How To Avoid CitiBank Monthly Fee
“How To Avoid Citibank Monthly Fee”
Citi®, one of the biggest banks in America, offers its customers a full array of banking products and services, including banking accounts and credit cards. Many banks charge their account holders fees to take care of overhead costs. These fees can range from wire transfer fees to ATM fees and more.
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How To Avoid Citibank Monthly Fee
However, many banks offer their customers ways to circumvent these fees, and Citi is no different. Citi’s monthly maintenance fees can be avoided using strategies such as maintaining a designated monthly balance.
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Citi Checking Account Fees
Before we get into how to avoid Citibank monthly fee, let look at the fees at Citibank. Citi’s monthly checking account fees are $10 to $30, depending on the package. Citi offers customers five packages through which they can open a checking account. These packages cover a range of banking needs, from personal checking accounts — through its Basic Banking or Access Account packages — to wealth management — through its Citigold® package.
ACCOUNT/MONTHLY SERVICE FEE
•Citigold® – N/A
•Citi Priority – $30
•The Citibank® Account – $25
•Basic Banking – $12
•Access Account – $10
As you can see, not all the accounts require a monthly service fee. One characteristic all the accounts share is that you do not need to make a deposit to open the account. But what about other checking account fees?
FEE/AMOUNT CHARGED
•Out-of-network ATM fee – $2.50 in the U.S.; additional 3% fee for transactions made outside U.S. and Puerto Rico
•Overdraft – N/A
•Foreign exchange fee – 3% of transaction
•Wire transfers – $15-$45
Some of these fees, and other fees not listed, may be waived, depending on the account package you have.
Citi Savings Account Fees
Citi’s monthly savings account fees are $4.50 for basic accounts but can be as high as $30 for accounts that are part of a package, or waived entirely. Like its checking accounts, Citi’s savings account offerings are spread across five different packages, which customers can choose from based on their savings goals and needs.
ACCOUNT/MONTHLY SERVICE FEE(How To Avoid Citibank Monthly Fee)
•Citigold® – N/A
•Citi Priority – $30 for savings and linked checking account
•The Citibank® Account – $25
•Basic Banking –
$4.50 for savings account only
$12 for savings and linked checking account
•Access Account –
$4.50 for savings account only
$10 for savings and linked checking account
Citigold account holders do not need to worry about a monthly service fee. However, the lowest rate available for all of the accounts is below the national average, according to the Federal Deposit Insurance Corp.
How To Avoid Citibank Monthly Fee For Maintenance
Most Citi account packages allow customers to waive monthly maintenance fees through balance minimums or qualifying deposits and payments. Here’s a breakdown of how to avoid fees for each package:
•Citigold® – No monthly fees with your Citigold® account package
•Citi Priority: Your average monthly balance from your checking or savings account must be greater than $30,000. This figure can be reached through a combination of eligible linked retirement and investment accounts.
•The Citibank® Account: Your average monthly balance from your checking or savings account must be greater than $10,000. A combination of eligible linked retirement and investment accounts can help you reach this figure.
•Basic Banking: Make one qualifying direct deposit and bill payment per statement period. Maintain an average monthly balance greater than $1,500 in your checking or savings account or in a combination of eligible linked accounts.
The monthly service fee is waived for customers ages 62 and older.
For a Basic Banking savings account that’s not linked to a checking account, maintain a monthly balance of $500 or more.
•Access Account: Make one qualifying direct deposit or bill payment per statement period. Maintain an average monthly balance greater than $1,500 in your checking or savings account or in a combination of eligible linked accounts.
For an Access savings account that’s not linked to checking, maintain a monthly balance of $500 or more.
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How To Avoid Citibank Fee For ATM
Citi’s ATM fee for both international and domestic ATM use is $2.50, which is worth noting since some banks charge $5 for ATMs used outside the U.S. If you withdraw cash at an ATM outside of the U.S. and Puerto Rico, you may incur a 3% foreign exchange fee, depending on the type of account you have.
The easiest way to avoid Citibank ATM fees is to use Citi ATMs whenever possible. You can locate the nearest Citi ATM on Citi’s website or via the bank’s mobile app. You can also use ATMs at participating Walgreens, CVS Pharmacy, Target, Rite Aid and Duane Reade locations.
Citi will waive some ATM fees, depending on the package you select. There are no ATM fees for Citi Priority and Citigold® accounts. The Citibank® Account Package waives the fee if your balance is $10,000 or more. The fee is also waived for Basic Banking account owners ages 62 or older.
How Fees at Citi And Other Banks Compare
Citi carries most of the same fees as other banks. To see how Citi measures up, see below. Keep in mind that the fees listed reflect amounts typically charged; exceptions may apply.
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FEE At WELLS FARGO/ CHASE/BANK OF AMERICA/CITIBANK
•Monthly maintenance
√Wells Fargo: Up to $35
√Chase: Up to $35
√Bank of America: Up to $25
√Citibank: Up to $30
•Out-of-network ATM withdrawal
Wells Fargo
√In U.S.: $2.50
√Outside U.S.: $5
Chase Bank
√In U.S.: $3
√Outside U.S.: $5
Bank of America
√In U.S.: $5 or 3%, whichever is greater
√Outside U.S.: 3%
CitiBank
√In U.S.: $2.50
√Outside U.S.: 3%
•Overdraft (Non-Sufficient funds)
√Wells Fargo: $35
√Chase Bank: $34
√Bank of America: $35
√Citibank: N/A
•Excess Transactions
√Wells Fargo: Undisclosed
√Chase Bank: $5
√Bank of America: $10 √Citibank: No fee
•Wire Transfer
√Wells Fargo: $15-$30
√Chase Bank: $0-$50
√Bank of America: Varies
√Citibank: $15-$45
•International Debit Purchase
√Wells Fargo: 3% of transaction
√Chase Bank: 3% of transaction
√Bank of America: 3% of transaction
√Citibank: 3% of transaction
Citi’s fees are mostly aligned with those of other major banks. But, unlike some other banks, Citi doesn’t charge fees when it comes to excess transactions.
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Getting the Most Out of Your Citi Account
How to avoid Citibank monthly fee – The Citi account that’s right for you depends on your financial needs. Of course, you want to make sure you’ll save on fees, but here are some other questions to ask yourself when choosing an account:
•Is it for personal or business needs?
•How much money am I spending per month?
•How much do I want to save?
•Do I want an interest-bearing account?
Will this account benefit me over time?
•Can I take advantage of this account’s features, such as waivers?
If you take the time to think about what you want — and need — from an account before you sign up, you’ll have a better chance of getting a banking product you’ll be satisfied with for years to come.
NOTE: Rates are subject to change.
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