CALIFORNIA – The Bank of America located at 101 W. Ridgecrest Blvd. in Ridgecrest is scheduled to close next year according to a letter sent in October.
The closing follows seven other Bank of America closures in California and a total of 15 nationwide in October.
But Bank of America isn’t the only bank closing physical locations in California – City National Bank closed four locations, Chase closed three and Wells Fargo is closing seven in the coming weeks.
Bank of America says customers will still be able to access services via online banking and the mobile banking app. Those with accounts can also access ATMs to withdraw cash and manage accounts.
Banks moving online
The closure comes amid a trend of banks moving more of their business online.
According to Insider Intelligence, between 2017 and 2021 – 7,425 branches closed in the US. That’s 9% of all locations.
“The long-term trend of shrinking branch numbers will continue as banks embrace technology and mobile banking,” said Samco Capital Markets managing director Jacob Thompson in an interview.
Attracting Gen Z customers
Industry experts say banks will continue to spend on digitization as they try to attract digitally native Gen Z customers.
“Fierce competition from digital banks, fintechs, and Big Tech—along with banks’ desire to increase deposits, cut costs, and nab Gen Z wealth—signal that the bank branch closure trend is here to stay,” said Insider Intelligence.