Bank of America announces it will close down its main branch for good saying it’s fitting ‘clients’ changing needs’

STARTING next year, Bank of America customers in New Jersey will have to look for a new bank.

The company announced that its Mercer County location would close next year as more Americans shift to online banking.

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Customers with accounts at this location were notified earlier this month.

Bank of America estimates the location will close in about eight months.

“Our financial center network is the core of our business and we continually adapt our financial center and ATM networks to meet the changing needs of our customers,” a Bank of America spokesperson told New Jersey 101.5.

“This includes consolidating centers where we have overlap and investing in new centers.”

The bank has been located at 3140 Princeton Pike in Lawrence Township for years, but on April 30 the doors will officially close for good.

Those affected by the closure must now visit the East Nassau Bank of America, located less than a mile away.

“When deciding to close or consolidate centers, we consider a number of factors, including the volume of customer transactions and activity at the center and proximity to another center,” Bank of America said.

“When we decide to change the market, we communicate directly with customers to ensure they are informed in a timely manner.”

It’s not yet clear whether more Bank of America closures are expected in New Jersey, but the bank has already closed a branch in Piscataway this year.

BIGGER TREND

Bank of America is following a larger trend in the banking industry as foot traffic at brick-and-mortar banks declines.

While physical banks were once the focus of their communities, today more and more Americans are using online banking.

Thanks to the banks’ digital platforms, many personal bank visits are completely avoided.

However, Aron Levine, president of preferred banking at Bank of America, said he believes there will still be a need for brick-and-mortar banks going forward.

“The branches play a critical role,” he told the San Francisco Business Times.

“Our own research shows that students say, ‘I may never go to a financial center, but I will choose a bank because I know they have one nearby.’

“The financial center plays a psychological role.”

Because of this philosophy, Bank of America opened branches this year in California, Nebraska, Wisconsin, Alabama, Kentucky, Louisiana, Ohio and Idaho.

But the company has also faced other closures recently.

For example, stores in West Brockton and East Brockton, Massachusetts, are scheduled to close in mid-October.

Another store, Rockway Parkway, Brooklyn, New York, also closed in June.

Bank of America has also introduced an automatic surcharge for customers, but there is a way around it.

You can also find the full list of stores that closed this month here.