STARTING next year, Bank of America customers in New Jersey will have to look for a new bank.
The company announced its Mercer County location would close next year as more Americans take to online banking.
Customers who hold accounts with that location were told early this month.
Bank of America estimates the location will be closed in roughly eight months from now.
“Our financial center network is core to our business and we are constantly adapting our financial center and ATM networks to fit our clients’ changing needs,” a Bank of America spokesperson told New Jersey 101.5.
“That includes consolidating centers where we have overlap and investing in new centers.”
The bank has stood at 3140 Princeton Pike in Lawrence Township for years, but the doors will be closed for good officially on April 30.
Those affected by the closure will now have to visit the East Nassau Bank of America, which is located less than a mile away.
“There are a number of factors we consider when deciding to close or consolidate centers, including volume of client transactions and activity in the center, proximity to another center, among others,” Bank of America said.
“When we decide to make a change in a market, we communicate directly with clients to ensure they have plenty of advance notice.”
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It’s not yet clear if more Bank of America closures are expected in New Jersey, but the bank has already closed one branch in Piscataway this year.
LARGER TREND
Bank of America has been following a larger trend in the banking industry as foot traffic in brick and mortar banks die down.
While the physical banks used to be at the center of their communities, more Americans are using online banking today.
Through the banks’ digital platforms, this prevents many in-person visits to banks altogether.
However, Bank of America’s president of Preferred Banking, Aron Levine, has said that he believes there is still a need for brick and mortar banks in the future.
“The branches play a critical role,” he told San Francisco Business Times.
“Our own research tells us that students say, ‘I may never go to a financial center, but I will choose a bank knowing they have one near.’
“The financial center plays a psychological role.”
Due to this philosophy, Bank of America opened branches in California, Nebraska, Wisconsin, Alabama, Kentucky, Louisiana, Ohio, and Idaho this year.
But the company has faced other shutdowns recently as well.
For instance, the West Brockton and East Brockton Massachusetts branches are slated to close in mid-October.
Another store Rockway Parkway, Brooklyn, New York, also shuttered in June.
Bank of America has also added an automatic surcharge for customers, but there’s a way to get around it.
Plus, here’s the full list of stores that shuttered this month.
Source: the-sun.com
