The 4 Bank of America Branches Closing in Florida – Full List

Juilia Ruskin
5 Min Read

Bank branches across the United States are closing at an increasing rate, affecting both big and small banks. One of the most notable is Bank of America, which is moving many of its operations online. This article will explain why these closures are happening, how they impact communities, and which branches in Florida are affected.

Advertisement

Shifting Habits

People are changing the way they bank. More are using online banking, a trend that sped up during the COVID-19 pandemic. Bank of America has put a lot of money into improving its online services to make this switch easier for customers. By doing this, they can save money on the costs of running physical locations and paying staff.

Advertisement

Impact on Communities

Although moving to online banking makes sense for the bank, it has big effects on the communities they leave behind. Closing bank branches can create “banking deserts” in low-income, rural, and urban areas where online banking isn’t fully available yet. These banking deserts often affect people of color and immigrants the most, making it harder for them to access banking services.

Advertisement

Florida Closures

Several Bank of America branches in Florida will close starting in June 2024, affecting many residents. The Office of the Comptroller of the Currency (OCC) requires banks to let the public know about closures 90 days in advance, giving customers time to find other options. Here are the Florida branches set to close:

Advertisement
  • 50 North Laura Street, Jacksonville – June 2024
  • 21060 Saint Andrews Boulevard, Boca Raton – June 2024
  • 19645 Biscayne Boulevard, Aventura – June 2024
  • 1200 West Osceola Parkway, Kissimmee – June 2024
  • 1827 North Military Trail West, Palm Beach – August 2024

Broader Trend

Bank of America isn’t the only bank closing branches. Other big banks like Wells Fargo, JP Morgan, and Citibank are also moving towards online banking. While this trend makes financial sense for banks, it raises concerns about whether everyone will have equal access to banking services.

Advertisement

Banking Deserts

When banks close their branches, they create banking deserts. In these areas, people rely heavily on physical branches for their banking needs because internet access is limited or not available. Without nearby branches, simple financial tasks become much harder, especially for those who don’t have reliable transportation.

Advertisement

Digital Divide

Many of us take internet access for granted, but it’s not available everywhere. In many rural and low-income areas, internet service can be unreliable or nonexistent. For people in these areas, online banking isn’t an option. This digital divide means some people can easily switch to online banking, but others are left without good banking options.

Advertisement

Moving Forward

As banks continue to close branches and focus on digital banking, it’s important to address the problems these changes create. All communities need access to reliable internet and digital banking services. Banks should also think about how to help customers who can’t easily switch to online banking. This might include mobile branches, partnerships with local organizations, or other creative solutions.

Advertisement

While closing bank branches might make sense for businesses, it’s crucial to understand and reduce the negative impacts on the communities that need these services. Making sure everyone has equal access to banking should be a priority as the industry changes.

Advertisement

FAQs

Why are bank branches closing?

Bank branches are closing because more people are using online banking, and banks want to save money.

Advertisement

Which Bank of America branches in Florida are closing?

Branches in Jacksonville, Boca Raton, Aventura, Kissimmee, and Palm Beach are closing.

Advertisement

How do branch closures affect communities?

Closures can create banking deserts, making it hard for people to access in-person banking services.

Advertisement

What is a banking desert?

A banking desert is an area where it’s difficult or impossible to find in-person banking services.

Advertisement

How can affected customers adapt to these changes?

Customers can switch to online banking, find other nearby branches, or use mobile banking services.

Advertisement

Advertisement

Share This Article
Follow:
An up-and-coming tax attorney passionate about educating readers on tax planning and mitigation strategies. Juilia articles offer practical advice and actionable tips to help individuals and businesses navigate the intricacies of tax law with confidence.
Leave a comment