Following its merger with BayBank, Bank of Boston will close its Harvard Square branch by the middle of the year, according to a news release issued by the Bank of Boston Corporation, also known as BankBoston.
Patrons of the branch, who have received letters notifying them of the change, will be routed across the street to the BayBank location at 1414 Mass. Ave.
The closing is part of the consolidation of 65 of the bank's branch offices into its network of more than 350 branches throughout Massachusetts in an effort to save up to $230 million, according to a release issued last week.
Many of the changes are related to the new trend toward convenience in personal banking, as ATM's and telephone and Internet transactions become more popular and replace traditional banking methods.
Both "convenience and affordability" will be priorities of the new corporation, said Diane H. Greer, media relations representative for BankBoston.
BankBoston will expand both its facilities and services to provide customers with these benefits, Greer said.
The Harvard Square BayBank branch has larger office space and more teller stations as well as a higher ATM capacity than the Bank of Boston branch that it replaces.
Students will not only choose from a wide range of banking options but will in some cases find price benefits related to the improved efficiency.
"Pricing will either remain the same or go down much more," Greer said.
"Students will be very pleased" with the "enhanced level of services" that BankBoston will offer them, including the ability to use over 1,500 ATM's, she said.
The services of the new corporation remain competitive with those offered at other banks, according to Greer.
At BankBoston students will find "more affordable banking service than any other bank in the market," she said.
Bank of Boston completed its acquisition of BayBank last July, to form a $62 billion company, BankBoston, with locations in 25 countries and one of the largest ATM networks in the state, according to the news release.