Citibank Increases Checking Account Fees
Major banks continue to increase fees on their checking account customers.
Fresh off the news that Bank of America is assessing a $5 monthly fee on debit card transactions, Citibank is notifying customers that it is increasing the fees on three of the bank’s checking accounts.
Citibank will begin charging $15 per month on their EZ Checking accounts unless customers maintain a $6,000 minimum balance. Previously, the charge was $7.50 per month unless a customer maintained a $1,500 minimum balance.
The bank also made changes in their Citibank Basic Package. The bank is adding a $1,500 minimum monthly balance for its basic checking account. Customers will be charged a $10 fee if the balance falls below this minimum at any time during the month. Customers can also avoid the monthly fee if they make one direct deposit and one online bill payment during the month. Currently, there is no minimum balance, but there is an $8 monthly fee if the customer doesn’t have a combination of five qualifying transactions.
For their premium checking customers, the monthly cost remains at $20, but the minimum balance to waive this fee increases from $6,000 to $15,000. The minimum balance can be combined total of all Citi linked accounts, which includes investment accounts, mortgage, credit cards or retirement accounts.
These changes take effect on December 9.