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Seven Things Nobody Told You About Citibank Bank | citibank bank

Citibank has been in the banking sector for more than a century and during that time, it has gained a lot of experience that is why most of its products and services are well-accepted by consumers. Their policies and guidelines in terms of giving checks or other financial services to their customers are also very impressive. With that said, most probably you're already thinking of transferring your checking account to them so you can enjoy all the benefits it offers.

You have two options if you wish to do this: The first one is a process called combination checking. In this case, you will receive a check for a fixed amount minus your bank's charge for having an account with them. Then, you can use your debit card or cash to pay the remaining balance. The second option is to get a joint or two-way checking account from another bank. This way, you can combine your checking account with theirs. Both banks will have different set of rules and fees related to the access account.

If you choose to have the second option, then you can choose from two types of fees: One is called annual fee while the other one is called a percentage of balance fee. Although annual fee is the least expensive, it still has its own drawback. With this kind of banking package, your monthly bill will be higher compared to the interest checking accounts. That's because Citibank charges extra fee for their interest checking accounts.

Aside from their high charges, citibank bank accounts are not approved for some of the personal checking accounts. This is because of their high risk of fraud. Aside from this, you have to give them collateral in order to obtain a savings account from them. This security deposit requirement is a part of the agreement between the bank and the borrower. Most banks will not give borrowers any form of security until they have settled their debts. If you have unsecured debt, then you cannot get any form of savings account from the said bank.

But since most American consumers are used to direct deposit, then the whole process won't be too difficult for them. This is because with regular direct deposit, the bank will send a check to your bank account on the date that you have set. And with this, you don't need to worry about the fees. Aside from the yearly fees and the collateral, you can also avoid the PN (Payment Network) fees which are charged by most banks for accessing the money that should be deposited in your account. In most cases, your PN will incur a small fee that is worth ten dollars or a few cents for each of your transactions.

However, even if you have a direct deposit from Citibank, you might still find some inconvenience coming your way. Because with any banking package, there are times when the amount of your initial deposit will become insufficient before the due date. You may be informed by the banking representative that your balance will be depleted within two weeks, or it might even take a month to accumulate enough funds. But if you are still determined to access your savings account, then you may ask for the help of a Citibank loan officer. This is one of the ways that you can make use of the direct deposit service from Citibank to pay your balance before the due date.

Once your balance becomes insufficient, then you might be assigned to a special account to withdraw the money. Some of your options would be to use the money in your current checking and savings accounts or use the money in any of the other financial institutions that you have. You can even opt for the direct deposit that Citibank offers its account holders. To earn interest from these accounts, you have to regularly deposit a minimum amount of money into them. For the convenience of your customers, Citibank offers some online services such as bill payment and electronic checks.

There are certain criteria that you have to meet before you are assigned to a particular checking account. Before your account is opened, Citibank will require you to open a savings account as well. If you do not have a saving account, then you have to open one as part of the requirements. After you have been assigned a specific checking account, you can start depositing money into it. The primary advantage of a Citibank bank is that you do not need an initial deposit before you can use their services.


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