Citi Eliminates All Overdraft Fees for Banking Customers
Update (Jun. 21, 2022) – These changes go into effect today and Citi is the now the only top five U.S. bank, based on assets, to completely eliminate overdraft fees, returned item fees, and overdraft protection fees on Citi Retail Banking consumer deposit accounts. You can find all related information here.
Citi to Eliminate Overdraft Fees by the Summer
Original article (Feb. 24, 2022) – Citi today announced plans to eliminate overdraft fees, returned item fees, and overdraft protection fees by the summer. Other banks such as Capital One, Bank of America and Wells Fargo have moved to eliminate or lower similar fees. But Citi will be the only top five U.S. bank to completely eliminate them.
“This latest enhancement is a significant step for Citi as a leader in the banking industry offering the most consumer-friendly overdraft practices,” said Gonzalo Luchetti, CEO of US Personal Banking at Citi. “We are continuously looking for ways to utilize our industry-leading capabilities to make the financial system easier and more equitable for communities who have little or no financial buffer.”
In addition to its upcoming overdraft enhancements, Citi continues to offer a robust suite of overdraft protection services for its consumers including:
- Overdraft Protection Services: Citi offers two services to cover negative balance transactions, whose fees will also be eliminated with this change:
- Safety Check – Safety Check transfers available funds from a linked Citibank savings account to cover your overdraft plus any fees. For more information, please see https://online.citi.com/US/JRS/pands/detail.do?ID=SafetyCheck
- Checking Plus – If approved, a Checking Plus® line of credit automatically transfers funds from your credit line to your checking account to cover your overdraft plus any fees. Accounts in the Access Account Package cannot be linked to Checking Plus. For more information, please see https://online.citi.com/US/JRS/pands/detail.do?ID=CheckingPlus
- Access Account Package: Citi’s checkless account package with low or avoidable monthly charges provides customers with a simple, transparent way to manage their finances. Since launching in 2014, the Access Account Package has been viewed as an industry leader due to its flexible structure and automatic protection against debit card overdrafts on your account.
- Common Sense Protection Measures: Citi will not authorize ATM or point-of-sale debit transactions in cases when funds are not available.
- Low Balance Alerts: Consumers can enroll in Low Balance Alerts via their account online or mobile app.