Facing monthly fees from your bank can feel like a sneaky deduction from your hard-earned money. If you're a Citibank customer, you're not alone in wanting to keep those extra charges in your pocket! The good news is that Citibank offers several clear pathways to waive those monthly fees. This comprehensive guide will walk you through each step, helping you understand your options and choose the best strategy for your financial situation.
Step 1: Understand Your Citibank Account Type and Its Associated Fees
Ready to take control of your banking? The very first thing you need to do is identify which Citibank account you currently hold. Different account types come with different fee structures and waiver requirements. This is crucial because a strategy that works for one account might not apply to another.
Sub-heading: How to Find Your Account Type
- Check your monthly statement: Your account statement, whether digital or paper, will clearly list your account name (e.g., Regular Checking, Access Checking, Citi Priority, Citigold).
- Log in to Citibank Online or the Citi Mobile App: Your account dashboard will display your account types.
- Contact Citibank Customer Service: If you're unsure, a quick call to their customer service line can clarify your account details.
Once you know your account type, you can proceed to the next steps to see the specific waiver criteria that apply to you.
Step 2: Explore the Most Common Fee Waiver Methods
Citibank generally offers a few primary ways to avoid monthly service fees for their checking and savings accounts. These often revolve around maintaining certain balances or establishing regular deposits.
Sub-heading: Enhanced Direct Deposits (EDD)
This is one of the most straightforward ways for many checking accounts.
- Regular Checking and Access Checking accounts: The monthly service fees for these accounts are typically waived when you have $250 or more in Enhanced Direct Deposits (EDD) each month.
- What qualifies as an Enhanced Direct Deposit? Generally, this refers to deposits made via Automated Clearing House (ACH) transfers, such as your paycheck, government benefits, or pension payments. It's important to note that transfers from other financial institutions via instant transfer services (like Zelle or other P2P payments when made via ACH using providers such as Venmo or PayPal) may also qualify as an EDD for some accounts. However, teller deposits, cash deposits, check deposits, wire transfers, transfers between Citibank accounts, ATM transfers and deposits, and mobile check deposits usually do not qualify. Always double-check the specific terms for your account.
Sub-heading: Maintaining a Minimum Average Monthly Balance
Many Citibank accounts offer fee waivers if you maintain a certain average monthly balance across your eligible linked accounts. This balance requirement varies significantly by account type and relationship tier.
- Citi Savings Accounts: The monthly service fee for a standard Citi Savings account is often waived if you maintain a $500+ Average Monthly Balance or if you also own a Citi Checking account.
- Relationship Tiers (Citi Priority, Citigold, Citigold Private Client):
- Citi Priority: The monthly service fee is waived if you maintain a Combined Average Monthly Balance (CAMB) of $30,000 to $199,999.99 across your eligible deposit and investment accounts.
- Citigold: The monthly service fee is waived if you maintain a CAMB of $200,000 to $999,999.99.
- Citigold Private Client: The monthly service fee is waived if you maintain a CAMB of $1,000,000 or more.
- Important Note: For these relationship tiers, you typically need to achieve the required CAMB in at least one month of the first three full months after account opening to remain in that tier. If your CAMB drops below the minimum for three consecutive calendar months, you may be re-tiered.
Step 3: Leverage Account Linking and Relationship Tiers
Citibank strongly encourages customers to consolidate their banking with them through their "Relationship Tiers." This isn't just about prestige; it's a practical way to unlock fee waivers and other benefits.
Sub-heading: Linking Accounts for Combined Balances
- Combine Citi Accounts: Other eligible Citi Deposit and Investment accounts (like savings accounts, CDs, or certain investment accounts) can count towards your Combined Average Monthly Balance. This means you don't necessarily need to keep all the required funds in a single checking account.
- Family Linking: In some cases, immediate family members who live with you can combine their balances to help you reach a higher Relationship Tier and access benefits sooner. Check with Citibank for eligibility and details on family linking.
Sub-heading: Benefits of Higher Relationship Tiers
Beyond fee waivers, higher relationship tiers (Citi Priority, Citigold, Citigold Private Client) often come with additional perks that can save you money indirectly:
- Waived non-Citi ATM fees (often with unlimited reimbursement for Citigold and Citigold Private Client).
