Bank of America Closed a Bunch of ATMs This Year – as featured in TIME Moneyland

Bank of America has eliminated nearly 9% of its ATMs around the country. In the past year, the bank shut down 1,600 of its ATM machines. Most of the machines were located in Valero gas stations and in malls owned by Simon Property Group. According to a BofA spokeswoman, no further reductions were planned. That statement was made in late July, but now the bank is closing its ATMS at two grocery store chains located in the southeastern US.

The reason for the ATM closures? Operation Costs and the megabank’s desire to cut $8 billion in spending. Gas station and mall ATMs cost more to operate – around $1,700 per month, $600 more than the cost of maintaining an ATM at a branch. It is estimated that the closures will save BofA $32.5 million per year.

Read the full Time Moneyland article for additional details. Martha C. White reports, July 24, 2012.

[Image credit: eflon]