Citibank Raising Checking Fee
Citibank Raising Checking Fee
Citibank announced several changes in its banking services Friday, including a 25 percent increase in the monthly fee customers pay for the bank's basic checking account. Of course, customers will still be able to avoid the fee by either maintaining a balance of at least $1,500 or enrolling in both direct deposit and online bill pay. The fee for those not meeting those requirements will go from the current $8 to $10.
Other changes include changes to the bank's rewards system. Customers will now be able to earn additional points by opening a savings account at the bank, but the bank will no longer offer rewards points on debit card transactions. These changes coincide by a broad movement from US banks to restructure their services in the wake of federal regulations limiting fees. Banks have been raising fees for the better part of a year, but many have also offered incentives to encourage customers to sign up for more services.
All the planned changes announced Friday by Citigroup are scheduled to go into effect in December.
Citibank announced several changes in its banking services Friday, including a 25 percent increase in the monthly fee customers pay for the bank's basic checking account. Of course, customers will still be able to avoid the fee by either maintaining a balance of at least $1,500 or enrolling in both direct deposit and online bill pay. The fee for those not meeting those requirements will go from the current $8 to $10.
Other changes include changes to the bank's rewards system. Customers will now be able to earn additional points by opening a savings account at the bank, but the bank will no longer offer rewards points on debit card transactions. These changes coincide by a broad movement from US banks to restructure their services in the wake of federal regulations limiting fees. Banks have been raising fees for the better part of a year, but many have also offered incentives to encourage customers to sign up for more services.
All the planned changes announced Friday by Citigroup are scheduled to go into effect in December.
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