Strength, weakness and opportunities and Threats.

1)    Strengths of the Bank of America –

  • Strong brand name and goodwill in the market which makes this bank is very trusted worthy for every new consumer to join their services.
  • The Bank of America is leading the industry of the world wealth management and is doing pretty good with their financial services.
  • Their range of financial service provider is very broad, and this makes it very accessible for the customers.
  • Serving the world’s largest brokerage service to the customer, Bank of America is holding about 15 thousand financial service providers.
  • The Bank of America has their workings in about 150 countries and has a relationship with about 99percent of the USA fortune 500 companies.
  • One of the most stable and growing banking services in the whole of United States.

 

2)    Weakness of the Bank of America –

  • Bank of America has some weaknesses too! The decline in the credit card rating is one of them.
  • The controversy of Wikileaks has also hurt the image of the Business and operations of the bank.

 

3)    Opportunities of the Bank of America –

  • A tremendous opportunity for expansion in other countries and to cater to almost all the countries.
  • Diversification of the portfolios for the customers and to cater everything their customers require.
  • The value of credit card which is growing for the clients and the younger adults.
  • They can even indulge into mergers and acquisition to expand their operations.

 

4)    Threats of the Bank of America –

  • To change the regulations of the government and the banking crisis.
  • The market share of the Bank of America has reduced to a level as the other banks are also growing and eating up the Bank of America’s share.

What do I need to find a Bank of America near me?

1)    Good internet connection for fast access.

2)    A smartphone or Apple phone.

3)    Another device like laptop or IPad to browse the websites online.

 

Follow the below-mentioned steps after you have fulfilled the requirement criteria.

  • Click on the below-mentioned link to get access to the Bank of America locator near your vicinity.
  • https://locators.bankofamerica.com/search
  • The next step after you click on the link is to click on the option of location and then fill in the details like the location and the zip and address for you to spot the nearest Bank of America in your vicinity. Even one can see other options of the products on the web page of the official website of the Bank of America.
  • Now with this, you not only get the address but also get the contact details of that particular Bank of America branch.
  • If you are Apple user you can get fast access to the banking service instead of the branches from the phone by just downloading the application, click on the below-mentioned link for proper details.
  • https://itunes.apple.com/us/app/bank-of-america-mobile-banking/id284847138?mt=8
  • And in case you are an Android user then you can just simply download the app from the Google play store, click on the below-mentioned link for it and get access to the mobile banking service of the Bank of America.
  • https://play.google.com/store/apps/details?id=com.infonow.bofa&hl=en
  • One can even browse the websites to get a sorted list of the branches of the Bank of America near them; if you do not have a smartphone, you can just simply browse the website of the internet and here are the links mentioned below.
  • https://www.bankofamerica.com/online-banking/bank-atm-locations.go
  • One can even download the official application on their phone and spot the closest branch in their location and get the other details as well, download the application searching from the Google Play Store.

 

Benefits of Bank of America locator near me

1)    Bank of America near me locator helps us to get a list of different branch offices of the bank near our vicinity without even moving from a place.

2)    Now everything is just done is simple clicks which make this a very convenient way as now you can perform the same banking services without any time limit, and there is complete flexibility as to when they want to deposit or withdraw or transfer the money.

3)    Without spending extra cost and time cost, one gets a sorted list of the list of this bank’s branch near us, their service times and even their contact details to know more about their functioning and other timings.

4)    These store locator websites help you to track down the closest possible outlet and even guides about the products they are dealing in and the variety they have.

Here are the three prime reasons that one must choose the banking service of the Bank of America.

1)    Experience – The Bank of America has a lot of experience, with the Bank of America you get a premier benefit of having a plan provider that helps the individual and the business and other corporate to function better and with a better financial outcome.

2)    Commitment – For more than 200 years the company has been providing financial aid to people, and the level of commitment they give to the customers is very high. They work for the client’s benefit and to give them financial security. They even draw different portfolios and schemes which will help the clients in the longer run.

3)    Results – The consistent positive results given by this banking service and the growth in the results, and according to them they get success only because of the compare their success with the satisfaction of their customers and clients around the world.

4)    Goodwill in the market– Bank of America has their good will in the market, their corporate image is too high, and this makes their customers and shareholders feel happy about it. And in the year 2016, the Bank of America ranked about 11th on the Forbes list for the largest companies in the world. And after the acquisition in 2008, the world’s largest wealth management company and a Bank of America is the major player in the world of investment banking. This should be the prime reason one should choose the Bank of America because of its constant growth.

Other key factors of the Bank of America are as follows.

1)    The total numbers of countries they deal in are 150 countries.

2)    They have their head offices in about 40 different countries.

3)    The Bank of America gives access to the 105 exchanges in the world.

4)    With about 63 thousand companies, Bank of America is one of the leading banks in the world.

5)    They trade in about 150 currencies of the world giving flexibility to their customers.

6)    They plan to expand and explore new markets of more 60 countries in the world.

Final words

Bank of America is one of the world’s largest bank and is one of the big four banks in the United States.

Now, they are closing down many of their branches to push their digital banking systems and increase their online banking as to give complete convenience to the customers. With the evolution of technology, the bank has modified their working system as well to match the trend.

As one can still find the branches which are closer to their vicinity, a bank of America near me can be easily spotted if you follow the steps as mentioned above and one can just simply download the application and try to either use their mobile banking services or track the location of their physical banks closer to them.

If you are not a customer of the Bank of America then be one now, above mentioned are the reasons that why one must choose the Bank of America.

Thank you.

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