Photo: Getty Images
Citigroup is getting rid of overdraft fees, making it the biggest US bank to pledge to eliminate the charges. By this summer, Citi plans to get rid of overdraft fees, non-sufficient funds fees and overdraft protection fees. This change means Citi will officially become the only one among the top five US retail banks by assets to abolish the fees. Citi will continue to provide overdraft protection services to help consumers cover negative balance transactions, including the ability to transfer funds from a linked Citi savings account and an automatic personal line of credit. Fees for those services will also be eliminated as part of the new changes. CEO of US Personal Banking at Citi, Gonzalo Luchetti, told CNN:
"We're tremendously proud to eliminate these fees altogether. These changes empower our customers to build long-term financial wellness with access to more affordable banking services."
Do you think more banks should get rid of overdraft fees?
Photo Credit: Getty Images