Actually according to an online article, Citibank already has such a fee imposed but this time they have raised the minimal amount to avoid the fee - would you believe that this "minimal amount is! It's $20,000!
And would you believe that Citibank now has a promotional thing going on where they want to get more customers!!!!!!!!!!!!!!
According to the article, Citibank really doesn't have a "free" checking account unless you meet their required minimal amount. I believe their "smallest" checking account requires that you maintain a minimal balance of $1,500 or you will be charged an $8 monthly fee (which is going to increase to $10 a month shortly).
This kind of article troubles me because I know that people are having a hard time with money right now and I remember way in the past when I had to cancel an old savings account because they were charging me too much in fees - to the point where I wouldn't have any money in the account at all! If I had kept that savings account it would have been in the negative and I would then owe them money!
Anyway, back to the article, where you can also read the comments of others about this and if you would like you can add your own comment(s) as well!
Tell me, what do you think about this?
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