Citizens Rolls Out Overdraft-Free Checking Accounts

Citizens today announced a new, overdraft-free checking account designed to increase banking access for underbanked and underserved communities. Citizens EverValue Checking offers protection from overdraft so that consumers don’t have to worry about overspending their account.

The bank also announced that its EverValue Checking and Student Checking accounts have been officially certified by the national CFE Fund as meeting the Bank On National Account Standards, making Citizens the first institution to offer both an overall certified checking account and a certified youth and teen checking account.

“Citizens EverValue and Student Checking are the latest in a series of changes to our product suite to ensure customers have a simple, safe and transparent way to bank,” said Brendan Coughlin, Head of Consumer Banking at Citizens. Citizens is committed to helping all customers feel more confident in their financial lives, including avoiding unnecessary fees keeping more of their money in their pocket.”

In addition to overdraft prevention, key features of Citizens EverValue Checking include a low fixed monthly cost of only $5, no nonsufficient fund fees, and 24/7 Banking with Mobile Deposit and Zelle. Similar to traditional checking accounts, customers can use their Citizens EverValue checking account to pay bills and make debit purchases. Citizens Student Checking offers convenient access to funds with no minimum balance to maintain, no monthly maintenance fee, zero overdraft fees and is designed to help individuals under 25 begin their financial journey.

Bank On National Account Standards certification indicates that an account meets more than 25 features for safe and affordable consumer transaction accounts, as designated by the Cities for Financial Empowerment Fund, that ensure low cost, high functionality, and consumer safety.

The national safe account standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety, which are aimed at helping the underbanked access the banking system safely and efficiently.

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Citizens EverValue Checking and Student Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “EverValue Checking and Student Checking, offer customers who are looking to improve their finances safe, affordable, and truly useful mainstream banking products. These accounts bring Citizens to the forefront of national banking access efforts, and we thank them.”

In October, the bank introduced Citizens Peace Of Mind™, a new deposit feature providing customers with the ability to avoid the expense of unexpected overdraft fees. The bank has also offered $5 Overdraft Pass for several years, as an additional customer protection, to waive overdraft fees on transactions of $5 or less.

Citizens today also announced that it will roll out a new account feature in the second quarter of 2022, allowing customers to receive their direct deposits up to two days early as it remains committed to providing transparent and easy-to-use account features for all customers.

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