Customers at Citizens Financial Group were prevented on Wednesday from accessing their online and mobile accounts, in what the company has described as an issue with its technology.
At about 8:30 a.m., the Providence, R.I., company announced on Twitter that its digital channels were unavailable to customers. A Citizens spokesman confirmed the outage, describing it as a “technical issue.” The underlying problem was resolved by the early afternoon, though "some customers" were still unable to access their accounts due to "residual access delays," according to the spokesman.
"I want to reiterate that we apologize to customers for any inconvenience," the spokesman said in an email. No additional details about the nature of the problem or the number of customers affected were provided.
Rain falls outside a Citizens Bank location in downtown Boston, Massachusetts, U.S., on Wednesday, Feb. 27, 2013. Photographer: Kelvin Ma/Bloomberg
The $153.5 billion-asset Citizens has experienced a number of technical glitches in recent months, according to media reports.
The company suffered an outage in late April, leaving customers unable to access their accounts for several hours. Additionally, in March, Citizens customers in Cleveland discovered missing payments and unprocessed online bills, in what the company described as a “vendor processing issue.”
Citizens' outage on Wednesday is the latest a string of tech-related snafus across the banking industry.
The Suffolk, Virginia-based bank has agreed to pay more than $200 million for Old Point Financial in Hampton. It announced the deal just two days after its previous acquisition closed.
President Trump's tariffs on imported vehicles threaten to drive up auto prices at a time when more car owners are already drifting into delinquency on their loans.
Fears of a recession intensified after President Trump unveiled his plan to impose a minimum 10% tariff on all U.S. imports, and the KBW Nasdaq Bank Index tumbled by nearly 10%.
The federal Small Business Investment Company program has seen a spike in interest since a new rule incentivizing support for early stage companies took effect in 2023. Now there is growing political support for ways to further bolster the program.
The Consumer Financial Protection Bureau said in a court filing that it will repropose a rule requiring lenders to report small-business loan data, citing legal challenges.
