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Citibank has unveiled a new checkless banking account with low monthly charges and no overdraft fees for customers.
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Known as Access Account, the new account will charge a monthly service fee of $10 and does not allow for any overdrafts.
The new account will allow the account holders to view balances, monitor account activity, transfer funds and pay bills as well as enroll in e-statements and banking alerts.
The Access Account will also provide an additional feature that allows customers to avoid the $10 monthly service fee by setting up bill payment or direct deposit or by maintaining an average monthly balance of at least $1,500.
The new checkless account will provide customer’s access to their accounts at all Citibank branches, Citibank ATMs and Citibank-branded ATMs as well as the flexibility of 24/7 online, mobile and tablet banking.
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By GlobalDataThe launch follows a recent Citibank Survey in the US that revealed that almost 65% of US consumers don’t prefer to use checks but are opting for online or mobile payment tools instead.
Citibank head of US retail banking Will Howle said: "The new Citibank Access Account provides customers with a simple way to manage their finances.
"We designed the account with two trends in mind. Many customers, particularly those active with our online or mobile banking options, no longer have a need for paper checks. At the same time, we know many customers are also looking for the reassurance that will come with an account that eliminates overdraft fees," he added.
