Understanding Citi Fees
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.
However, many banks offer their customers ways to circumvent these fees, and Citi is no different. You can avoid Citi’s monthly maintenance fees using strategies such as maintaining a designated monthly balance.
Citi Monthly Service Fees
| Account | Monthly Service Fee |
|---|---|
| Access Checking | See website for details |
| Regular Checking | See website for details |
| Basic Banking | See website for details |
| Access Account | See website for details |
Citi Checking Account Fees
Citi offers two types of checking accounts, each with a monthly Citi maintenance fee. If you can’t avoid the monthly service fees but still want to bring down your banking costs, consider the cheaper Access Checking account over the Regular Checking account option.
| Account | Monthly Service Fee |
|---|---|
| Access Checking | See website for details |
| Regular Checking | See website for details |
Citi Savings Account Fees
Citi’s savings account offerings are spread across five different tiers, which customers can choose from based on their savings goals and needs.
| Account | Monthly Service Fee |
|---|---|
| Basic Banking | See website for details |
| Access Account | See website for details |
The lowest rate available for all of the accounts is below the national average, according to the Federal Deposit Insurance Corp.
Citi Overdraft Fees
Citi eliminated overdraft fees in 2022, as well as returned item and overdraft protection fees. There are services available for customers to cover negative balances, such as:
Safety Check
If you have a Citi savings account linked to your checking account and are enrolled in overdraft protection, your savings can cover any overdrafts. Citi will round transfers in $100 increments if funds are available. Even if you’ve had multiple overdrafts in a day, one transfer will be used to cover a negative balance. You just need to make sure that there are enough funds in either your savings or money market account.
Checking Plus®
If you have a Checking Plus line of credit, this can be used to protect against bounced checks, up to your credit line.
ATM Transactions
If you use your debit card or visit an ATM and don’t have the available funds, the transaction will be declined.
Low Balance Alerts
You can sign up for low balance alerts to receive notifications for when your balance drops below a certain amount.
How To Avoid Citi Monthly Fee?
You do not have to pay the monthly Citi service fee for the first three months after you open a new Citi checking account. After that period, you can avoid the monthly service fee by qualifying for Citi’s Relationship Tier benefits. Another option to avoid the monthly Citi fee is by making at least $250 in Enhanced Direct Deposits in the first month you open the account and for the following three full calendar months. Zelle, Paypal and Venmo deposits qualify as Enhanced Direct Deposits, but check deposits, cash deposits and wire transfers do not.
Other Common Citi Fees
Here are other common Citi fees outside of the bank account options.
| Fee | Amount Charged |
|---|---|
| Out-of-network ATM fee | -$2.50 in the U.S. -Additional 3% fee for transactions made outside the U.S. and Puerto Rico |
| Wire transfers | $15-$45 |
The bank may waive some of these fees, and other fees not listed, depending on the account relationship tier you have.
Tius for Minimizing Citi Fees
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.
The easiest way to avoid 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 relationship tier you select. There are no ATM fees for Citi Priority and Citigold® accounts. The Citibank® Account waives the fee if your balance is $10,000 or more.
How Fees at Citi and Other Banks Compare
Citi carries most of the same fees as other banks. To see how Citi measures up, review the table below. Keep in mind that the fees listed reflect amounts typically charged; exceptions may apply.
| Fee | Wells Fargo | Chase | Bank of America | Citi |
|---|---|---|---|---|
| Out-of-network ATM withdrawal | -In U.S.: $2.50 -Outside U.S.: $5 |
-In U.S.: $3 -Outside U.S.: $5 |
-In U.S.: $2.50 -Outside U.S.: $5 |
-In U.S.: $2.50 -Outside U.S.: 3% |
| Overdraft (non-sufficient funds) | $35 | $34 | $10 | N/A |
| Wire transfer | $15-$40 | $0-$50 | Varies | $15-$45 |
| International debit purchase | 3% of transaction | 3% of transaction | 3% of transaction | 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.
Getting the Most Out of Your Citi Account
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. Then, follow this guide on how to open a Citi account.
Sean Dennison contributed to the reporting for this article.
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