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Citizens Rolls Out Overdraft-Free Checking Accounts
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Citizens Financial Group has launched the new EverValue Checking account, designed to enhance banking access for underbanked communities. This account features overdraft protection, a low monthly fee of $5, and no overdraft fees. Both the EverValue and Student Checking accounts have received certification from the CFE Fund as meeting the Bank On National Account Standards. Citizens aims to provide safe, affordable banking products, further solidifying its role in increasing financial access.
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Launch of EverValue Checking account enhances access for underbanked consumers.
Certification from CFE Fund for EverValue and Student Checking accounts meets national standards for safe banking.
Low monthly fee of $5 and no overdraft fees improve financial management for consumers.
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Bank Becomes One of Five Financial Institutions to Have Two Accounts Nationally Certified As Meeting Bank On Account Standards
PROVIDENCE, R.I.--(BUSINESS WIRE)--
Citizens today announced a new, overdraft-free checking account designed to increase banking access for underbanked and underserved communities. Citizens EverValue Checking offers protection from overdraft so that consumers don’t have to worry about overspending their account.
The bank also announced that its EverValue Checking and Student Checking accounts have been officially certified by the national CFE Fund as meeting the Bank On National Account Standards, making Citizens the first institution to offer both an overall certified checking account and a certified youth and teen checking account.
“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,” said Brendan Coughlin, Head of Consumer Banking at Citizens. 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, key features of Citizens EverValue Checking include a low fixed monthly cost of only $5, no nonsufficient fund fees, and 24/7 Banking with Mobile Deposit and Zelle. Similar to traditional checking accounts, customers can use their Citizens EverValue checking account to pay bills and make debit purchases. Citizens Student Checking offers convenient access to funds with no minimum balance to maintain, no monthly maintenance fee, zero overdraft fees and is designed to help individuals under 25 begin their financial journey.
Bank On National Account Standards certification indicates that an account meets more than 25 features for safe and affordable consumer transaction accounts, as designated by the Cities for Financial Empowerment Fund, that ensure low cost, high functionality, and consumer safety.
The national safe account standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety, which are aimed at helping the underbanked access the banking system safely and efficiently.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Citizens EverValue Checking and Student Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “EverValue Checking and Student Checking, offer 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, and we thank them.”
In October, the bank introduced Citizens Peace Of Mind™, a new deposit feature providing customers with the ability to avoid the expense of unexpected overdraft fees. The bank has also offered $5Overdraft Pass for several years, as an additional customer protection, to waive overdraft fees on transactions of $5 or less.
Citizens today also announced that it will roll out a new account feature in the second quarter of 2022, allowing customers to receive their direct deposits up to two days early as it remains committed to providing transparent and easy-to-use account features for all customers.
About Citizens Financial Group, Inc. Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $188.4 billion in assets as of December 31, 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 nearly 3,000 ATMs and more than 1,000 branches in 14 states and the District of Columbia. 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.
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $59 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About Bank On
Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of over 90 coalitions in cities across the country, offering national account standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.
