Bloomberg News

Citigroup Says Fees Doubled to $15 on Phased Checking Accounts

September 30, 2011

Sept. 30 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. bank, is doubling customer fees to $15 and increasing the minimum balance on a checking account that the lender says it is trying to phase out.

Customers using the New York-based bank’s product, called the EZ checking package, will have to maintain a $6,000 balance to avoid the new fee, Stephen Troutner, head of banking products for U.S. consumer banking, said in a phone interview.

Citigroup, run by Chief Executive Officer Vikram Pandit, introduced last week options for U.S. checking customers, Troutner said. Clients will pay no monthly fees if they make one direct deposit and one online bill payment a month, or if they keep a minimum $1,500 balance, the bank said in a statement. Otherwise, the fee is $10, up from the previous $8.

“That is a legacy package that we no longer actively sell,” said Troutner of the EZ product. “It is not actively sold and has not been actively sold in about a year.”

--Editors: Dan Reichl, William Ahearn

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.


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