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Citizens Financial Group (CFG - Free Report) recently announced a new overdraft-free checking account named Citizens EverValue Checking. The account protects users from overdraft to help avoid overspending their money. This is particularly designed to increase banking access for underbanked and underserved communities.
Other features of Citizens EverValue Checking include no non-sufficient fund fees, low fixed monthly cost of $5, and 24/7 Banking with Mobile Deposit and Zelle. The account can also be used to pay bills and make debit purchases.
The company also has a Citizens Student Checking account that provides easy access to funds with no minimum balance requirement. It has no monthly maintenance fee, zero overdraft fees and is designed to help individuals under 25 begin their financial journey.
“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.
The introduction of the two accounts mentioned above has made Citizens Financial the first institution to offer both an overall certified checking account and a certified youth and teen checking account.
The bank has also received certification for meeting the Bank On National Account Standards. This implies that the accounts provide low cost, high functionality and consumer safety, and meet more than 25 features for safe and convenient transaction.
The bank also launched Citizens Peace Of Mind deposit account in October last year. This deposit account helps customers avoid the expense of unexpected overdraft fees. In the second quarter of 2022, Citizens Financial plans to introduce a new account feature. This will aim at providing transparency and ease to customers by allowing them to receive their direct deposits up to two days earlier. Such initiatives by the company are likely to expand its customer base.
Citizens Financial is growing inorganically as well to reach out to a larger customer base. In February, it acquired 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A, thereby strengthening its balance sheet position. In November 2021, Citizens Financial acquired JMP Group LLC, while in September, it acquired Willamette Management Associates.
Over the past year, shares of the company have rallied 9.9% compared with 5.5% growth of the industry.
Last month Citigroup Inc. (C - Free Report) and M&T Bank (MTB - Free Report) announced the removal of overdraft fees and non-sufficient fund fees.
Citigroup said that it would completely terminate overdraft fees, returned item fees and overdraft protection fees by this summer, making it the largest U.S. lender to do so.
Citigroup’s overdraft fee collection has been among the lowest among its peers. Other than consumer-friendly overdraft policy, the bank continues to expand access to banking products and services, making banking more financially inclusive for underserved communities.
MTB, which is a member of the Bank On Coalition, announced the removal of non-sufficient fund fees and an overdraft protection transfer charge from a linked deposit account. It will also diminish overdraft fees to $15 and limit daily fee assessment to once per day.
The alterations are scheduled to be effective from second-quarter 2022.
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Citizens Financial (CFG) Launches Overdraft-Free Checking Account
Citizens Financial Group (CFG - Free Report) recently announced a new overdraft-free checking account named Citizens EverValue Checking. The account protects users from overdraft to help avoid overspending their money. This is particularly designed to increase banking access for underbanked and underserved communities.
Other features of Citizens EverValue Checking include no non-sufficient fund fees, low fixed monthly cost of $5, and 24/7 Banking with Mobile Deposit and Zelle. The account can also be used to pay bills and make debit purchases.
The company also has a Citizens Student Checking account that provides easy access to funds with no minimum balance requirement. It has no monthly maintenance fee, zero overdraft fees and is designed to help individuals under 25 begin their financial journey.
“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.
The introduction of the two accounts mentioned above has made Citizens Financial the first institution to offer both an overall certified checking account and a certified youth and teen checking account.
The bank has also received certification for meeting the Bank On National Account Standards. This implies that the accounts provide low cost, high functionality and consumer safety, and meet more than 25 features for safe and convenient transaction.
The bank also launched Citizens Peace Of Mind deposit account in October last year. This deposit account helps customers avoid the expense of unexpected overdraft fees. In the second quarter of 2022, Citizens Financial plans to introduce a new account feature. This will aim at providing transparency and ease to customers by allowing them to receive their direct deposits up to two days earlier. Such initiatives by the company are likely to expand its customer base.
Citizens Financial is growing inorganically as well to reach out to a larger customer base. In February, it acquired 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A, thereby strengthening its balance sheet position. In November 2021, Citizens Financial acquired JMP Group LLC, while in September, it acquired Willamette Management Associates.
Over the past year, shares of the company have rallied 9.9% compared with 5.5% growth of the industry.
Image Source: Zacks Investment Research
Currently, Citizens Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Similar Moves by Other Finance Companies
Last month Citigroup Inc. (C - Free Report) and M&T Bank (MTB - Free Report) announced the removal of overdraft fees and non-sufficient fund fees.
Citigroup said that it would completely terminate overdraft fees, returned item fees and overdraft protection fees by this summer, making it the largest U.S. lender to do so.
Citigroup’s overdraft fee collection has been among the lowest among its peers. Other than consumer-friendly overdraft policy, the bank continues to expand access to banking products and services, making banking more financially inclusive for underserved communities.
MTB, which is a member of the Bank On Coalition, announced the removal of non-sufficient fund fees and an overdraft protection transfer charge from a linked deposit account. It will also diminish overdraft fees to $15 and limit daily fee assessment to once per day.
The alterations are scheduled to be effective from second-quarter 2022.