AccountFee.com’s Summary of Avoiding Citibank Checking Account Fees: Citibank four packages of checking accounts; Citigold, Citibank account, Basic banking and access account. The checking fees are $30, $25, $12, and $10 respectively.
Avoiding Citibank Checking Account Fees
Citibank was established as the City Bank of New York in 1812. By 1914, the bank was established in London, Shanghai, Calcutta and Buenos Aires. In 1955, it was renamed 1st National City Bank in New York after a merger with First National Bank. The name was later in 1962 shortened to First National City Bank. It was finally named Citibank in 1976.
Citibank is one of the biggest banks in the US and indeed the world comparable to Chase and Bank of America. It has approximately 3,000 branches and over 34,000 ATMs serving 100 million customers worldwide. In 2015, held $301 billion in deposits, had $391 billion in average assets and included $281.3 billion in average loans and generated a pre-tax profit of $9.8 billion.
According the bank’s website, it has four kinds of checking accounts each with different fees;
1. Citigold account
- Monthly fees of $30. This can be waived if the customer maintains $50,000 in eligible linked deposits and retirement balances in the prior month, or $100,000 in eligible linked deposits, investments and retirement balances in the prior calendar month.
- Free use of ATMs
- Unlimited refund of fees for withdrawing from ATMs in other banks
- No check fees.
2. Citibank account
- Monthly fees of $25 which can be waived by maintaining $10,000 in eligible linked deposits and investments in the prior calendar month.
- $2.50 ATM withdrawal fees that are waived by maintaining a balance of $10,000
- Charges for withdrawing from other banks’ ATMs
- No check fees
3. Basic banking account
- Monthly fees of $12 which can be waived if the customer is 62 years or older, or maintains a bank balance of $1500 in the prior month, or completes 1 qualifying direct deposit and 1 bill payment in the statement period.
- ATM withdrawal fees of $2.50 which are waived if the customer is 62 years or older.
- No check fees
4. Access account
- Monthly fees of $10. This waived if the customer maintains $1500 in combined balances in the prior month, or has 1 qualifying bill posted to the account or 1 qualifying direct deposit during the statement period.
AccountFee.com’s Editor’s Notes: Avoiding Citibank Checking Account Fees
Citibank is very friendly to people trying to save. Elder customers get special benefits when they keep their retirement benefits for longer. The fees waiver conditions are also very friendly and suitable for people of different economic classes.