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Bank of America Opens Branches Without Employees
[Photo: Branch in Concord, MA, by John Phalen / Wikimedia Commons]
Bank of America Corp has opened 3 completely automated branches over the past month, where customers can use ATMs and have video conferences with employees at other branches.
Like many U.S. banks in recent years, Bank of America has been reducing its overall branch count to cut costs even as it opens new branches in select markets. New branches are typically smaller, employ more technology, and are aimed at selling mortgages, credit cards and auto loans rather than simple transactions such as cashing checks.
Pace said there is one completely automated branch in Minneapolis and one in Denver, both of which are relatively new markets for the bank's consumer business. They are about a quarter of the size of a typical branch.
Bank of America had 4,579 financial centers in the 4th quarter of 2016, versus 4,726 one year earlier.
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