Which bank of america branches are closing

Fifth Third, for example, is adding more branches here than it is closing. The pandemic forced banks to reassess their branch networks and how digital services play a role.

Please Sign In and use this article's on page print button to print this article. Nov 9, Related Content. How Bank of America is helping women entrepreneurs find funding.

Charlotte's largest bank keeping dividend steady for Q4. Here's why Bank of America execs are touting a promising outlook. Low-income branch closings, for instance, represent only 5 percent of all closures since and only 0.

In fact, 99 percent of all low-income census tracts are within commuting distance of a branch and, between and , only five bank branches closed in rural, low-income census tracts. Most Americans have access to banking services, but more than 7 million households are completely unbanked, according to the FDIC. Although this is the lowest level of unbanked, at 5.

Some policymakers have voiced concerns about the number of unbanked households that turn to more costly alternative financial service providers to meet their needs. Alternative providers are disproportionately located in low-income neighborhoods and communities of color, according to a paper from the Urban Institute and Fannie Mae Foundation. Unbanked households cited a number of reasons for not having a bank account in , including both structural and motivational barriers.

The most common reason To expand access to banking services, ABA has joined forces with the Cities for Financial Empowerment Fund to encourage more financial institutions to join the Bank On initiative. Bank On certified accounts are designed to address the structural challenges facing unbanked households with features including low costs, online bill pay, no overdraft fees, and transaction capabilities such as a debit or prepaid cards.

Early findings indicate the initiative has already made headway reaching unbanked households, as 75 percent of Bank On accounts have been opened by new customers. More than half of unbanked households While Bank On accounts address many of the structural challenges cited by unbanked households, focused messaging and outreach can help address motivational challenges.

The CFE Fund conducted focus groups and surveys to identify messages that resonate the most with unbanked populations and found that tailored messaging and education can help move the needle see figure 3. While respondents tended to have negative perceptions about banks, two-thirds became interested in getting an account after learning how one can help them increase savings, pay down debt, and build emergency funds.

After exposure to tailored messaging, the report found favorability towards banks increased by 17 percentage points, interest in learning about banks by 11 points and intent to get a bank account by 14 points. When safe, affordable and accessible financial products and services are readily available, families, communities and the economy can prosper. ABA Viewpoint is the source for analysis, commentary and perspective from the American Bankers Association on the policy issues shaping banking today and into the future.

Click here to view all posts in this series. Banking services are accessible to nearly all Americans Figure 1. Click image to enlarge. Murphy said there is not a set timeline for reopening, but the company is constantly monitoring local guidelines and other factors like foot traffic to specific locations. The bank has dozens of Upstate locations including one that opened at the Camperdown development in downtown Greenville last year.

Elizabeth LaFleur loves running, gardening, spending time with her husband and daughter and answering your questions. If you're curious about something in the Upstate, chances are she is too.