As bank customers switch to the internet and smart phones to do bank business, brick and mortar banks lose transactions. In the case of the Bank of America in Mammoth Lakes, officials say this trend has led to plans to close the branch May 2nd.
Letters that explain the closure will go out soon and word had already circulated in town as management leaked the news to customers. Colleen Haggerty of Bank of America Media Relations said that after careful consideration, bank officials decided to close the long-time branch. She said such decisions are “driven primarily by a decline in transactions as customers increasingly rely on other channels such as mobile and online banking.” The decision will mean a loss of local jobs, a loss of services and for some a depressing feeling about economic instabilities in a low snow year.
Haggerty focused on the use of technology and said, “Bank of America customers everywhere are using their mobile phones to log into their accounts 120 million times per month, deposit 100,000 checks via Mobile Check Deposit every day and transfer $2 billion per week between their accounts and others’, and to pay their bills.” B of A’s mobile app, she said, is downloaded more than 50,000 times per week. Haggerty explained that the lease at the Mammoth Bank of America will expire in May and offered a chance to “assess the longevity of the banking center and a timeline for closure.”
As an alternative to an in-town bank, customers, Haggerty suggested, can still access all deposits and account services online, by mobile phone, or at other banking center locations, including Bishop.” She said the closure will not impact automatic deposits or bill pay withdraws. Bank of America will maintain an ATM in town, Haggerty said, for Mammoth residents. Haggerty also confirmed that the two bank robberies at the Bank of America last year did not influence the decision to close the branch.
Sell something worse by making it sound better. http://www.marketwatch.com/story/will-new-atms-make-your-bank-teller-obsolete-2014-01-23?siteid=bigcharts&dist=bigcharts While teller jobs certainly won’t dry up completely—people like talking to tellers for large transactions like mortgages, and some tellers may do videoconferencing—we may see more of these jobs disappear, as industry experts expect the functionality of ATMs to become more… Read more »
You know this really is a big deal. You think that Union Bank will love the new business? I sure it won’t be bad for UB but I bet at times it will get pretty busy. The hurt will go to all the merchants that use BofA There will be… Read more »
So the guys with all the money in the world aren’t hiring. So who will?
The call centers in India. Do you like curry?
I love curry! My American schooling and weak command of English language probably insures I won’t get hired. They take education seriously there. I’d have to work on my “American” accent also.
I remember when the BofA rented the Footloose side too!There were 20 tellers the entire width of the building. Then came the Bank of Mammoth scam. I’m not saying it’s any reflection on the business temperature in Mammoth but if I was, it’s getting a bit chilly here! Guess I’m… Read more »
Hard to believe that many years ago that entire building was only B of A. It was a big space for a small town bank. The town was a lot sleepier back then too. B of A must of thought something big was going to happen in the future to… Read more »
You’ve never played Banking? It’s easy. First, you give me the ball, and I charge you every time you want to play with the ball. I’ll also charge you if you want to give to ball to someone else, and a small monthly fee for holding on to your balls.… Read more »
Talk about a self-fulfilling prophecy…..I got my son an account there a couple of years ago…we were pushed toward the ‘you pay a fee if you go into the bank…option. So, BofA was ENCOURAGING people to not go into the bank. Now all those people who work there will be… Read more »
Bank of Mericaka is closing because there’s no money in Mammoth this winter
Many more local businesses will also be closing their doors come spring time.
Wow! That really sucks for some. Now that I think about it I hardly ever go into that bank even though I have an account there. Maybe the bank employees can get a job at the new Footloose Superstore, where they will have lots more room to store their bikes… Read more »
That is going to make it difficult for business people who use BofA to continue with them. I have seen mini-BofA branches in supermarkets in other small communities. I wonder if BofA would consider such a move instead of closing their branch outright?
Great location for a pot shop. Ain’t that America?
OUCH… that hurt