by STAFF WRITER Published February 8, 2011 Credit Unions Online
The days of getting free checking by having direct deposits into your account are gone at Citibank. The New York Post is reporting that Citibank is to begin charging customers $7.50 per month on checking accounts that do not maintain a minimum balance of $1,500. If you are able to keep $1,500 in your checking account at all times, that also means you have $1,500 not earning interest elsewhere. Either way, the customer looses.
From the New York Post:
"Penny-pinching Citibank will put the squeeze on small-fry customers, charging them up to $90 a year by demanding a fee every time their average monthly checking account balance sinks below $1,500.
Starting in February, Citibank will no longer automatically waive its $7.50 monthly fee for its "EZ" and "Access" checking-account holders who make either a direct deposit, or two bill payments online monthly."
Now could not be a better time for Citibank customers to find a better way of doing banking - at a credit union. With this move, Citibank has made it clear they do not want the average American as their customer. If you currently have a Citibank checking account, reconsider where you keep your money. How is the service you get from Citibank? Is it worth $90 per year when you can get better service at a credit union along with free checking?
Find a credit union in your area through our easy to use search. You will not only like the free checking you will find, but the personal and friendly service found at credit unions ranks high in consumer polls, compared to banks.