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

Arnia
5 Min Read

Recently, many bank branches across the United States have been closing down. This includes both big banks like Bank of America and smaller banks. This article explains why this is happening, how it affects communities, and which specific branches in Florida are closing.

Shifting Habits

People’s banking habits are changing. More people are using online banking instead of visiting physical branches. This shift has sped up due to the COVID-19 pandemic. Bank of America is investing a lot in online banking to meet this new demand. By focusing on digital services, banks can save money on running physical branches and hiring staff.

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Impact on Communities

While closing branches saves banks money, it has a big impact on communities. When branches close, it creates “banking deserts” in low-income, rural, and urban areas. In these places, people may not have easy access to online banking.

This situation hits people of color and immigrants the hardest. They often face barriers to banking already. Without nearby branches, they have to travel far for in-person services, which is tough if they don’t have reliable transportation.

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Florida Closures

Several Bank of America branches in Florida will close starting in June 2024. The Office of the Comptroller of the Currency (OCC) requires banks to notify the public 90 days before closing. Here are the branches set to close:

  • 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 doing the same. This trend towards online banking raises concerns about access and fairness in banking services.

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Banking Deserts

Branch closures create banking deserts. In areas with limited or no internet access, people rely on physical branches for banking. Without these branches, simple tasks become difficult. This makes it harder for people in these areas to manage their money and increases existing inequalities.

Digital Divide

Not everyone has easy internet access. In many rural and low-income areas, internet service is unreliable or nonexistent. For people in these areas, online banking isn’t an option. This digital divide means some can switch to online services easily, but others can’t.

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Moving Forward

As banks close branches and promote online banking, it’s important to address these issues. Ensuring everyone has reliable internet and access to digital banking is crucial. Banks should also support those who can’t switch to online banking, perhaps through mobile branches or partnerships with local groups.

Closing branches may make sense for banks, but it’s important to consider and reduce the negative effects on communities that need these services. Providing fair access to banking should be a priority.

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FAQs

Why are banks closing their branches?

Banks are closing branches because more people are using online banking, which helps banks save money.

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How do branch closures affect communities?

Closures can create banking deserts, especially in low-income and rural areas, making it hard for people to access banking services.

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Which Bank of America branches in Florida are closing?

Branches in Jacksonville, Boca Raton, Aventura, Kissimmee, and Palm Beach are closing starting in June 2024.

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What are banking deserts?

Banking deserts are areas without nearby bank branches, making it hard for people to access banking services in person.

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What is the digital divide? The digital divide is the gap between those who have reliable internet access and those who don’t, affecting their ability to use online banking.

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By Arnia
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A Certified Public Accountant specializing in personal finance and taxation. Arnia engaging writing style and deep understanding of tax codes make her articles a must-read for individuals seeking to maximize their tax savings.
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