Bank of America to begin Eliminating Wire Transfers from Branches for Online Alternative

There has been a number of reports that Bank of America is beginning to shift to a larger digital presence – starting with the closing of 10% of it’s branches due to the increase in online/mobile banking. As of last week, Bank of America began targeting it’s online customers with a marketing message, encouraging users to use their new online wire and electronic funds transfer (ACH) capabilities.

“You can send money to almost anyone’s account through Online Banking. Just user the Transfers tab to send money to friends or family inside or outside the U.S.”.

Now, this service is nothing new, as most major banks including Citibank, ING Direct offer this capability, but what is interesting is Bank of America’s last point in their promotion, which states;

“Beginning this summer, wire transfers will no longer be available in your local Banking Center, so we encourage you to start enjoying the ease and convenience of online transfers today.”

Forums have indicated that this service may be rolling out for Business accounts first, with fees ranging from $3 for a 3-day ACH, to $10 for next-day ACH, and varied for same-day wires.

As more and more banks begin to shift online, it seems the need for branches has begun to loose there importance, but an article from the New York Times made a strong point that may extend the life of branches just a little longer.

“The truth is, apart from concerns about solvency, bankers say there’s nothing quite like shutting a local branch to make customers think about moving their deposit relationships.”

About the banks

 

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other. It operates in 32 states, the District of Columbia and 30 foreign countries.

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