-Tamara’Shanay-

Cousins!

Citigroup is making big boss moves as they announce they are bidding farewell to overdraft fees pretty soon, making them the very first major bank in the U.S to do so!

According to reports from CNN, Citi plans to say goodbye to the controversial charges of overdraft fees, non-sufficient funds fees and overdraft protection fees by this Summer. The bank will be the only one of the five major U.S banks to compete this action.

Alarming forwarded reports of each financial institution, shows just how much each bank was able to rack up last year in overdraft fees.

Citi generated $70 million of overdraft and non-sufficient funds revenue in the first nine months of 2021 , says, the Consumer Financial Protection Bureau.  Wells Fargo (WFC) ($1 billion), JPMorgan (JPM) ($924 million), Bank of America (BAC)($823 million) and TD Bank (TD) ($347 million).

“It’s great news because it helps consumers stay in the banking system and avoids them from being charged penalty fees at a time when they can least afford it,” says principal officer at The Pew Trusts, Alex Horowitz. “And it gives them time to recover from a financial difficulty and get back on their feet. It can help keep households solvent.”

Sources confirm that, Citi will continue to issue overdraft protection services to assist consumers cover negative balance transactions, along with the ability to transfer funds from a linked Citi savings account and an automatic personal line of credit. However the bank assures that those fees for those services also will be eliminated.

Cousins, this is excellent news and is long long long overdue! Imagine being overdraft a dollar and get charged $35 because you didn’t have it! What bank would you like to see do the same?