Hot on the heels of USAA's check deposit for iPhone feature, Bank of America is looking to conduct initial tests on its own mobile service that will allow customers to deposit their checks electronically using their smart phones.

Only a short while ago Bank of America was furiously building branches at every possible corner, and now there is news that the bank is going to make cuts on about 10% of its 6,100 branches. So what’s sparking this curtail of branches?