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Citizens Announces Steps to Make Banking More Transparent and Accessible
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Citizens Financial Group announced new initiatives to enhance customer banking experiences, including the launch of Citizens Peace Of Mind™ on October 1, allowing customers to avoid overdraft fees by replenishing their accounts before the next business day. The feature is complemented by a $5 Overdraft Pass for minor overdrafts. Additionally, Citizens will introduce a new checking account in Q1 2022 that meets Bank On standards to support underbanked communities. The bank aims to foster financial literacy and accessibility.
Positive
Launch of Citizens Peace Of Mind™ to help customers avoid overdraft fees.
Existing $5 Overdraft Pass for transactions of $5 or less without fees.
Commitment to introduce a no-overdraft-fee checking account by Q1 2022.
Negative
None.
Rolls out Feature to Help Avoid Overdraft Fees, Commits to National Standards to Serve Underbanked
PROVIDENCE, R.I.--(BUSINESS WIRE)--
As part of its ongoing efforts to help customers better navigate their financial lives, Citizens today announced several initiatives designed to make banking more worry-free, transparent and accessible, including a new way to avoid overdraft fees and a commitment to helping ensure that underserved communities have access to banking services.
The bank introduced Citizens Peace Of Mind™, a new deposit feature providing customers with the ability to avoid the expense of unexpected overdraft fees. This feature -- which was added to all Citizens Checking accounts on Oct. 1 – allows customers who unexpectedly overdraw their accounts the ability to deposit or transfer enough funds to bring their account to a positive available balance prior to the close of business the following business day, which will automatically reverse all overdraft fees(1).
“Citizens Peace of Mind™ empowers customers by helping them to avoid unnecessary fees,” said Brendan Coughlin, head of Consumer Banking at Citizens. “Life can be hectic, and we believe a bank should operate as a transparent and trusted financial partner, helping customers keep more of their hard-earned money in their pockets.”
This new feature will complement the $5Overdraft Pass, a customer protection that the bank has offered for several years on all checking and money market accounts. If a customer overdraws their account with a transaction of $5 or less, Citizens does not charge an overdraft fee.
Citizens Peace of Mind™ will also introduce new technological capabilities that monitor and alert customers to overdraft withdrawals, keeping customers informed of their finances and helping them make better decisions.
Over the past few months, Citizens has also introduced a student checking account with no overdraft fees, and an automatic once a year overdraft rebate on select products.
Continued Commitment to Helping Underbanked Communities with Bank On
Citizens today also announced that it will roll out a new checking account with no overdraft fees and features in the first quarter of 2022 that will meet Bank On National Account standards designed to ensure that everyone has access to a transparent, easy-to-use, and affordable transactional account.
Citizens joins more than 100 banks and credit unions across the U.S. in committing to the standards, which are aimed at helping the underbanked access the banking system safely and efficiently.
“Through financial literacy and empowerment, the banking community has a responsibility to help all Americans reach economic security,” said Coughlin. “The CFE Fund’s national Bank On platform supports local coalition and financial institution efforts to connect consumers to safe, affordable bank accounts.”
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $185.1 billion in assets as of June 30, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
(1) If you overdraw your account, you have until 10 pm ET the following business day to deposit or transfer enough funds to bring your account to a positive available balance ($0 or more). If you do, we will reverse any overdraft fees. Citizens Peace of Mind works when you have a positive available balance. A deposit of cash, a Citizens check, or an electronic funds transfer will generally be available to cover the transactions that same day. However, some deposits such as checks drawn on a bank other than Citizens, even if made by 10 pm ET the following business day, are not available to cover transactions that day. Our Funds Availability schedule helps you determine when a deposit you make will increase your available balance.
What is Citizens Peace Of Mind™ and when was it launched?
Citizens Peace Of Mind™ is a new feature launched on October 1, allowing customers to avoid overdraft fees by replenishing accounts before the next business day.
How does the $5 Overdraft Pass work?
The $5 Overdraft Pass allows customers to avoid overdraft fees for transactions of $5 or less.
What commitment has Citizens made to underbanked communities?
Citizens has committed to rolling out a new checking account without overdraft fees that meets Bank On standards in Q1 2022.
What are the benefits of the new checking account being introduced?
The new checking account will offer features designed to be transparent, affordable, and accessible to underbanked communities.
What is the purpose of Citizens Financial Group's recent initiatives?
The initiatives aim to enhance customer experience, promote financial literacy, and provide better access to banking services.
