More bank closures coming in CA amid shift towards mobile banking 

Published on

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.

Photo credit: Intelligence Insider

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.

RELATED: Apple Valley Bank of America net lease selling for $3.9 Million

spot_img

Latest articles

Heat advisory issued for Inland Empire with temps of 95–104°F expected

INLAND EMPIRE – The National Weather Service (NWS) has issued a heat advisory for...

Four-way flashing signals on 7th Street in Victorville scheduled for July 10 and July 11

VICTORVILLE – The City of Victorville announced that repairs along 7th Street will require...

Young visitors can earn a free Old Spaghetti Factory meal with the County Museum’s Summer Passport

SAN BERNARDINO COUNTY – San Bernardino County Museum (SBCM) announced the launch of its...

CA secures $750,000 settlement with AwesomeCalls for unlicensed investment advice

CALIFORNIA – California Attorney General Rob Bonta announced a $750,000 settlement, July 7, with...

More like this

CA Supreme Court rules that Ford can’t force customers to arbitrate lemon law disputes

CALIFORNIA – The California Supreme Court ruled, July 3, in the Ford Motor Warranty...

Wine distribution company laying off over 1,750 employees and exiting California

CALIFORNIA – Republic National Distributing Company (RNDC) notified the California Employment Development Department (EDD)...

UC Davis report finds $3 billion Wells Fargo scandal drove borrowers to fintech lenders

  CALIFORNIA – A UC Davis researcher published a report, July 3, finding that the...