Citizens announces measures to make banking services more transparent and accessible


Deploys feature to help avoid overdraft fees, commits to national standards to serve the underbanked

PROVIDENCE, RI, October 07, 2021– (BUSINESS WIRE) – As part of its ongoing efforts to help customers better navigate their financial lives, Citizens today announced several initiatives designed to make banking simpler, more transparent and accessible, including a new way to avoid overdraft fees and a commitment to help ensure underserved communities have access to banking services.

The bank introduced Citizens Peace Of Mind ™, a new deposit feature that gives customers the ability to avoid unexpected overdraft fees. This feature – which was added to all citizen checking accounts on October 1 – allows customers who have unexpectedly discovered their accounts the option of depositing or transferring enough funds to bring their account to a positive available balance before closing. offices the next day business, which will automatically waive all overdraft charges (1).

“Citizens Peace of Mind ™ helps customers avoid unnecessary fees,” said Brendan Coughlin, head of consumer banking at Citizens. “Life can be hectic, and we believe a bank should function as a transparent and trusted financial partner, helping customers keep more of their hard-earned money in their pockets.”

This new feature will complement the $ 5 Overdraft Pass, customer protection that the bank has been offering for several years on all checking and monetary accounts. If a customer overdraws their account with a transaction of $ 5 or less, Citizens does not charge an overdraft fee.

Citizens Peace of Mind ™ will also introduce new technological capabilities that monitor and alert clients to overdrafts, educating clients about their finances and helping them make better decisions.

In recent months, Citizens has also introduced a student checking account with no overdraft fees and automatic overdraft reimbursement once a year on certain products.

Continued commitment to help underbanked communities with Bank On

Citizens also announced today that it will launch a new checking account with no overdraft fees and features in the first quarter of 2022 that will meet Bank On National Account standards designed to ensure everyone has access to a transparent account, easy to use, and affordable transaction account.

Citizens joins more than 100 banks and credit unions across the United States in pledging to meet the standards, which aim to help underbanked people access the banking system safely and efficiently.

“Through financial literacy and empowerment, the banking community has a responsibility to help all Americans achieve economic security,” Coughlin said. “The CFE Fund’s national Bank On platform supports the efforts of local coalitions and financial institutions to connect consumers to safe and affordable bank accounts. “

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $ 185.1 billion in assets as of June 30, 2021. Headquartered in Providence, Rhode Island, Citizens offers a wide range of retail and commercial banking products and services to individuals, small businesses, mid-market businesses, large corporations and institutions. Citizens helps clients reach their potential by listening to them and understanding their needs in order to provide tailored advice, ideas and solutions. In consumer banking, Citizens offers an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, credit, savings, wealth management and small business offerings. In commercial banking, Citizens offers a wide range of financial products and solutions, including lending and leasing services, deposit and cash management, currency risk management solutions, interest rates. interest and commodities, as well as loan syndication, corporate finance, mergers and acquisitions, and debt and equity market capabilities. More information is available at or visit us at Twitter, LinkedIn or Facebook.

(1) If you overdraft your account, you have until 10 p.m. ET the next business day to deposit or transfer enough funds to bring your account back to a positive available balance ($ 0 or more). If you do, we’ll waive all overdraft fees. Citizens Peace of Mind works when you have a positive free balance. A cash deposit, citizens’ check, or electronic funds transfer will generally be available to cover same day transactions. However, some deposits such as checks drawn on a non-citizens’ bank, even if made before 10 p.m. ET the next business day, are not available to cover transactions that day. Our Fund Availability Calendar helps you determine when a deposit you make will increase your Available Balance.

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Rory sheehan
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