Is Bank of America Closing Branches or Shutting Down

Bank of America is not closing permanently, but it is closing individual branches

Bank of America as a company remains open and operating. However, the bank has closed hundreds of branches over the past decade and continues to close individual locations each year. If you have heard that Bank of America is closing, the news likely refers to a specific branch near you or a regional closure announcement, not the entire bank.

Branch closures happen for several reasons: lower foot traffic as customers move to online banking, consolidation of nearby locations, or shifts in local demand. When Bank of America closes a branch, it typically gives customers 30 to 60 days' notice and directs them to another nearby branch or to online and mobile banking options.

Key Takeaways

• Bank of America operates thousands of branches nationwide and has not announced plans to shut down entirely.
• Individual branches close regularly, and the bank notifies customers by mail and in-branch notices before closure dates.
• When your branch closes, you can move your accounts to another Bank of America location, use ATMs, or manage your money online.
• Your deposits remain insured by the FDIC up to $250,000 per account type, even if your branch closes.

How to learn about your specific branch is closing

Bank of America announces branch closures through multiple channels. The most direct way to check is to visit the branch locator on the Bank of America website and search for your branch by address or ZIP code. The locator shows which branches are currently operating and which have closed.

You can also call the branch directly or visit in person and ask staff whether closure is planned. Bank of America mails closure notices to customers whose branch is affected, usually 30 to 60 days before the closure date. The notice includes the closure date and directions to the nearest open branch.

Local news outlets sometimes report on major branch closures in their area. If you want to stay informed about closures before receiving official notice, you can search "[your city] Bank of America branch closing" in a news search engine.

What happens to your accounts when a branch closes

Your accounts do not close when your branch closes. Your checking account, savings account, credit card, and loans all remain active and accessible. You straightforward cannot visit that physical location anymore.

Bank of America automatically transfers your account to the nearest open branch in your area. You will receive mail explaining which branch is now your home branch. You can change your home branch to any other Bank of America location at any time by visiting that branch, calling customer service, or using the mobile app.

Your debit card, checks, and online access continue to work exactly as before. You can withdraw money from any Bank of America ATM nationwide, and you can deposit checks through the mobile app or at ATMs that accept deposits.

Your options after a branch closure

After your branch closes, you have several ways to handle your banking. You can visit another Bank of America branch during business hours for deposits, withdrawals, and account changes. Bank of America has thousands of branches, and most customers have another location within a few miles.

Online and mobile banking let you pay bills, transfer money, check balances, and deposit checks from your phone without visiting any branch. You can also use Bank of America's ATM network — the bank operates tens of thousands of ATMs, and many accept deposits as well as withdrawals.

If you prefer to work with a person, you can call Bank of America customer service at the number on your debit card or statement. Phone representatives can help with most account questions and transactions.

FDIC protection and your money

Your deposits are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type at Bank of America, regardless of whether your branch is open or closed. This protection covers checking accounts, savings accounts, and money market accounts separately. If you have $250,000 in a checking account and $250,000 in a savings account at the same bank, both amounts are fully protected.

FDIC protection is automatic — you do not need to do anything to set up it. Even if Bank of America itself were to fail (which is extremely unlikely for a bank this size), the FDIC would return your insured deposits to you.

Switching banks if you prefer not to stay

If a branch closure makes you want to move your accounts to a different bank, you can do so at any time. You will need to open a new account at the bank you choose, then transfer your direct deposits and automatic payments to the new account number. You can close your Bank of America accounts once you have moved everything over.

The process usually takes a few days to a week for direct deposits and bill payments to update at the new bank. During the transition, keep both accounts open so you do not miss any deposits or have payments bounce. Once you confirm that everything has moved successfully, you can close the Bank of America accounts.

Frequently Asked Questions

Will Bank of America close all its branches?

No. Bank of America continues to operate thousands of branches nationwide. While the bank closes individual branches each year, it has not announced plans to eliminate branches entirely or shut down as a company. The trend toward fewer branches reflects customers' shift to online banking, not a plan to disappear.

What if I need cash after my branch closes?

You can withdraw cash from any Bank of America ATM, which are located in most neighborhoods, grocery stores, and shopping centers. You can also visit another Bank of America branch. If you need a large amount of cash or a cashier's check, any open branch can help you.

Do I lose my money if my branch closes?

No. Your accounts remain active and your money stays in your account. A branch closure does not affect your deposits, which are insured by the FDIC up to $250,000 per account type. You straightforward access your money through a different branch, ATM, or online banking instead.

Can I keep the same account number after my branch closes?

Yes. Your account number does not change when your branch closes. Your checking account, savings account, and other products keep the same numbers. You can use the same debit card and checks you already have.

How do I know which branch is my new home branch after a closure?

Bank of America will mail you a letter explaining which branch is now your home branch. You can also log into your online account or call customer service to see your current home branch. You can change it to any other Bank of America location whenever you want.