PROVIDENCE – Citizens Bank customers no longer have to worry about fees charged for not having enough money in their account to cover a purchase.
The Rhode Island-based bank on Sept. 27 announced it has gotten rid of nonsufficient funds fees charged to any customer.
The decision expands upon a number of changes that Citizens and other financial institutions have made in the last year to lessen or cut fees on certain types of accounts.
Citizens previously created specific overdraft-fee-free accounts, and already added a feature for deposit accounts to help customers avoid being charged for overdraft fees on their accounts as long as they deposited enough money back the next day. The bank has also offered an option to waive overdraft fees if the account was overdrawn by $5 or less.
This new leniency has cut overdraft fees for the bank by more than 50% since 2019, according to a news release. Since 2008, overdraft fees are down by 80%.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
