Financial Center Network: Experts from Self Financial reached by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018.

 By Alice Wright For Dailymail.Com

Published: 12:35 EDT, 13 October 2024 

Updated: 12:40 EDT, 13 October 2024

daily mail.co.uk

A spokesperson for Bank of America told Daily Mail.com that many of the bank's closures were consolidations, where two local branches are brought together into one. 

'Our financial center network is core to our business and gives us a strategic advantage,' the spokesperson said in a statement. 

'So far this year, we have opened more than 40 financial centers across the country. 

'We routinely adjust where our centers are located, based on foot traffic into each location. Nearly all of the closures in 2024 have been to combine two nearby centers into one, or to move a financial center to a new location to better serve our clients.'

Despite the majority of Americans now opting to do the majority of their banking online, customers still prefer to use physical branches for particular services.

It is also a struggle for some older clients to operate services such as mobile banking.   

Nearly two-thirds of Americans still use a physical branch to make cash deposits, while over half use them to speak to an in-person adviser, the report found. 

39 percent of those polled told Self Financial that they had more trust in banks with physical branches than those without. 

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