Citibank Announces New Choices in Checking

NEW YORK, Sept. 1 /PRNewswire/ -- Citibank has announced changes to its checking account packages to better help customers reach their financial goals. Recognizing the challenges many face in managing their day-to-day finances, Citibank is helping customers by giving them a choice of checking account options designed to match the speed and style of their lives.

Rewarding customers for their relationship remains an important aspect of every checking package.  Customers can avoid paying monthly fees by choosing an account that either rewards them for maintaining a monthly balance, or for performing everyday qualifying transactions such as using their debit card.

Citibank's three primary checking account packages will now include the Basic Banking account, the Citibank® account and the Citigold® account. As always, free Citi Mobile® services, including Account Alerts and Citi®Text Banking, will help customers manage their money and make the most of their checking package, while the Citi® ThankYou Rewards program lets customers earn rewards points for their overall relationship and for conducting their everyday banking.

The Basic Banking account now offers customers more value for doing their everyday banking with Citibank.

• There is no monthly balance requirement.
• The monthly maintenance fee can be waived by simply completing five or more qualifying transactions during a statement period.
  • Qualifying transactions include direct deposit, debit card purchases, bill payments, checks paid, auto deductions, ACH payments and ATM cash withdrawals.
• If these requirements are not met, beginning with activity reflected in the November 1, 2010 statement period, the monthly maintenance fee will be $8.
• As always, customers can still earn up to 50 ThankYou points per month, depending on the number of products or services included with their Basic Banking account package, as well additional points for PIN and signature debit purchases.

The Citibank® account remains Citibank's full-service banking solution, allowing customers to link eligible accounts together for ultimate control and simplicity.

• The monthly maintenance fee can be waived by maintaining a $6,000 monthly balance in linked accounts.
  • Linked accounts can include checking, savings, Citibank credit cards, CDs, investments, money market accounts, mortgages, loans and lines of credit and retirement accounts.
• If the balance requirement is not met, beginning with activity reflected in the November 1, 2010 statement period, the monthly maintenance fee will be $20.
• As always, customers can still earn up to 800 ThankYou points per month, based on the number of products and services included with their Citibank® account package, as well as additional points for PIN and signature debit purchases.

The Citigold® account remains Citibank's premium package for customers' banking, investment and borrowing needs. Citigold offers exclusive savings and rewards, preferred pricing, and superior advice and guidance.  

• The monthly maintenance fee can be waived by maintaining a new lower monthly balance of $50,000 in linked deposit accounts.
  • Deposit accounts can include checking, savings, money market accounts, CDs and retirement accounts.  
• Customers can continue to qualify for the waiver by meeting the requirements of one of the other two balance tiers:
  • $100,000 for linked deposit accounts, investments, credit cards, and loans and lines of credit, excluding first mortgages; or $250,000 for linked deposit accounts, investments, credit cards, and loans and lines of credit, including first mortgages.
• If the balance tier requirements are not met, beginning with activity reflected in the November 1, 2010 statement period, the monthly maintenance fee will be $30.
• As always, customers can still earn up to 1,200 ThankYou points per month, depending on the number of products and services included with their Citigold® account package, as well additional points for PIN and signature debit purchases.

"Our customers have been telling us that they want simpler products that offer more value," said Brad Dinsmore, Head of Retail Banking, North America Consumer Banking, Citi. "Our simplified checking accounts offer customers more meaningful choice and reward them for doing more with Citibank," he continued. "By really listening to our customers, we can offer them the right solutions to meet their needs, and help them easily avoid paying monthly fees."

Citibank

Citibank is part of Citi, the leading global financial services company, which has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

SOURCE Citibank