Citi revamps U.S. Retail Bank with simplified banking and reduced service fees

“Citi’s U.S. Retail Bank introduces simplified banking, a more straightforward way of banking. By retiring account packages and introducing Relationship Tiers, Citi is streamlining its benefits and services and enhancing the customer experience. New customers can benefit from these changes immediately and Citi will begin converting existing customers to simplified banking in 2024,” said the bank in a statement. “Customers are at the heart of everything we do, and we are excited to offer even more enhanced offerings with convenient benefits and services that grow with customers as they move through life’s stages,” said Craig Vallorano, Head of Retail Banking at Citi. “These latest changes are designed to create a more seamless experience for our customers and make it easier for them to get personalized advice and access their finances.” Citi is expanding on its commitment to make banking more accessible and inclusive for people across the income spectrum. Customers not in a Relationship Tier can avoid Monthly Service Fees in their Citi Checking account by making Enhanced Direct Deposits of $250 or more each month; in their Citi Savings account by having $500+ or more in Average Monthly Balance or owning both a Citi Checking and Savings account; and during the month they open an account and for three calendar months after account opening. Since summer 2022, Citi has defined Enhanced Direct Deposits to include deposits via Zelle and other peer-to-peer payments when made via the Automated Clearing House using providers such as Venmo or PayPal. This policy helps to remove a barrier that workers may face who primarily receive income through peer-to-peer payments. Beginning in 2022, Citi has eliminated a number of its retail consumer banking fees, including overdraft fees, returned item,” noted the bank in a statement.