(CLAIR | Simi Valley) – Bank of America has announced the closure of its financial center located on Tapo Canyon Road, effective November 19, 2024. This closure marks another step in the banking industry’s ongoing trend toward reducing the number of physical branches in favor of digital services, a move that may inconvenience some local residents who prefer in-person banking.
For many Simi Valley residents, the closure of the Tapo Canyon branch represents a significant inconvenience. Long-time customers who opened their accounts at this location will need to adjust to new routines, potentially traveling further for in-person services. The nearest alternative location is at 2830 Cochran Street, Simi Valley, CA 93065. This location is generally more crowded with much longer wait times. Bank of America recommends using their online locator tool for the most up-to-date information on hours, services, and other nearby branches.
The shift towards more automated services and less face-to-face interaction has accelerated in recent years, particularly due to the COVID-19 pandemic. Social distancing measures in 2020 and 2021 drastically reduced branch traffic, pushing more customers towards digital banking options. In response, banks closed a record number of branches during these years, with a net 2,928 closures in 2021 alone.
While many customers appreciate the convenience of online banking, others find the lack of personal interaction challenging. Even tech-savvy clients sometimes prefer the reassurance of speaking with a banking specialist in person, especially for complex transactions like securing a significant loan or financial planning.
Safe deposit box customers will receive separate communications regarding their boxes, ensuring a smooth transition for all personal belongings.
While the closure of the Tapo Canyon Road branch is part of a broader industry trend towards digital banking, Bank of America says they remain committed to meeting the needs of Simi Valley residents through its remaining branches and robust online services. The transition may pose challenges for those who prefer in-person banking, but the bank says they will continue to offer various resources to support their customers during this change.
