Bank of America is pouring cash into expanding and enhancing its physical footprint in the US:
efforts — it has closed nearly 1,600 branches since 2009 — the firm has been pouring cash into expanding and enhancing its physical footprint to accommodate those who rely on or prefer to use branches.BofA's branch network will cover more than 90% of the US population by 2021.announced
plan to open 500 new branches, it will open 90 this year and 350 more by 2021, on top of the 150 branches it's already opened. The firm will enter new cities, including Cincinnati, Ohio and Lexington, Kentucky, among others. For context, BofA hadThe firm will modernize 1,500 branches by 2021, including 500 in 2019. This will bring BofA to 2,500 modernized branches.
The bank plans to enhance 2,700 more ATMs with advanced capabilities over the next three years. The firm will complete its multiyear effort to upgrade its network of over 16,000 ATMs with capabilities like allowing customers to choose a mix of preferred bills when withdrawing cash, making credit card payments, and providing cardless, mobile ATM access. Enhancing ATMs can lower the volume that goes through tellers and ultimately cut costs for the firm.
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