New York Gets Hit By Unexpected Wave of Bank Closures

December 28, 2023

New York gets hit by an unexpected wave of bank closures according to the latest data from the Office of the Comptroller of the Currency.

A new list of bank branches that will be closing in New York has been released.

So far in December, the following nine locations in New York have recently been listed to close, majority being Citizens Bank.

Valley NB. 579 Fifth Ave, New York
Webster Bank. 865 McLean Ave, Yonkers
Webster Bank. 40 Church St, White Plains
Citizens Bank. 3500 Main St, Amherst
Citizens Bank. 2101 Elmwood Ave, Buffalo
Citizens Bank. 6150 South Park Ave, Hamburg
Citizens Bank. 184 South Cascade Dr, Springvale
Citizens Bank. 700 Thurway Plaza Dr, Cheektowaga
Citizens Bank. 6363 Transit Rd, Depew

These locations are the latest bank branches closing in New York, according to the latest OCC data.

Below is a list of bank branches that were listed during the last week of November to shutter in New York:

JP Morgan. 500 Joseph C Wilson Blvd, Rochester
Bank of America. 72 Second Ave, New York
Citizens Bank. 2345 Buffalo Rd, Rochester
Citizens Bank. 4250 McKinley Parkway, Hamburg
Citizens Bank. 301 Meadow Drive, N. Tonawanda
Citizens Bank. 5150 North St, Canandaigua
Citizens Bank. 3865 Union Rd, Cheektowaga
Citizens Bank. 4777 Transit Rd, Depew

Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors, and New York had the third most closures of any state.

The increase in bank closures is leading to ‘banking deserts’, which results in people having to travel further to reach their nearest bank, primarily impacting vulnerable and older customers.

Also Read: A US Bank is Now Denying Customers Access to Money

Other Banking News Today

Bank of America now closes a seven figure account without warning according to a distressed Reddit user who shared their experience.

Banks often reserve the right to close clients’ accounts abruptly with little explanation, reports The-Sun.

“This was the case with one Reddit user, whose seven-figure account was recently closed by Bank of America.”

The Redditor sought advice online and expressed surprise at the closure.

“I’m so incredibly lost,” they posted on the online forum.

The user, whose post garnered over 50 responses, shared that it all began when they called the bank.

While asking about checks they had deposited a month ago, he said the phone call ended with an abrupt notice.

“I was told at the very end of the call, ‘Are you aware that BofA is closing your account as a business decision?’” they said.

The client was surprised considering their status: They were a diamond tier preferred rewards member.

Diamond tier clients, who must have maintained an average daily balance of over $1 million to apply, receive unique benefits.

However, the status does not make accounts immune to cancellation.

Eventually, the client got through to a supervisor.

“They gave me no reasoning stating it is just a business decision,” the client said. “I’m totally shocked.”

Some users explained that banks do not need to explain.

“Your account agreement probably describes that your bank can close your account at any time for any reason,” one commenter said. “It does come as a surprise to most people when this happens.”

A variety of transactions can trigger a bank to take action against a client.

Often, they use automated systems to detect unusual account behavior.

If they suspect an account is a liability, they retain the right to cancel it, reports The-Sun.

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

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