If you’re a Citibank customer who has one of the bank’s two smaller checking account plans—the ones where the monthly fee is waived as long as you use direct deposit or their online bill payment—then maybe it’s time to consider taking your business elsewhere. Starting in February, anyone with an average balance of less than $1500 will be assessed a monthly $7.50 service fee, reports the New York Post.
Penny-pinching Citibank will put the squeeze on small-fry customers, charging them up to $90 a year by demanding a fee every time their average monthly checking account balance sinks below $1,500.
Starting in February, Citibank will no longer automatically waive its $7.50 monthly fee for its “EZ” and “Access” checking-account holders who make either a direct deposit, or two bill payments online monthly.
A management consultant told the Post that if customers stay with Citibank even after they implement the new fee rule, it will send a signal to other banks that they can do the same with low-balance checking account customers. Hmm, maybe it’s time to start looking around for a good credit union?