Last November, Citibank announced that anyone without an average balance of at least $1,500, by February 1st, in their combined accounts would have to pay a monthly fee or be subject to per-check charges. That didn’t sit well with people who had just signed up for EZ Checking, which is supposed to be free. Well it turns out that it also didn’t sit well with the New York State attorney general because on February 1st they reached a settlement with Citi. Anyone who opened an EZ Checking account, in any state, between Jan. 1 and Nov. 5, 2009 would not be subject to any of the new fees until Jan. 31, 2011.
What if you’re one of the million customers getting a one year reprieve? Now might be a time to map out your approach to changing your bank. There are plenty of free checking accounts without $1,500 balance requirements and it should be trivial for you to change.
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