Is Citizens Bank a safe bank?
Yes, Citizens Bank is legitimate. It has bank accounts that are federally insured by the FDIC. Up to $250,000 per depositor is safe in an account.
| Citizens Financial Group, Inc. | ||
|---|---|---|
| S&P | Fitch Ratings | |
| Long-term issuer | BBB+ | BBB+ |
| Short-term issuer | A-2 | F1 |
| Subordinated debt | BBB | BBB |
Citizens Bank is an insured member of the Federal Deposit Insurance Corporation (FDIC), which means deposits in all types of accounts are insured, dollar-for-dollar, up to $250,000 per person. It's a pretty impressive security blanket for our nation's banking system, and we're proud to be a part of it.
Citizens Bank had $226.5 billion in assets as of June 30, 2022, making it the 13th-largest bank in the U.S.
To protect against fraud of any kind, Citizens Online has enabled a number of stringent security measures, such as online encryption, firewalls and automatic logoff to prevent any unwanted activity. That's secure Online Banking.
Citizens Bank, based in Sac City, Iowa, has been closed by the Iowa Division of Banking due to financial instability, marking the fifth U.S. bank failure reported in 2023.
| Rating | Action | Type |
|---|---|---|
| BBB+ | Affirmed | Long Term Issuer Default Rating |
| F2 | Affirmed | Short Term Issuer Default Rating |
| bbb+ | Affirmed | Viability Rating |
| ns | Affirmed | Government Support Rating |
On November 3, 2023, Citizens Bank, Sac City, Iowa, was closed by the Iowa Division of Banking. The Federal Deposit Insurance Corporation (FDIC) was then appointed Receiver.
| Bank | Forbes Advisor Rating | Products |
|---|---|---|
| Chase Bank | 5.0 | Checking, Savings, CDs |
| Bank of America | 4.2 | Checking, Savings, CDs |
| Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
| Citi® | 4.0 | Checking, savings, CDs |
“Hold on your account”: means that the funds are in your account, but we will not allow you to withdraw some or all of them. A hold may be placed because of delayed funds availability, a court order requiring us to prevent withdrawals, or other reasons.
What are the disadvantages of Citizens Bank?
- Extremely low interest rates.
- Monthly service fee for One Deposit Savings.
- $3 non-Citizens ATM fee for One Deposit Savings.
What is the No. 1 bank in America? J.P. Morgan Chase is the number one bank in America in terms of total assets held, according to the Federal Reserve.
- Ally Bank: Best for Overall best bank.
- Schwab Bank: Best for ATM access.
- Chase: Best for Sign-up bonus and branch access (separately)
- UFB Direct: Best for Savings.
- SoFi Bank, N.A.: Best for Checking.
In 1996, in conjunction with the acquisition of First NH Bank, the Bank of Ireland gained a 23.5% stake in Citizens, which RBS then acquired two years later to resume 100% ownership.
- JPMorgan Chase.
- U.S. Bank.
- PNC Bank.
- Citibank.
- Wells Fargo.
- Capital One.
- M&T Bank Corporation.
- AgriBank.
Our picks for the best online banks are SoFi Bank, Discover Bank, Ally Bank, Varo Bank, LendingClub, Upgrade, Alliant Credit Union, FNBO Direct, Zynlo Bank and Quorum Federal Credit Union. You may get a higher annual percentage yield (APY) compared to traditional banks when you choose an online-only bank.
FDIC issued a statement on November 3 stating the action taken on Citizens Bank. Citizens Bank is the fifth bank to close down in the nation this year. The failed banks list shows Heartland Tri-State Bank, First Republic Bank, Signature Bank, Silicon Valley Bank and First–Citizens Bank as other banks shut down in 2023.
The CFPB alleges that Citizens Bank failed to properly manage and respond to customers' credit card disputes and fraud claims. If entered by the court, the order, among other things, would require Citizens Bank to pay a $9 million civil money penalty.
| Bank Name | City | Acquiring Institution |
|---|---|---|
| Citizens Bank | Sac City | Iowa Trust & Savings Bank |
| Heartland Tri-State Bank | Elkhart | Dream First Bank, N.A. |
| First Republic Bank | San Francisco | JPMorgan Chase Bank, N.A. |
| Signature Bank | New York | Flagstar Bank, N.A. |
Fitch Ratings - New York - 10 Oct 2023: Fitch Ratings has affirmed Citizens Financial Group, Inc.'s (CFG) Long- and Short-Term Issuer Default Rating (IDRs) at 'BBB+' and 'F1', respectively.
Is citizens considered a big bank?
Citizens Bank: $224.96 billion
Branches: More than 1,000 in 14 states and Washington, D.C.
Citizens Financial Group Named to Fortune 500 at #486 – Citizens Bank.
Acquiring Institution: Iowa Trust & Savings Bank
All deposit accounts have been transferred to Iowa Trust & Savings Bank, Emmetsburg, IA, ("assuming institution") and will be available immediately. The former Citizens Bank locations will reopen as branches of Iowa Trust & Savings Bank during regular business hours.
Based on the latest financial disclosure, Citizens Financial Group has a Probability Of Bankruptcy of 6.0%. This is 87.98% lower than that of the Banks sector and significantly higher than that of the Financials industry.
Generally speaking, credit unions are safer than banks in a collapse. This is because credit unions use fewer risks, serving individuals and small businesses rather than large investors, like a bank.
