Turns out they were completely wrong and have since apologized. Bank of America spokesperson. Obviously, I did not find this to be an acceptable answer so I asked to escalate it further. Over the last 12 months, U.S. banks and thrifts have closed 3,109 branches while opening 1,001. Bank of America has closed dozens of branches across Central Florida, including 12 local area branches in Volusia and Flagler counties, according to the … Dr. Kotlikoff, It is unreal. Many traditional banks are under pressure to move to an all-digital model or at least a mostly-digital one. Bank of America has closed some of its locations temporarily. Bank of America temporarily closes 50 Central Florida branches amid coronavirus pandemic By Austin Fuller, Orlando Sentinel 7/6/2020 Protests: … I was told that this letter has been drafted and is in legal review. Last week, I received the following from Jim Thiele. The planned … Fast forward 30 years and I am still happily working to support the restaurant industry, but I saw that we needed a way to keep the family connected and revert to a simpler way of life. Several Bank of America branches in Florida will temporarily close due to the spike in coronavirus cases. On June 10, my SBA loan request was funded by direct deposit from the Treasury to my Bank of America deposit account. I then asked Jim to describe in detail exactly his experience. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation. Bank of America's vast network of branches fell to 4,411 at the end of June, compared with 4,542 a year ago. Filed today and saw that there's a database of complaints that yield this information. Full disclosure — I went to West Point and have always tried to live above the line when it relates to integrity so you can imagine this was quite the shock. Chase : The bank has closed 20% of its 5,000 branches and reduced hours. This is my harrowing saga of getting the loan funded but then getting it illegally seized by the bank without due process, explanation, or cause. The company has 1,720 fewer branches than it did in June 2008. U.S. On June 26, Bank of America sent a letter stating that they closed my account without any explanation and that "Our decision to close your account is final and may affect your ability to open an account with us in the future." Once again I asked to speak to a supervisor who said that the investigation was still ongoing and that my funds were ‘being held in the back office’ pending this review. Three tries later and I was actually able to talk with someone who listened long enough to help. The decision was made to protect the health and safety of the bank staff. U.S. Bank will close more than 300 branches over the next two years as it adapts to the changing ways that people get services from it and other financial companies, executives said. At Bank of America, we can help you achieve your home ownership goals. But to add insult to injury, for small business owners like myself that did get funded, there is another trap looming right around the corner. J.P. Morgan Chase is "temporarily" closing 1,000 bank branches, or 20% of its locations, effective Thursday amid growing coronavirus concerns. Back in April, I wrote about Bank of America's horrible handling of Payroll Protection Loans. ", I am an economist at Boston University, a Fellow of the American Academy, an NBER Research Associate, and President of Economic Security Planning, which markets maxifi.co. Updated: 6:13 PM EDT Jul 6, 2020 Bank of America announced Monday that it has temporarily closed approximately 50 branches in Central Florida due to the coronavirus pandemic. Jim, as he writes, is leaving Bank of America as soon as possible. But wait… My account was closed and the system did not recognize that number. I pointed out that I was taking a deliberate four pronged approach: 1) executive escalation including letters to both the CEO and investor relations 2) communication with Congressman Jody Hice, GA 10th District 3) formal complaints to the bank regulatory agencies and 4) public forums and news outlets to spread awareness. The Charlotte, North Carolina-based bank shuttered nearly 40 locations … "What does that mean?" The number of bank branches peaked at 100,000 in 2009, falling below 88,000 last year, according to the FDIC. ", Knowing that this had to be a mistake, I called Bank of America and faced the gauntlet of customer no-service options with a variety of messages stating that "We are experiencing high call volumes. Bank of America CEO Brian Moynihan said that the bank won't have layoffs during the COVID-19 pandemic. This experience worries me enough to want to tell others to watch out and to prompt our elected officials to probe a bit deeper into their nefarious intentions. After my column appeared, I received one email after another written by business owners who experienced the same nightmare. I then asked Jim to describe in detail exactly his experience. Capital One. Follow me on twitter @kotlikoff, Circle me on Google , check out my website, kotlikoff.net, and ask me Social Security questions by clicking Ask Larry at the bottom of www.maximizemysocialsecurity.com. Published: Jul. Bank of America said the purpose is to care for the well-being of employees. As of Nov. 30, there were 87,411 active bank and thrift branches in the U.S. I've demanded (and gotten them to agree) to put in writing that this was an error on their part. But, with the COVID pandemic and a general economic downturn, we needed help to continue operations and were pleased to qualify for a small SBA loan. Problem is — both hard copy letters that I received in the mail were threatening — insulting — and just an outright slap in my face. ORANGEVALE, Calif. — Today's Why Guy question from Greg Jourden, who asks, "Why is Bank of America closing so many of their branches now? Bank of America is closing 16 local branches—10 percent of its area footprint—in July. Some people will always prefer to deal with cash, checks, or speaking to a physical person compared to digital banking. With several banks closing up and moving to an all-digital model, time will tell if Moynihan is able to keep his word. There was no answer so I asked to speak to a supervisor who also treated me as a likely criminal. Capital One: 341 branches are open, while 120 locations and all Capital One Cafes are closed. But I did call back 24 hours later and waited on hold again only to be told that my account was closed and that it was still under review. Bank of America wants to devote all of the necessary resources to help ensure clients' and staff members' personal safety while maintaining all of its banking services. Bank of America is one bank where people can access their unemployment money. I am an economist at Boston University, a Fellow of the American Academy, an NBER Research Associate, and President of Economic Security Planning, which markets maxifi.com, maximizemysocialsecurity.com, and analyzemydivorccesettlement.com -- all financial planning tools. Most of Bank of America's staff members have been working from home. 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