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New Citi Checking Account Fees
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Last week, Bank of America caught a lot of flak for introducing a bunch of fees on their checking accounts. This week, it’s Citi’s turn and the fees will start in December.
- If you have a mid-level Citibank account, you’ll get a $20 per month fee if you don’t maintain a balance of at least $15,000 in your accounts, up from $6,000.
- EZ Checking account holders will now see a $15 per month fee if they don’t maintain at least a $6,000 balance and the EZ Checking package is getting phased out.
- Basic Banking accounts will see a fee increase of $2 to $10 per month, which you can avoid if you maintain a balance of $1,500 or make one direct deposit and one automatic online payment per month.
Today it’s Citi, last week it was Bank of America, tomorrow it will be another brick and mortar bank. It’s only a matter of time. If you want to avoid being forced to change banks because you want to avoid fees, start moving your banking now.
(Photo: redvers)
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this really makes me nervous that credit unions will start to do the same thing.
Hope it’s not contagious. Holding my breath but if a credit union is the only way to avoid the fees then that’s where I’ll be heading if my bank comes down with fee-itis.
Fees, fees and more fees. We have our government to thank for this. Every time the government goes after the banks like recently when they limited the charge per transaction for debit cards, the banks turn around and stick it to us. Thank you big government!
My primary brick and mortar checking is with Citi. So far, I have gotten them to waive the fees for me. But I’ll be out the door asap if I couldn’t get them to keep doing it.
i sure hope this does not spread further. all i want is basic checking. if this hits my bank i do not know where i will go.
I want Citi’s Basic Checking account. But I searched their website over and over again, and could not find the statement that says if an account holder maintains a balance of at least $1500, the monthly fee could be waived. In fact, I could’t even find the number “1500.”
The above mentioned account will not be available yet. However, I was told it would be available soon. I spoke with a Citi rep today on the online chat and was told the following:
“Effective 12/09/2011, to waive the Basic Checking $10.00 monthly service charge you will be required to maintain $1,500.00 average balance in your Checking or combined average balance between your Checking and Day to Day savings account. You can also waive the fee if you receive direct deposit and complete a Bill Payment through our Online Bill Payment service.”
Just closed my Citibank account yesterday and moved my savings to a Credit Union. Even having enough saved to be exempt from the fee I strongly disagree with Citibank’s policy of charging customers already in distress. US$240 dollars a year is an absurd and just show the never ending greed.