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.