Citizens Bank is launching a new checking account for underbanked and underserved communities that prevents overdrafts, according to a press release on Monday (March 28).
The new EverValue Checking accounts, along with the bank’s student checking accounts, are designed to help mitigate the fears some people may have about overspending on their accounts. Both accounts are also officially certified by the Cities for National Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards.
Citizens Bank is the first institution to offer both an overall certified checking account and a certified youth and teen checking account, according to the release.
“Citizens EverValue and Student Checking are the latest in a series of changes to our product suite to ensure customers have a simple, safe and transparent way to bank,” Brendan Coughlin, head of consumer banking at Citizens, said in the release. “Citizens is committed to helping all customers feel more confident in their financial lives, including avoiding unnecessary fees keeping more of their money in their pocket.”
In addition to overdraft prevention, Citizens EverValue Checking has a fixed monthly cost of $5, no fees for nonsufficient funds and 24/7 banking with mobile deposit and Zelle. Just as with traditional checking accounts, Citizens EverValue checking can be used for paying bills and making debit card purchases.
With Bank On National Account Standards certification, Citizens meets over 25 CFE-designated benchmarks that ensure low cost, high functionality and consumer safety.
“EverValue Checking and Student Checking offers customers who are looking to improve their finances safe, affordable, and truly useful mainstream banking products. These accounts bring Citizens to the forefront of national banking access efforts,” said Jonathan Mintz, president and CEO of the Cities for Financial Empowerment Fund.
Citizens is also launching a new account feature in the second quarter of 2022 that will enable customers to receive direct deposits up to two days early.
Headquartered in Providence, Rhode Island, Citizens Financial Group is among the country’s oldest and largest financial institutions, with $188.4 billion in assets as of Dec. 31, 2021.