Citizens Bank Closes 15 Locations: What You Need To Know

Thousands of people woke up to news that their bank is randomly closing down, and they must move their money ASAP. Citizens Bank, the 14th largest bank chain in America, has decided to shut down 15 of its locations. These closures will affect customers across six states. As bank branches close, many customers find themselves in a scramble to find new banking options and manage their finances effectively.

When a bank shuts down, it’s not as simple as closing a restaurant. There are regulatory processes involved, including notifying the U.S. Office of Comptroller of the Currency. This ensures that customers' deposits and accounts are handled properly, as the closure can significantly impact the banking community in the affected areas.

The official list of Citizens Bank closures includes locations in the following states:

• Massachusetts
• Michigan
• New Hampshire
• Ohio
• Pennsylvania
• Rhode Island

Customers reportedly have until January 22, 2024, to move their money out of the branches if they happen to bank at one of these 15 locations. This deadline adds urgency for those affected by the closures.

Citizens Bank released an official statement about the closures, saying, “We’ve been on a journey at Citizens to evolve how our customers bank with us, and we continually review customer patterns to evolve and adjust strategy across our network.” This statement hints at a broader strategy shift that may affect service offerings in the future.

Essentially, this could mean the loss of jobs and disruption to many people's banking plans. Just last year, Citizens Bank had more than 1,000 locations across the U.S., and for those who prefer to stay with the same bank, there may be other branches nearby.

Earlier this year, several other major banks, including Wells Fargo, Chase, and Bank of America, also closed branches, totaling around 80 closures. This trend highlights a growing crisis within the banking industry, which some are calling a semi-bankpocalypse.