New York, NY – Today, Citi announced plans to eliminate overdraft fees, returned item fees, and overdraft protection fees by this Summer. Citi will be the only top five U.S. bank (based on assets*) to completely eliminate these fees, representing its continued commitment as a top leader in banking to increase financial inclusion in underserved communities.
For twenty years, Citi has put measures in place to minimize overdraft fees for its consumers in order to put their financial wellness first. In fact, the overdraft revenue Citi collects has been among the lowest, compared to its competitors. Today's announcement is a prime example of how Citi continues to expand access to inclusive banking products and services that can help advance economic progress, especially for underbanked and unbanked populations.
"This latest enhancement is a significant step for Citi as a leader in the banking industry offering the most consumer-friendly overdraft practices," said Gonzalo Luchetti, CEO of US Personal Banking at Citi. "We are continuously looking for ways to utilize our industry-leading capabilities to make the financial system easier and more equitable for communities who have little or no financial buffer."
In addition to its upcoming overdraft enhancements, Citi continues to offer a robust suite of overdraft protection services for its consumers including:
This announcement is the latest example of how Citi continues to leverage its core business capabilities to advance its Environmental, Social, and Governance (ESG) priorities and help address many of society's toughest challenges. It also complements many of its firm-wide Action for Racial Equity efforts in the U.S. that aim to expand banking and credit in communities of color, such as Citi® ATM Community Network, which provides surcharge-free access to Citibank ATMs for customers of participating minority-owned banks, community banks, and community development credit unions.
For more information, visit https://www.citigroup.com/global/businesses/us-personal-banking.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.
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