The banking industry's effort to compensate for lost overdraft-fee income by phasing out free checking has hit a roadblock.

Citigroup Inc., one of the first large institutions to try to add fees to some existing "free" checking accounts, has agreed to delay charging those fees for another year as part of an agreement that the office of New York Attorney General Andrew Cuomo announced Monday.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.