This article was last updated on April 16, 2022
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Citigroup Inc has joined a number of other banks as they announced that they will now start charging $10 per month on savings and checking account that have collective balance of less than $1,500. This action has been taken by many other banks too because of new financial industry regulations.
Apart from maintaining a collective balance of $1,500 the customer can get the fee waived if he completes one direct deposit and does one bill payment online.
These changes will be effective from 1st December.
Currently Citibank customers do not have to maintain a minimum balance as all they need is to complete five transactions from their account each month, which saves a monthly fee of $8.
A Citigroup spokesperson said there will be no charges applied on online bill payments and debit card use.
The head of banking products for Citibank’s U.S consumer bank Mr. Stephen Troutner said that these measures could tempt customers from other banks like JPMorgan, Wells Fargo & CO and Chase & Co who charge for debit card use.
He added “Customers have told us in no uncertain terms that is a huge source of irritation”
Citi is the lastest amongst a host of banks who have changed their fee structure because of change in Consumer banking laws and regulations since the past 2 years.
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