If you’re a Citibank customer, you’ll want to take note of this: Citibank is hiking up their monthly fees for both checking accounts and basic accounts. Fees for checking accounts will rise from $20 to $25, while basic account fees go from $10 to $12.
But there is good news. The average balance required to get a fee waiver has now decreased, making it easier for individuals who already have an account with Citibank. However, lines of credit, mortgages, credit card and loan balances will not count towards that limit. This might cause a bit of trouble for some account holders.
With this sudden rise in fees, Citibank continues to climb in the ranks as one of the more pricey options for a checking and/or basic account. According to a statement from the bank, “Citibank continually evaluates the pricing of products and services and adjusts fees as necessary based on many factors, including servicing costs and marketplace pricing.”
So what to do if you don’t want to fret about these fees? One option is to consider Citibank’s Access Account, announced just this past September. It is a check-less account that restricts users from overdrawing their accounts, thus avoiding overdraft fees. Furthermore, it only comes with a $10 monthly fee.
If this doesn’t fit your needs, you can always do a bit of shopping around to find something more to your liking.
Source: CNN Money
