Citizens Bank launches new checking account for underbanked and underserved communities that waives overdraft fees, according to a Press release Monday (March 28).
The new EverValue checking accounts, as well as the bank’s student checking accounts, are designed to help alleviate fears some people may have about overspending on their accounts. Both accounts are also officially certified by the Cities Fund for National Empowerment (Fonds CFE) as meeting the standards of the bank on national accounts.
Citizens Bank is the first institution to offer both a global certified current account and a certified current account for young people and teenagers, according to the statement.
“Citizens EverValue and Student Checking are the latest in a series of changes to our product suite to ensure customers have an easy, safe and seamless way to bank,” Brendan Coughlinhead of consumer banking at Citizens, said in the statement. “Citizens is committed to helping all customers feel more confident in their financial lives, including avoiding unnecessary fees by keeping more of their money in their pocket.”
In addition to overdraft prevention, Citizens EverValue Checking has a fixed monthly cost of $5, no NSF fees, and 24/7 banking with mobile deposit and Zelle. Just like with traditional checking accounts, Citizens EverValue checking can be used to pay bills and make debit card purchases.
Related: Citizens Bank launches corporate payment solution
With Bank On National Account Standards certification, Citizens meets more than 25 CFE-appointed benchmarks that ensure low cost, high functionality and consumer safety.
“EverValue Checking and Student Checking offer customers looking to improve their finances safe, affordable and truly useful consumer banking products. These accounts put citizens at the forefront of national access to banking efforts,” said Jonathan MintzPresident and CEO of the Cities for Financial Empowerment fund.
Citizens is also launching a new account feature in the second quarter of 2022 that will allow customers to receive direct deposits up to two days earlier.
Based in Providence, Rhode Island, Citizens Financial Group is one of the nation’s oldest and largest financial institutions, with $188.4 billion in assets as of December 31, 2021.
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