Bad News for Citibank Checking Account Customers as the Fees Increase
According to US news on CNN on 21st Oct, 2014, the CitiBank has raised its checking account fees from the normal charges. Indeed checking account which is explained to be a transactional account in Bank that allows the holder to deposit and withdraw as many times as he or she wants without huge interest rate, now with the recent increase in the fees on checking account by CitiBank, the account holders in this Bank will stand to suffer the increase in charges which are not supposed to be.
The increase in the checking account fees by CitiBank is expected to take effect from January according to the information on CNN news. So, the Citi-rewards checking account is expected to increase from $20 to $25 while the fees on the traditional saving account will increase from $10 to $12. Honestly, though, there are ways in which one can avoid these monthly fees yet, the bank has changed the requirement for avoiding the fees making it difficult for checking account holders to escape the increase in the monthly fees on checking account. In fact, this is really a bad news to those that are holding checking account with CitiBank.
Of a truth, before the change in the requirement for avoiding fees on both checking account and other traditional banking methods, people normally relinquish the fees through their credit card balances, lines of credit, loan balance as well as mortgages. But, now all these do not count any longer as a mean to relinquish charges by account holder. For that reason, irrespective of your monthly balance in your checking account, you will still stand to pay the monthly fees as a checking account holder. Most CitiBank customers are still perplexed about the reason why the bank suddenly decided to increase the charges on checking account which supposed to be the most flexible way of saving money in bank.
Still on the information from CNN it was gathered that CitiBank decided to increase the charges and fees on their service based on some factors including the market pricing and cost of service. More so, according to CitiBank, the evaluation on the price of its products is expected to be a continuous occurrence meaning that the fees can still either increase or decrease in the next price evaluation. For that reason, this is a good reminder for students that there is probability of changes in all terms. So the students need to come up with approaches to thwart the fees.
Fee ramble by CitiBank has made them to be among the expensive banks. Meanwhile the question is what are the things that drive the customers into these fees? One of these things is simply overdraft. For that reason, the account holders can easily avoid incurring the huge monthly charges simply by avoiding withdrawing the money in their account to the negative side. You can easily read more about the fees hike on checking account by CitiBank on CNN US financial news.
