While Bank of America is inflaming consumers’ anger by saying it will soon start charging some debit card customers a monthly fee, the people at Citibank have been busy figuring out just how much to inflate the monthly fees and balance minimums for many of their checking account customers.
According to CNN, starting in December, Citi customers with the mid-level Citibank Account will see their minimum balance jump 250% from $6,000 to $15,000. If they can’t meet that amount, then they face a $will be charged $20 monthly fee.
The bank’s EZ Checking accounts, which currently have no fee, will have a minimum balance requirement of $6,000 or face a $15/month fee. Citi says it’s phasing EZ Checking out, so this seems like a good way to drive customers away.