Citibank Raises Checking Account Fees

Last week Bank of America angered its customer base by adding a $5 monthly fee for debit card users. Citibank will also have some unhappy customers as the company announced today that it will add a $20 checking account fee to certain accounts.

The Business Insider reports that the new checking account fees will be applied to customers who fail to maintain a balance of $15,000. Citibank used to charge a similar fee to customers who didn’t maintain a $6,000 balance. EZ checking account holders will now have to maintain a $6000 balance or pay a $15 monthly fee. There used to be no minimum for an EZ checking account.

Citibank is also planning on phasing out the EZ checking accounts altogether. Business Insider writes:

“(Citibank) is phasing out EZ Checking, replacing it with the option of either a Citibank account or Basic Checking account, which of course carries fees ($10 per month, up from $8 in September) unless these customers maintain a $1,500 minimum balance or make at least one online payment or direct deposit transaction a month.”

According to Time Magazine, customers with the new Basic Checking account can have their fee waved if they have one direct deposit and one bill pay on their account every month.

The new checking account fees will start next month on November 14th.

What do you think about the new checking account fees? Will you be keeping your money at Citibank?