Nationwide Closures Now Looming For Banking Empire, 1 In Texas
The closing of several branches of this particular banking empire will have no direct effect on me because I closed my account with them years ago, but for many Texas residents, this will definitely be a cause of some anxiety and perhaps a few unwanted headaches too.
Why is Bank of America closing so many branches including in Texas?
Last year Bank of America closed nearly 110 branches, and are on pace to close at least half that many again in 2024. Right now we know about fifty-five additional closings for this year because these institutions are required to file their intentions with the federal agency, The Office of the Comptroller of Currency with the United States Treasury.
Why did I open and close my Bank of America account?
When I was younger, I was really into the jet setting lifestyle and enjoyed traveling a whole lot wherever and whenever I could, so I thought it would be great to have a bank account accessible from a lot of places. Also, I learned quickly that spending all of my money traveling and building my experience resume would probably keep me out of the running to invest in Warren Buffet's Berkshire Hathaway.
Since I figured I could never own a share of Buffet's Berkshire Hathaway (which is trading at nearly $600,000), might as well put my money into the bank where his company owns the most shares? Then, I got married, had kids, stopped traveling so much, started getting my direct deposit put into my wife's bank, and so ended my Bank of America legacy.
BTW, Berkshire Hathaway also owns about 20% of American Express.
Currently, The only Bank of America branch scheduled to close is in Coppell.
This may interrupt your banking, but it doesn't look like bankruptcy is in their near future,
"This year, Bank of America has announced that it will open at least two branches."
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