- Waived fees for money orders, stop payments, and select wire transfers.
- Increased limits for Zelle® payments, debit card purchases, and daily ATM withdrawals.
Step 4: Consider Specific Account Features and Exceptions
While the above methods are the most common, some Citibank accounts have unique waiver conditions or are inherently fee-free.
Sub-heading: Citi Miles Ahead Savings & Other Specific Accounts
- Certain savings accounts, such as Citi Miles Ahead Savings, and some specialized accounts like UTMAs (Uniform Transfers to Minors Act) and COMMA accounts, are not charged monthly service fees regardless of balance or activity. If your needs align, these might be a good fit.
Sub-heading: Temporary Waivers for New Accounts
- For some checking and savings accounts, the monthly service fee may be waived in the month of account opening and for the first 3 full calendar months after account opening. This gives you a grace period to set up direct deposits or build up your balance.
Step 5: Proactive Management and Communication
Avoiding fees isn't a one-time setup; it requires ongoing attention.
Sub-heading: Monitor Your Account Activity
- Regularly check your balance: Ensure you're meeting the minimum balance requirements if that's your chosen waiver method.
- Confirm Direct Deposits: Verify that your Enhanced Direct Deposits are consistently landing in your account each month.
- Review your statements: Scrutinize your monthly statements for any unexpected fees.
Sub-heading: Contact Citibank if You're Charged a Fee
- If you find a monthly fee on your statement and believe you met the waiver criteria, contact Citibank customer service immediately. They may be able to reverse the charge as a courtesy, especially if it's a one-time occurrence or a technical glitch.
- Don't be afraid to ask! Banks often have some discretion in waiving fees for good customers.
Sub-heading: Re-evaluate Your Banking Needs
- If you consistently struggle to meet the waiver requirements, it might be time to reassess whether your current Citibank account is the best fit for you. Explore other Citibank accounts with lower or no fees, or even consider other financial institutions that better align with your financial habits.
10 Related FAQ Questions
Here are 10 frequently asked questions about avoiding Citibank monthly fees, with quick answers:
How to know which Citibank account type I have?
You can find your account type on your monthly statement, by logging into Citibank Online or the Citi Mobile App, or by contacting Citibank customer service.
How to make an "Enhanced Direct Deposit" to waive my fee?
An Enhanced Direct Deposit is typically an ACH transfer like your paycheck, government benefits, or pension. Some P2P payments made via ACH (like Venmo or PayPal) may also qualify for certain accounts.
How to combine my Citibank account balances to avoid fees?
Yes, eligible Citi deposit and investment accounts can be linked to contribute to your Combined Average Monthly Balance for Relationship Tier fee waivers.
How to avoid the monthly fee for a Citibank Regular Checking account?
You can avoid the fee by having $250 or more in Enhanced Direct Deposits each month, or by meeting the Combined Average Monthly Balance for a Relationship Tier (e.g., Citi Priority, Citigold).
How to avoid the monthly fee for a Citibank Access Checking account?
Similar to Regular Checking, you can avoid the fee with $250+ in Enhanced Direct Deposits or by being in a Relationship Tier.
How to avoid the monthly fee for a Citibank Savings account?
You can avoid the fee by maintaining a $500+ Average Monthly Balance in the savings account or by owning a linked Citi Checking account.
How to qualify for the Citigold Relationship Tier and avoid its fees?
You typically qualify by maintaining a Combined Average Monthly Balance of $200,000 or more across your eligible Citibank deposit and investment accounts.
How to get a temporary fee waiver when I open a new Citibank account?
For some accounts, the monthly service fee is automatically waived for the month of account opening and for the first three full calendar months after opening.
How to check if my direct deposit qualifies as "Enhanced"?
Refer to your Consumer Deposit Account Agreement or contact Citibank customer service for the precise definition and qualifying types of Enhanced Direct Deposits for your specific account.
How to change my Citibank account to a fee-free option?
You can contact Citibank to discuss switching to an account type with different fee waiver requirements or to a naturally fee-free account like Citi Miles Ahead Savings, if it suits your needs.
