Skip to main content

Citigroup is saying goodbye to overdraft fees.



Following the move by Bank of America and others to eliminate or reduce OD charges, Citigroup says it is following suit, making it the biggest U.S. bank make the change.

By this summer, Citi plans to get rid of overdraft fees, non-sufficient funds fees and overdraft protection fees.

The changes mean Citi will be the only one among the top five U.S. retail banks by assets to abolish the fees that have come under fire from consumer groups.

In a statement announcing its move, Citibank said it is also offering two services, Safety Check and Checking Plus, to help cover negative balance transactions, including an Access Account Package, a checkless account package with “low or avoidable monthly charges that provides customers with a simple, transparent way to manage their finances.”

The nation’s fourth-largest bank said it will also offer the Common Sense Protection Measures, where it will not authorize ATM or point-of-sale debit transactions in cases when funds are not available, and Low Balance Alerts where customers can enroll through their mobile devices or online.

‘More Equitable’

According to Gonzalo Luchetti, the chief executive of U.S. personal banking at Citi, the move is designed “to make the financial system easier and more equitable for communities who have little or no financial buffer.”

Following a move by ELGA Credit Union, Citi joins a growing list of banks and credit unions making changes or outright eliminating overdraft fees amid pressure from lawmakers in Congress and growing competition from online rivals, CNN noted.

According to the CFPB, the U.S. banking industry’s revenue from overdraft and insufficient funds was $15.47 billion in 2019, according to an estimate.

Comments

Popular posts from this blog

NCOFCU Newsletter

The Bucket Coach is a financial advice book designed by Fire Services Credit Union, Tronto, Canada. and written exclusively for Fire Fighters It's a practical guide for household financial management, including investments, credit and mortgages, and retirement. Developed with contributions from Fire Fighters," NCOFCU Newsletter : " Kevin Connolly Chief Executive Officer    Fire Services Credit Union Phone: 416-440-1294 ext 301  Toll Free: 1-866-833-3285 E-mail:  kevin@firecreditunion.ca 1997 Avenue Rd Toronto, ON M5M 4A3 

Vought: ‘We’re Closing Down The CFPB’ — White House Budget Chief Says Agency Will Shut Down Within Months

  10/16/2025 09:03 am         WASHINGTON—White House Budget Director Russell Vought said Wednesday he plans to shut down the CFPB, PYMNTS reported. Russell Vought Speaking on  The Charlie Kirk Show , Vought said only a handful of employees remain at the CFPB’s Washington headquarters “while we close down the agency,” adding that he expects the process to be completed “within the next two or three months.” Vought’s remarks come amid a series of legal challenges targeting the Administration’s attempts to scale back or dismantle the CFPB. The Administration is currently facing lawsuits from a CFPB labor union and consumer advocacy groups, which argue that Trump lacks the authority to dismiss most of the Bureau’s staff or eliminate the agency altogether. On Wednesday, Vought repeated long-standing Republican criticisms that the CFPB has exceeded its authority and imposed unfair burdens on smaller financial institutions, PYMNTS noted. “All they want to do is wea...

AI Meets Retail: Walmart Lets Shoppers Buy Directly Through ChatGPT Using Sparky Instant Checkout

  10/15/2025 07:10 pm         BENTONVILLE, Ark.— Walmart is teaming up with OpenAI to introduce Sparky AI-driven shopping experiences that let customers and Sam’s Club members complete purchases directly through ChatGPT using its new Instant Checkout feature, PYMNTS reported. The collaboration broadens Walmart’s use of artificial intelligence across its retail ecosystem and underscores a wider industry move toward conversational, predictive commerce. Through the integration, shoppers can plan meals, restock household essentials, or discover new products simply by chatting with ChatGPT—while Walmart manages the entire transaction process seamlessly in the background, PYMNTS explained. “For many years now, eCommerce shopping experiences have consisted of a search bar and a long list of item responses,” Doug McMillon, president and CEO of Walmart Inc., stated in the PYMNTS report. “That is about to change. There is a native AI experience coming that is multi-media...

Government Shutdown? Credit Unions Know The Drill.

  With three complete government shutdowns and repeated trips to the precipice in the past 25 years, credit unions have had plenty of opportunity to refine how they approach helping members during work stoppages. Read the complete article HERE __ ______________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

Sunday Reading - An explainer on the Cold War

  Global Tensions     An explainer on the Cold War The Cold War was a global competition ( watch animated map ) for power and influence between the United States, a capitalist democracy, and the Soviet Union, a state-controlled socialist system, from 1945 to 1991, sparked by tensions over how to shape the post-World War II order. The conflict was defined by ideological rivalry, massive military spending , and a nuclear arms race that brought the world to the brink of thermonuclear war. Though the two superpowers never engaged in direct combat—hence, the war remained “cold”—they waged...