Citigroup seeks to improve customer loyalty by waiving maintenance fees
2010-09-02
Banking leader Citigroup has announced plans to simplify its retail checking account offerings in order to promote customer loyalty and give patrons more choices.

Earlier this week, the bank announced that it would be making changes to three types of customer accounts - basic banking, mid-level and Citigold accounts.

Now, basic banking accountholders will be able to save money and waive monthly maintenance fees by completing five qualifying transactions per statement period. This includes everyday transactions such as debit card purchases, bill payments, automatic deductions and ATM cash withdrawals.

The fee will also be waived for customers who maintain a monthly balance of $6,000 in linked accounts, including checking, savings, credit card, investments, mortgages, lines of credit and retirement accounts. Citigold customers will no longer have a minimum monthly balance.

These changes are part of a larger trend in the banking industry to simplify account offerings and refocus efforts on customers. For example, Bank of America has begun waiving maintenance fees for those who go paperless, and U.S. Bank recently launched a Credit Wellness Center to help consumers manage their credit scores.

Recent Customer Attrition Retention, and Loyalty News

Two More Words on Client Retention
2011-06-23
For the past couple of months, PNT’s “Industry News” has focused on client retention.
Customer Acquisition and Client Retention: New Banking Regulations Bring Challenges and Opportunity
2011-06-16
Banks face customer exodus! The era of free checking is over! Debit Card interchange revenue to be slashed! New ATM charges loom!

These are among the headlines, somewhat sensationalized, being written about regulatory changes enacted as a part of the recent batch of financial reforms.
Bank Call Centers the Bedrock of Client Service: Retaining Clients One Call at a Time
2011-06-16
When TD Bank designed a new call center in Maine it emphasized a commitment to customer service by installing a 9-ton boulder amid the 60,000-square feet of office space.