Citizens Bank to add new fees
Citizens Bank, the second largest retail bank in Massachusetts, plans to add several new fees, including a monthly maintenance fee for one of its most popular checking accounts.
Starting December 5, Citizens told customers it plans to begin charging customers with its Personal Green Checking Account $4.99 per month. However, the bank also said it will waive the charge for customers who maintain an average balance of $1,500, or make five or more payments or ATM withdrawals during the monthly statement cycle. A spokesman said a significant minority of customers have the account.
Citizens also said it plans to increase the fee for using the ATMs of other banks to $3, up from $2, in addition to the fee charged by the owner of the ATM. Citizens has 3,500 ATMs and 1,500 branches.
In addition, the bank said it planned to start charging customers who want to receive paper statements in the mail $2 per month. It also plans to increase the fee for people who want to receive a paper statement with check images by $2 to $3 per month, and or $5 per month if customers want the actual checks included with their statements. The bank said it won't charge the fee to customers under 18 or 65 and older.
Citizens Bank is just the latest bank to adjust its fees as financial institutions try to cope with increased regulations and the loss of other income, such as some overdraft fees.