More bank closures in NJ — Is your branch next?

💲 An alarming number of banks have closed in New Jersey

💲 Bank closures are creating financial deserts

💲 Closures could leave some vulnerable to predatory lending practices

It is getting harder to find a bank branch in New Jersey and more closures are on the way.

Citizens Bank is the latest to file notice they will close three branches in New Jersey - in Cape may, Three Bridges and Verona.

Their filing did not include a reason or a date.

Bank closures becoming more common

Since 2012, more than 800 bank branches have closed in New Jersey.

Data from the New Jersey Department of Banking and insurance shows a parade of filings that contain a "notice of intent to close."

With at least 83 closures this year alone, The Daily Mail reports that New Jersey has had the highest number of bank branch closures per capita in the United States.

Over the past three years, 10% of all bank branches in New Jersey have closed.

The closures are coming from both big and small banks.

Wells Fargo, PNC Bank, Capitol One, Bank of America and Citibank have all closed branches.

Smaller banks, including Kearny, Truist, Provident, BCB and First Bank have have intent to close notices on file with banking regulators in New Jersey.

Impact of bank closures in New Jersey

Most banks are accelerating efforts to provide most transactions on-line, but there are some populations in New Jersey that either to not have access to secure internet or simply prefer to access banking services in person.

The closures are also hitting already underserved communities the hardest.

Research from the National Community Reinvestment Coalition found that a third of the locations that had been closed nationwide were in minority areas an/or areas where there was a predominantly lower income level.

Some consumer advocates warn that makes those communities more susceptible to predatory lending practices.

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