Amid the increasing concerns over the international economic turmoil that has plagued the markets for months and the lackluster performance of the United States economy, Bank of America has taken a tougher beating than the other large financial institutions.
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BofA officials have not announced when they would fully reopen. The permanent and temporary closing of branches around the U.S. is largely due to the ongoing COVID-19 pandemic and staff shortages, which have caused problems in all industries, economic experts say.
The percentage of Millennials (consumers 26 to 40 years old) who call a Bank of America checking account their primary account declined from 22% in October 2020 to just 13% in July 2021. The megabank also lost share of primary status among Gen Xers (ages 41 to 55), dropping from 18% to 10% over that same time period.
Colleen Haggerty with Bank of America said they temporarily close some branches as a way to help consolidate resources and staffing.
Bank of America added 53 locations while still reducing its physical presence. U.S. banks closed 1,417 banks in 2019, the last full year before the coronavirus pandemic. In 2020, banks shuttered 2,126 brick-and-mortar locations.
Federal regulators are investigating Bank of America for its role in administering government benefits under a California program that was plagued by fraud at the height of the COVID-19 pandemic.
Investor takeaway. There are a lot of better choices than holding cash in 2022. Inflation will deteriorate the value of your savings if you decide to stash your cash in a bank account. Over the long run, you'll be better off investing now, even if expected returns are lower than they've been historically.
When you place your money in a bank account, you give the institution some measure of control over it. The bank can debit it for fees and can close the account for just about any reason, according to CNN Money.
Wells Fargo shut down the most branches with a net total closings of 267 locations. The much smaller U.S. Bancorp had 257 net closures.
Big banks are temporarily closing branches in the Phoenix metro and across the nation as they cope with labor shortages and ongoing complications from Covid-19, including the arrival of the more contagious omicron variant.
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Bank of America has received several J.D. Power awards over the years. The bank received the top ranking for Retail Banking Advice in 2021. In 2020, the Bank of America Corporate, Commercial, and Business Banking Contact Centers earned J.D. Power Certification for the 11th consecutive year.
The Takeaway
So, can the government take money out of your bank account? The answer is yes – sort of. While the government may not be the one directly taking the money out of someone's account, they can permit an employer or financial institution to do so.
Common advice is to keep some cash at your house, but not too much. The $1,000 cash fund Prakash recommended for having at home should be kept in small denominations. “Favor smaller bills like twenties because some retailers won't accept larger notes,” she said.
"Bank of America systems were not compromised. Our customer data is secure." Hacktivists say the data they accessed showed BofA and other companies had been collecting information about private citizens. "We take seriously our role in protecting our customers, data and systems," BofA's Pipitone adds.
The investigation searched public records filed with the U.S. Securities and Exchange Commission and found 20 banks including Wells Fargo, Bank of America, and Texas-based banks such as the Capital Bank of Texas, TBK Bank, and Independent Bank have either recently funded or are currently funding predatory lenders.
Federal investigators reportedly asked Bank of America for information on customers who made debit or credit card purchases in DC, reserved hotels and Airbnbs in and around the capital, patronized weapons store and made airline reservations within the timeframe surrounding the attacks.
FAQs. The maximum ATM cash withdrawal amount is $1,000 or a maximum of 60 bills that can only be dispensed at one time. There may also be different limits based on account type and availability of funds. The maximum ATM cash limit when setting up a withdrawal in advance in the Mobile Banking app is $800.
Is Bank of America FDIC insured? Yes, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Minimum opening deposit: $100.