Citibank announced Tuesday the launch of its new Access Account. This account will be a checkless banking account that doesn’t allow customers to overdraw their accounts or incur fees. According to Head of U.S. Retail Banking at Citibank Will Howle, “The new Citibank Access Account provides customers with a simple way to manage their finances.” As a checkless account, the Access Account uses online or mobile payment tools instead. The account will simply deny a transaction if you try to make a purchase without enough money. This will make sure you do not incur any overdraft fees.
The move to a checkless checking account is in response to a recent survey, which confirmed that 65% of U.S. consumers either don’t own a checkbook or prefer not to use checks. And Citibank is not the only bank to be moving to checkless accounts. Bank of America announced their Safe Balance Account earlier this year, which is a traditional checking account without checks or overdraft fees. Other banks, like Chase Bank, have also introduced prepaid cards as an alternative to carrying checks.
Source: CNN Money
