Citigroup Inc. is raising the fees it charges customers for its basic checking accounts and it will no longer give them rewards for using its debit cards, in the wake of new regulations capping debit interchange fees.
Starting in December, Citigroup will charge customers
The New York bank also said it had made "the hard decision to stop giving reward points for debit card transactions," according to a press release on Friday morning.
The biggest U.S. banks have largely
Citigroup said on Friday that customers can avoid paying monthly fees for checking if they receive at least one direct deposit and make at least one online bill payment through the account every month. Customers who keep at least $1500 deposited in Citigroup basic checking and basic savings accounts are also exempt from the fees.