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05/10/2011 -
Less than a week after Bank of America announced it will levy a $5 per month fee on debit card customers beginning next year, Citibank is throwing its own hat into the ring of new customer banking fees.Beginning in December, customers who hold a mid-level Citi account will be charged $20 per month if they fail to hold a minimum balance of $15,000 across all their accounts. The charge stems from an increase in the minimum balance, as it used to be only $6,000 across all accounts.
The bank's EX Checking account minimum will also be raised from $1,500 to $6,000, although the institution plans to phase out that option in favor of the Citibank Account or its Basic Banking, both of which include fees, according to CNN Money.
"The regulatory environment has changed a great deal - particularly with the Durbin Amendment - and we're seeing the results of that now," said Claes Bell, a banking reporter at Bankrate.com. "We're going to see more large national banks announce fees [in coming months]."
The Durbin Amendment established a limit on the amount banks can charge retailers per debit card transaction.
