BANK of America is making a major switch up to pay for employees after it slashed several of its branches around the country.
The change is expected to come into effect early next month.
Bank of America closed the most locations of any bank in the US last year[/caption]
And five more are expected by October[/caption]
The company announced it will raise the minimum wage of its U.S. hourly employees to $25.
Minimum annual salary will also raise for full-time employees.
They will be able to getting more than $50,000.
The change will be put in place for full-time and part-time employees from early October.
Chief people officer Sheri Bronstein said: “Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America.
“Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
Bank of America made the move in the hopes of helping fuel the growth of the American economy and create job opportunities that strengthen the communities the company serves”.
It has noted steady raises in minimum wage over recent years.
This was under $15 per hour in 2017.
The new rate is therefore a more than $20,000 increase in annual starting pay.
Wage increases come after the Bank of America became the US bank to close most of its locations in throughout the country in 2024.
The company filed to close 168 of its branches last year.
And five more are expected to take place by next month.
The nationwide bank has already shuttered a slew of locations this year across California, Florida, Oregon, New York, and Tennessee.
But more are on the way with closures scheduled until December.
This month alone three branches are being shut across three different states.
Las Vegas, Nevada, Arlington, Texas, and Fort Campbell, Kentucky, will all lose a Bank of America branch in the next few weeks.
A total of 1,043 major US bank branches closed over the course of the year.
And an acceleration in closures has been projected for this year.
California was reported to be the worse hit state in 2024, where 127 local branches of different banks shut down.
New York followed, with 74 branches lost over the twelve month period.
And the next was Texas that was hit by 68 closures.
Bank closures have increasingly come despite an survey which showed 45 per cent of Americans still prefer carrying out their banking needs in person.
Operators claim to be focused on evolving banks’ presence and accessibility based on changing customer usage and traffic patterns.
But despite several branches being closed, many have also been opened over the year.
How to contact your bank
WITH bank scams running rampant, it is important to know how to reach out to your bank without risking fraud.
There is of course the foolproof method of going to your bank in person, but you are likely going to be directed to a customer care phone line.
In order to ensure that you are contacting the bank, make sure to use a phone number given to you by the representative or off of the bank’s website.
Some banks also have online helplines that can securely connect you with a representative.
Conversely, if you think the bank is reaching out to you with an account issue – make sure to verify the concern by calling a bank contact that you know is legitimate.
Scammers commonly mascarade as bank representatives to steal information from frightened customers.
