Citizens Bank
Ah, banks. We all love them, we all need them, and yet… we all hate those pesky fees. They seem to pop up out of nowhere, and before you know it, they’ve drained your account faster than you can say “overdraft”.
But what if we told you there was hope for us fee-haters out there? What if we told you that one bank had settled on an annual fee cap that would offer some much-needed relief to their customers?
Well, my friends, we are excited to bring you the news that Citizens Bank has done just that: they’ve agreed to a settlement that will cap their annual fees, saving their customers potentially hundreds of dollars.
If you’re not familiar with Citizens Bank, they are a widely-respected bank with over 1,100 branches and nearly 3,200 ATMs across the US. They offer a range of services for personal and business banking, investment accounts, and lending, including student loans.
But let’s get back to the matter at hand: those pesky fees. According to the settlement, which was approved in late 2017, Citizens Bank has agreed to cap their annual fees at $120 per year for certain accounts. This includes accounts with a Reward Checking feature, which offers interest on balances and other perks.
For those of you who don’t know, annual fees are recurring costs that banks charge for maintaining your account. They can range from a few dollars to several hundred, depending on the bank and the type of account you have.
So, what does Citizens Bank’s new settlement mean for you? Well, if you’re a customer with an account that’s eligible for the $120 annual fee cap, it could mean significant savings over time. For example, if you were paying $25 per month in fees, that would add up to $300 per year. With the cap in place, you’d save $180.
Of course, it’s important to note that not all accounts are eligible for the cap, and the specifics of the settlement can be a bit tricky to navigate. But if you’re a Citizens Bank customer, we recommend reaching out to their customer service team to see if you qualify.
And even if you’re not a Citizens Bank customer, this settlement is great news for banking customers in general. It sets a precedent for other banks to follow suit and offer similar fee caps, and it shows that banks are willing to listen to their customers and work to make banking more accessible for everyone.
All in all, we’re excited to see Citizens Bank taking this step towards more customer-friendly banking practices. We hope to see more banks follow their lead, and we’ll be watching closely for future developments. In the meantime, feel free to bask in the glow of those potentially hundreds of dollars in savings – we certainly are!
Address:
One Citizens Plaza
Providence, RI 02903
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