Citigroup eyes more fee cuts in ‘coming months’

Citigroup Inc.
C,
-2.50%
said Wednesday it plans to cut additional fees in coming months after eliminating overdraft fees, returned item fees and overdraft protection fees starting in 2022. The bank is also launching a relationship tiers program, which the bank describes as similar to an airline or hotel rewards program. As a customer’s average monthly balance grows, they move through various relationship tiers that qualify them for benefits such as waived monthly service fees on checking and savings accounts, as well as waived fees from non-Citi ATMs. Customers who don’t qualify for a relationship tier could make enhanced direct deposits for $250 or more each month to avoid monthly service fees on Citi checking accounts. Citi stock was up 0.3% in premarket trades. The stock is down 9.3% year-to-date, compared to a 14.3% increase by the S&P 500
SPX,
-0.28%.