New York, NY - Under Pressure, Citigroup Bank Drops Certain Checking Fees
New York, NY - Citigroup has agreed to suspend plans to charge fees on certain kinds of checking accounts as part of a settlement reached with the New York Attorney General’s office.
The fees would have affected more than 1 million customers.
State Attorney General Andrew Cuomo says Citi failed to provide adequate disclosures and offer a free checking program long enough before implementing the fees.
The fees, which would’ve cost customers between $100 and $120 a year, were supposed to go into effect Monday. That’s when Mr. Cuomo’s office announced the settlement with Citi.
A Citigroup spokesman was not immediately available to comment.
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