By Lynette Norris
Greene Publishing, Inc.
Bank of America’s Madison location will be closing its doors July 18, 2014, primarily due to a decline in physical transactions at the bank building itself, according to spokesperson Matthew Daily of Bank of America.
“We thought a lot about this and gave it careful consideration,” said Daily, adding that the decline was mainly due to customers relying more and more on alternate methods of banking, using online banking services, ATMs, and even taking pictures with their smart phones to conduct transactions from remote locations, meaning that there was less and less of a need for them to come to an actual building to do their banking.
People are simply using other ways to bank as technology has opened up several convenient alternatives to the traditional bank building with tellers, and made a lot of things possible that weren’t on the horizon 20, 15 or even 10 years ago.
“We see the same kind of trend in other places,” said Daily, but not all places are equally affected by the decline in foot traffic. When customer use of a building declines past the point that it becomes questionable that keeping it open is a responsible business decision, then that location is usually closed, as was the case with Madison.
On April 4, Bank of America sent out letters to all the customers of that location to give them ample time to locate the next closest BOA (in Live Oak), and to let them know that even after the building itself closes its doors in July, the ATM will remain there for quite some time. In fact, it will remain there and be operational until the replacement ATM is ready at another location. That other location isn’t yet known, but it is in the permitting stage, awaiting approval. Another letter will go out to let customers know when it is approved and when it will be up and running.
Daily emphasized that there would be no interruption of ATM service during that time, and that the old one at the bank would remain operational until the replacement at the new location was ready.
Bank of America has owned that Madison location since 1996, when it was known as Nationsbank. Before then, the building was occupied by a local banking institution. The property has had a history of being a banking location since 1972.
After the new Bank of America ATM is ready to replace the old one, that proerty will be offered for sale. At the moment, though, that is still several months away, at least.
“We understand that people will miss their tellers,” said Daily, “But they’ll still be able to bank with Bank of America though alternative means.”