Pros and Cons of Banking at Citibank

With so many banks in operation it has now become very difficult for a person to choose which one is the right fit. Where to keep one’s money is a huge decision that should not be made hastily. Choosing which bank has the least fees, most perks, and best customer service can become quite a tedious task when reading through various informational pages is essential. This article will attempt to sum up the pros and cons of banking at one major bank in particular named Citibank.

The Pretty in the Citi

No Minimum Deposit:  One appealing feature that comes along with banking with Citibank is that there is currently no minimum deposit for basic checking accounts. Many people need to have a place to deposit their paychecks but may not have available cash for an initial deposit. This is a huge pro. Free initial checks and unlimited check writing are also good perks.

No Monthly Maintenance Fee:  Monthly fees from banks can be annoying so the fact that Citibank offers no money fee for its basic checking with five monthly transactions is awesome. The five transactions used in eliminating the monthly fee could be direct deposits, bill payments, ACH payments, cash withdrawals at an ATM, auto deductions, or any debit card purchase. As long as five transactions are completed there is no monthly maintenance fee. Otherwise an $8 charge would be put on the account each month.

Easy To Navigate online banking: Citibank’s offers a fast and convenient way for customers to perform tasks such as paying bills, transferring money, getting account alerts, and viewing bank statements. was rated four stars out of five by customers for its convenience and ease of use.

Excellent Interest Rates: Citibank offers a 10% interest rate on their day-to-day savings accounts and a 25 percent interest rate on their plus savings accounts that have a balance of $10,000-$25,000. Wow.

Superior Customer Service: Citibank is noted for having some of the best customer service in the banking industry. This is the number one most import thing with any financial institution. Customers need to know that their bank’s employees will take care of them and re-assure them that their money will be safe and secure. Huge plus!

Rewards:  Who doesn’t like rewards? Clients of Citibank can earn points for doing normal every day things like shopping and banking. Points can be used on “prizes”. Whoopee!

The Ugly

Fees: A big turnoff for most people from banks is the miscellaneous fees. Citibank has many fees.  There is a $10-$40 fee for wire transfers, a $2 ATM withdrawal fee, a $34 returned check fee, a $5 charge for money orders, $5 charge for copies of your own bank statement, a $10 overdraft protection transfer fee, and a $25 fee to close the account. Who charges to close an account?

Overall Citibank seems to be pretty solid with the negatives only lying in the fees. However, in a time of economic struggle and tight money those fees might be just enough to make a person go elsewhere for their banking needs.