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September 16, 2011
Citibank announced last week that while monthly checking account charges will be raised, debit card and online bill pay services will continue to be complimentary.
“As banks unveil changes to conform to new regulatory provisions, Citibank (NYSE: C) chooses not to follow the industry trend of charging for debit cards and online bill pay service,” comments MyBankTracker.
In addition to increased checking account fees, Citibank will also be implementing stricter fee waiver rules.
Major FIs that have added debit card fees include Wells Fargo, SunTrust Bank and Regions Bank, according to MyBankTracker.
“What was once a free perk has now become a recurring charge that has angered many customers,” the site continues. “Wells Fargo’s basic checking has also cut free online bill pay from its list of services. It now costs $6.95 per month unless the customer maintains a $5,000 combined monthly balance.”
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