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.