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.
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;
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.