Citi Continues to Bolster its Focus on Financial Inclusion by Eliminating Overdraft Fees

New York, NY – Today, Citi announced plans to eliminate overdraft fees, returned item fees, and overdraft protection fees by this Summer. Citi will be the only top five U.S. bank (based on assets*) to completely eliminate these fees, representing its continued commitment as a top leader in banking to increase financial inclusion in underserved communities.

For twenty years, Citi has put measures in place to minimize overdraft fees for its consumers in order to put their financial wellness first. In fact, the overdraft revenue Citi collects has been among the lowest, compared to its competitors. Today's announcement is a prime example of how Citi continues to expand access to inclusive banking products and services that can help advance economic progress, especially for underbanked and unbanked populations.

"This latest enhancement is a significant step for Citi as a leader in the banking industry offering the most consumer-friendly overdraft practices," said Gonzalo Luchetti, CEO of US Personal Banking at Citi. "We are continuously looking for ways to utilize our industry-leading capabilities to make the financial system easier and more equitable for communities who have little or no financial buffer."

In addition to its upcoming overdraft enhancements, Citi continues to offer a robust suite of overdraft protection services for its consumers including:

• Overdraft Protection Services: Citi offers two services to cover negative balance transactions, whose fees will also be eliminated with this change:
  • Safety Check – Safety Check transfers available funds from a linked Citibank savings account to cover your overdraft plus any fees. For more information, please see https://online.citi.com/US/JRS/pands/detail.do?ID=SafetyCheck
  • Checking Plus – If approved, a Checking Plus® line of credit automatically transfers funds from your credit line to your checking account to cover your overdraft plus any fees. Accounts in the Access Account Package cannot be linked to Checking Plus. For more information, please see https://online.citi.com/US/JRS/pands/detail.do?ID=CheckingPlus
• Access Account Package: Citi's checkless account package with low or avoidable monthly charges provides customers with a simple, transparent way to manage their finances. Since launching in 2014, the Access Account Package has been viewed as an industry leader due to its flexible structure and automatic protection against debit card overdrafts on your account.
• Common Sense Protection Measures: Citi will not authorize ATM or point-of-sale debit transactions in cases when funds are not available.
• Low Balance Alerts: Consumers can enroll in Low Balance Alerts via their account online or mobile app.

This announcement is the latest example of how Citi continues to leverage its core business capabilities to advance its Environmental, Social, and Governance (ESG) priorities and help address many of society's toughest challenges. It also complements many of its firm-wide Action for Racial Equity efforts in the U.S. that aim to expand banking and credit in communities of color, such as Citi® ATM Community Network, which provides surcharge-free access to Citibank ATMs for customers of participating minority-owned banks, community banks, and community development credit unions.

For more information, visit https://www.citigroup.com/global/businesses/us-personal-banking.