Rolls out Feature to Help Avoid Overdraft Fees, Commits to National Standards to Serve Underbanked
As part of its ongoing efforts to help customers better navigate their financial lives, Citizens announced several initiatives designed to make banking more worry-free, transparent and accessible, including a new way to avoid overdraft fees and a commitment to helping ensure that underserved communities have access to banking services.
“Life can be hectic, and we believe a bank should operate as a transparent and trusted financial partner, helping customers keep more of their hard-earned money in their pockets.”
The bank introduced Citizens Peace Of Mind™, a new deposit feature providing customers with the ability to avoid the expense of unexpected overdraft fees. This feature — which was added to all Citizens Checking accounts on Oct. 1 – allows customers who unexpectedly overdraw their accounts the ability to deposit or transfer enough funds to bring their account to a positive available balance prior to the close of business the following business day, which will automatically reverse all overdraft fees(1).
“Citizens Peace of Mind™ empowers customers by helping them to avoid unnecessary fees,” said Brendan Coughlin, head of Consumer Banking at Citizens. “Life can be hectic, and we believe a bank should operate as a transparent and trusted financial partner, helping customers keep more of their hard-earned money in their pockets.”
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This new feature will complement the $5 Overdraft Pass, a customer protection that the bank has offered for several years on all checking and money market accounts. If a customer overdraws their account with a transaction of $5 or less, Citizens does not charge an overdraft fee.
Citizens Peace of Mind™ will also introduce new technological capabilities that monitor and alert customers to overdraft withdrawals, keeping customers informed of their finances and helping them make better decisions.
Over the past few months, Citizens has also introduced a student checking account with no overdraft fees, and an automatic once a year overdraft rebate on select products.
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Continued Commitment to Helping Underbanked Communities with Bank On
Citizens today also announced that it will roll out a new checking account with no overdraft fees and features in the first quarter of 2022 that will meet Bank On National Account standards designed to ensure that everyone has access to a transparent, easy-to-use, and affordable transactional account.
Citizens joins more than 100 banks and credit unions across the U.S. in committing to the standards, which are aimed at helping the underbanked access the banking system safely and efficiently.
“Through financial literacy and empowerment, the banking community has a responsibility to help all Americans reach economic security,” said Coughlin. “The CFE Fund’s national Bank On platform supports local coalition and financial institution efforts to connect consumers to safe, affordable bank accounts.”
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