The banking industry’s digital revolution continues, and Bank of America has taken another step ahead by announcing the closure of various locations in the first week of March 2025. This action follows a rising trend among big financial institutions: consolidating physical offices to improve digital offerings.
According to the OCC, these closures are not unique events. In fact, further shutdowns are likely in the coming weeks as part of a larger effort to concentrate on online operations. While digital banking brings convenience and efficiency, the move poses issues, especially for clients who continue to depend on in-person services.
Why is Bank of America closing branches?
The change is largely driven by evolving customer habits. Today, most banking tasks—transfers, payments, investments, even balance inquiries—can be completed in seconds using a mobile app or computer. The need to visit a branch has diminished significantly, prompting banks to reconsider the necessity of maintaining a large physical presence.
A 2024 report by Self Financial revealed that since 2018, an average of 1,650 bank branches have closed each year in the United States. If this trend continues, experts predict that physical banking locations could disappear entirely by 2041.
Branches that closed in March 2025
Between March 2 and March 8, 2025, Bank of America shut down branches in four different states:
- California: 702 Mission Ave., Oceanside
- Florida: 8181 West Broward Boulevard, Plantation and 16686 SW 88th Street, Miami
- Oregon: 14400 SW Allen Boulevard, Beaverton
- Tennessee: 3741 Winchester Road, Memphis
Since the closure process began in 2022, the bank has permanently closed approximately 200 locations nationwide.
These closures present challenges, particularly for older adults or those without consistent access to technology, who may struggle to transition to fully digital banking services. There are also concerns about the local economy, as branch closures frequently result in job losses that affect entire communities.
While bank branches are not completely disappearing—at least for the time being—the trend clearly points to a future in which fewer, smaller offices focus on specialized services, while fully digital banking continues to expand.
Bank of America has already invested heavily in technology and cybersecurity to ensure that customers can manage their finances from anywhere and at any time.