Mammoth Bank of America will close

bankofamericaAs 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.

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15 Responses to Mammoth Bank of America will close

  1. Ken Warner January 23, 2014 at 9:54 am #

    Sell something worse by making it sound better.

    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 useful and, in many cases, teller-like in the future. David Tente, a spokesperson for the ATM Industry Association, says that he thinks that in addition to having video conferencing capabilities, ATMs will be able to better facilitate person-to-person transfers and other types of payments (many already let you make loan payments on-site), spit out cashiers’ checks, and allow you to make transactions without inserting a card (possibly by standing near the ATM with your mobile phone).

  2. Wake UP! January 22, 2014 at 8:35 pm #

    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 no place to make the deposits. You can’t deposit cash like that or get change from a Automated teller Machine

    Anyone ever make a large purchase say more than 500.00 bucks. Well Try to buy something private property over 500.00 without advanced notice.

    Then there are Safe deposit boxes. Does UB have enough to go around?

    What about the tourist that need to do their banking, not all transactions can be done online.

    I urge anyone that can pull their money from Bof A if they don’t reconsider or provide a mini bank.

  3. Trouble January 18, 2014 at 10:53 am #

    So the guys with all the money in the world aren’t hiring. So who will?

    • Ken Warner January 18, 2014 at 2:43 pm #

      The call centers in India. Do you like curry?

      • Pedro January 18, 2014 at 5:04 pm #

        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.

  4. Fact Checker January 16, 2014 at 3:12 pm #

    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 going to have to finally learn to use that deposit app.

  5. enoughalready January 16, 2014 at 2:48 pm #

    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 Mammoth. Guess they got tired of waiting.

  6. I Love To Fish January 16, 2014 at 1:22 pm #

    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. And if you give me more than 5 balls a month, I charge you an extra fee for your extra balls.

  7. sugar magnolia January 16, 2014 at 9:43 am #

    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 out of a job.

    Corporate america SUCKS!

  8. Mark January 16, 2014 at 9:17 am #

    Bank of Mericaka is closing because there’s no money in Mammoth this winter

  9. 2 cents January 16, 2014 at 8:42 am #

    Many more local businesses will also be closing their doors come spring time.

  10. Tinner January 16, 2014 at 8:23 am #

    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 and stand up paddle boards and they wont even have to wear a tie! But seriously, it sucks for some. Sign of the times?

  11. Desert Tortoise January 16, 2014 at 7:58 am #

    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?

  12. Trouble January 16, 2014 at 7:17 am #

    Great location for a pot shop. Ain’t that America?

  13. upthecreek January 15, 2014 at 9:53 pm #

    OUCH… that hurt


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