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- Real Estate
The Mammoth Lakes branch of Bank of America will close on May 2 when the lease on the building runs out, according to branch officials.
The Bishop branch will not close, however, officials said.
Letters regarding the closure have been sent out to customers, according to Colleen Haggerty with Bank of America.
She said the reason the branch is closing is in response to a change in how customers bank in the era of mobile phones and devices.
"Bank of America customers use their mobile phones to log into their accounts155-million times per month, depositing 158,000 checks via Mobile Check Deposit every day, and making more than 4.9 million transfers per week between their accounts and to other people’s accounts, as well as to pay their bills," she wrote in an email on Jan. 23.
"At this particular location, our lease is due to expire in May, which provided an opportunity to assess the longevity of the banking center and a timeline for closure. We notify customers by letter at least 90 days in advance, and letters were mailed last week to customers outlining their banking options. Customers can still access all deposits and account services online, by mobile phone, or at other banking center locations, including Bishop. The closure does not impact automatic deposits or bill pay withdraws."
When asked about the fate of the many long-time Bank of America employees at the Mammoth branch, she said, "We do not disclose the number of employees at our banking centers. When a banking center closes, we provide various forms of assistance to impacted employees, which may range from severance packages to helping them find other opportunities within the company."