PROVIDENCE – RBS Citizens Financial Group Inc., the parent company of Citizens Bank, has launched “Bank Better” with its signature element being that no overdraft fees will be charged for transactions of $5 or less, the bank announced Nov. 6.
“Coming out of the financial crisis, bnaks have a special opportunity to prove to their customers that they value their business and that they are committed to doing the right thing and creating value for their customers,” said RBS Citizens Vice Chairman of Consumer Banking Brad Conner.
The initiative also sets a flat fee of $35 per item for overdrafts, replacing the tiered system, which will lower the overdraft fee the majority of customers would pay from $37 to $35.
The “Bank Better” program also includes simplified posting order practices, scheduled to become effective Nov. 8. Transactions with a time and date stamp, such as ATM withdrawals and debit card transactions, will be processed in chronological order.