Add Citigroup to the growing list of banks that are offering all-digital, no-fee checking accounts.
The company's new "Access Account," launched this week, includes no overdraft fees and no paper checks. Customers can also waive a $10 monthly service by maintaining an average balance of $1,500 or by using direct deposit or bill pay at least once per statement period.
"Many customers, particularly those active with our online or mobile banking options, no longer have a need for paper checks," Will Howle, Citi's head of retail banking, said in a press release. "At the same time, we know many customers are also looking for the reassurance that will come with an account that eliminates overdraft fees."
KeyBank and Bank of America have offered similar accounts in recent months, targeted at customers who typically maintain low balances. Green Dot also began offering a no-overdraft checking account this week, through a partnership with Wal-Mart.