PROVIDENCE – Citizens Bank continues to ease its policies for customers who overdraft their accounts, with the debut of a new, overdraft fee-free checking account, according to a news release.
The Citizens EverValue Checking protects customers from being charged for overspending on their accounts for a $5 fixed monthly cost, the release stated. Citizens typically charges $37 each time a customer overdrafts their account, according to the bank website.
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Like other checking accounts, it can be used to pay bills and make debit card purchases, with access to mobile banking and direct digital payments through Zelle.
Citizens is among a host of financial institutions that have rolled back or eased policies around overdraft fees in the last year, after many temporarily suspended those charges during the COVID-19 pandemic. In October, Citizens added a new deposit feature that lets customers avoid overdraft charges by giving them a chance to first replace the missing funds from their accounts.
The bank has for several years also offered an option to waive overdraft fees on charges of $5 or less.
Taken together, Citizens’ new accounts and policies aim to help people in underserved communities and those without access to traditional financial institutions, the release stated. Both the new overdraft fee-free account and its existing student checking account have been certified by the Cities for Financial Empowerment Fund, making it the first institution with certified accounts for overall checking and a youth and teen account, the release stated.
Nancy Lavin is a PBN staff writer. Email her at Lavin@PBN.com.
