Citi is finding that for a growing segment of consumers, the demand for physical paper checks has simply fallen to zero. Citi wants to reach those customers and earlier this week announced the launch of the Access Account, a checkless checking account with low or no monthly fees and no overdraft fees. Users can avoid fees with a high average monthly balance, a bill paid or a qualified direct deposit.
“The new Citibank Access Account provides customers with a simple way to manage their finances,” said Will Howle, Head of U.S. Retail Banking at Citibank. “We designed the account with two trends in mind. Many customers, particularly those active with our online or mobile banking options, no longer have a need for paper checks. At the same time, we know many customers are also looking for the reassurance that will come with an account that eliminates overdraft fees.”
The release of the Access Account follows the release of survey data that indicates that consumers are increasingly drifting away from the traditional paper check — with 1 in 5 younger accountholders not even owning a checkbook. Many others complained that they did want the ability to overdraw and account and be charged.
“The Access Account provides a debit card, easy ATM and Citibank branch access and a powerful digital platform, while addressing needs of some customers, particularly first-time and younger consumers, by reducing the risks of overdrawn accounts and coinciding fees,” said Bob Annibale, Global Director of Citi Community Development.