Citizens Financial to Raise Checking Account Fees

Consumer banking

Wells Fargo to Assess Monthly Fee on More Checking Accounts

More Wells Fargo & Co. customers will be charged a monthly fee on checking accounts as the San Francisco company expands a pilot program aimed at generating more revenue from retail banking.

By Jackie Stewart

March 8

Citizens Financial Group in Providence, R.I., has become the latest banking company to increase fees on its checking accounts.

Starting in April, the $132 billion-asset parent company of Citizens Bank will increase its monthly fee for its primary checking product, the "Green' account, from $4.99 to $9.99, the Philadelphia Business Journal reported on Monday.

Customers can avoid paying Citizens' monthly maintenance fee if they an average daily balance of $1,500. Going forward, customers can also avoid the fee if they make five payments from the account per statement, the Philadelphia Business Journal reported.

Many large financial institutions have ended free checking since Congress capped fees on debit transactions for banks with more than $10 billion of assets. Earlier this month, Wells Fargo & Co. said it would start charging customers in six more states a $7 fee for its Essential Checking account.

Jackie Stewart

Executive Editor, American Banker Magazine

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