Citigroup, Inc (NYSE: C) recently changed some of the ways that fees for its “EZ Checking” and “Access Checking” accounts can be waived.
The New York-based bank is now charging monthly fees to customers of EZ Checking that direct deposit or make two qualifying bill payments each month that also do not meet other fee waiver requirements. The firm is also charging monthly fees to Access account customers that had signed up for direct deposit and don’t also meet other fee waiver requirements.
Despite the change, not all customers will see the fees applied to them immediately, depending on when they opened the account. Earlier in the year, New York Attorney General Andrew Cuomo’s office entered into an agreement with Citibank related to the changes over the accounts. As part of the agreements, Citibank said it would temporarily waive the account fees for customers that signed up for the accounts in 2009. Citibank said that fees have been waived for some customers that would have otherwise been charged fees beginning in February.
Under the agreement, Citibank will continue to waive monthly service fees through December 31st, 2010 for customers that opened an “EZ Checking” or “Access Checking” account between January 1st 2009 and November 5th, 2009 to customers that had previously qualified for a fee waiver via direct deposit or by making qualifying bill pay payments. Customers that opened accounts before January 1st 2009 or after November 5th 2009 will be subject to the new fee policies.
