Citi has eliminated overdraft and other fees on Citi Retail Banking consumer deposit accounts. The change makes Citibank the first of the top five U.S. banks to eliminate these fees.
Citi Eliminates Overdraft Fees
Citibank has become the first of the biggest U.S. banks to completely eliminate overdraft fees. The financial giant made the announcement yesterday, with the process expected to finish by the summer.
Besides eliminating overdraft fees on its banking products, Citi continues to offer a robust suite of overdraft protection services for its customers, including:
- Overdraft Protection Services: Citi offers two services to cover negative balance transactions, whose fees are eliminated with this change:
- Safety Check – Safety Check transfers available funds from linked Citibank savings accounts to cover your overdraft plus any fees.
- Checking Plus – If approved, a Checking Plus® line of credit automatically transfers funds from your credit line to your checking account to cover your overdraft plus any fees. Accounts in the Access Account Package cannot be linked to Checking Plus.
- Access Account Package: Citi’s checkless account package with low or avoidable monthly charges provides customers with a simple, transparent way to manage their finances. Since launching in 2014, the Access Account Package has been viewed as an industry leader due to its flexible structure and automatic protection against debit card overdrafts on your account.
- Common Sense Protection Measures: Citi will not authorize ATM or point-of-sale debit transactions in cases when funds are not available.
- Low Balance Alerts: Consumers can enroll in Low Balance Alerts via their account online or mobile app.
“Make the Financial System Easier and More Equitable”
“This latest enhancement is a significant step for Citi as a leader in the banking industry offering the most consumer-friendly overdraft practices,” said Gonzalo Luchetti, CEO of U.S. Personal Banking at Citi, in a press release. “We are continuously looking for ways to utilize our industry-leading capabilities to make the financial system easier and more equitable for communities who have little or no financial buffer.”
About Citi
A leading global bank, Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Citi also issues a vast assortment of credit cards from leading brands, plus proprietary cards such as the Citi Custom Cash℠ Card, Citi® Double Cash Card – 18 month BT offer, Citi Simplicity® Card, Citi Premier® Card, Citi Rewards+® Card, Citi® Diamond Preferred® Card, and Citi® Secured Mastercard®.
Related Article: New Citi Merchant Offers for Credit Cards
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