How to use the free Bangor Savings Bank login to open a new bank account in New Hampshire
Bank of America Merrill Lynch said it will no longer offer its banking services to New Hampshire residents who have applied for a new account online.
The bank’s new online banking offer is designed to provide a smoother experience for people who want to open their own savings accounts, but who may not have the money for a traditional branch.
Merrill Lynch is the first bank to offer its services to the state, joining a group of major U.S. banks that have done so in recent months.
In December, Wells Fargo and Ally Financial joined the growing list of major banks offering banking services in New England, including Boston, Hartford, and Manchester.
Mollie Johnson, vice president for financial services at Bank of Americans Merrill Lynch, said it was important to offer more banking options to its customers and added that there were many benefits to being an online bank.
“When you get online, it’s not only faster, it takes less time for us to process transactions and manage them, it saves our staff more time and allows us to focus on delivering the best customer service possible,” Johnson said.
Mortgage lender BofA Merrill Lynch will also no longer be accepting applications for online banking services, Johnson said, though it will continue to offer services through its branches.
Johnson said there are a number of other banks in the state that offer banking services and that it is important for the banking industry to expand to new markets.
“The reason that banks have done this is to bring people online, to get them to understand how the banking process works, to understand the benefits and the limitations, and to make it easier for people to do it,” she said.