Amid the increasing preference for faster paycheck access,
Citizens Financial Group, Inc. ( CFG Quick Quote CFG - Free Report) announced a capability, Citizens Paid Early, through which customers with direct deposit accounts are eligible to receive their paycheck up to two days early.
The new capability is automatically applied to all Citizens Financial’s personal checking, savings and money market accounts.
Management noted, “We continue to innovate, simplify our product set and help empower our customers to feel more confident with their finances.” He continued, “today's announcements demonstrate our ongoing commitment to serve as our customers trusted financial partner, as well as add value to their daily lives by enabling them to get paid even faster than their employer scheduled.”
The bank also announced that it would remove nonsufficient funds (NSF) fees by the end of the year as it seeks additional ways to help customers manage their financial lives.
This aside, it will eliminate Savings Overdraft Protection fees by the end of the second quarter. In March, it announced an overdraft-free checking account named Citizens EverValue Checking to protect users from overdrafts to help them avoid overspending their money.Other features of Citizens EverValue Checking include no non-sufficient fund fees, low fixed monthly costs 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.
The bank also launched the Citizens Peace Of Mind deposit account last October. The deposit account helps customers avoid expenses of unexpected overdraft fees. Such initiatives by the company are likely to expand its customer base.
Over the past year, shares of the company have declined 25.8% compared with the 18.4% fall of the
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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
New York Community Bancorp, Inc. ( NYCB Quick Quote NYCB - Free Report) announced that it would remove NSF and certain other fees on all of its consumer and business checking products starting Aug 1, 2022.
NYCB announced plans to launch Early Pay in the third quarter to help customers with their cash flow needs. This offers customers access to direct deposit paycheck up to two days sooner, helping them avoid overdrafts and better manage spending.
In early February,
M&T Bank ( MTB Quick Quote MTB - Free Report) announced the removal of non-sufficient fund fees and an overdraft protection transfer charge from a linked deposit account.
MTB will also diminish overdraft fees to $15 and limit daily fee assessment to once per day. The alterations were scheduled to be effective from second-quarter 2022.