Citi will discontinue the existing account packages and introduce Relationship Tiers, which can be unlocked with the customer’s combined average monthly balance, to offer benefits and services from Citi Priority, Citigold or Citigold Private Client solutions
Citi rolls out simplified banking. (Credit: Joshua Lawrence on Unsplash)
US-based investment banking company Citi, through its US Retail Bank business, has rolled out simplified banking to streamline benefits and services and enhance customer experience.
Under simplified banking, the company’s existing account packages will be discontinued and the Relationship Tiers will be introduced.
With the rise in their combined average monthly balance, customers can unlock Relationship Tiers to get benefits and services from Citi Priority, Citigold or Citigold Private Client solutions.
The Relationship Tiers will provide enhanced Citi benefits and services, including waivers on monthly service fees, fees at non-Citi ATMs, and professional financial planning, among others.
Citi said that a customer’s deposit and investments accounts will be automatically linked to provide a combined average monthly balance, placing them in the applicable Relationship Tier.
The company will allow its new customers to benefit from the changes immediately, with plans to start converting existing customers into simplified banking in 2024.
Citi retail banking head Craig Vallorano said: “Customers are at the heart of everything we do, and we are excited to offer even more enhanced offerings with convenient benefits and services that grow with customers as they move through life’s stages.
“These latest changes are designed to create a more seamless experience for our customers and make it easier for them to get personalised advice and access their finances.”
Citi said that simplified banking expands its commitment to make banking more accessible and inclusive for people across the income spectrum.
Customers who are not in a Relationship Tier can avoid monthly service fees in their Citi checking account by making Enhanced Direct Deposits of $250 or more each month.
They can also avoid monthly service fees in their Citi savings account by having $500 or more in their average monthly balance or having both a Citi checking and savings account.
Citi said that it has removed retail consumer banking fees, such as overdraft fees, returned item fees, and overdraft protection fees, and plans to remove more retail banking fees in future.
Furthermore, the US lender is offering Family Linking to simplify family financial management, which enables customers to unlock higher Relationship Tiers and quickly access benefits.