NEW YORK, July 17, 2012 /PRNewswire/ -- Citibank today unveiled Plain Talk About Your Products, an easy-to-read guide to account features for current and prospective customers.
"Customers tell us they want easy-to-understand information about their checking relationship so they can get the most value from the features, benefits, and rewards available to them," said Stephen Troutner, Citi's Head of Branch Network and Banking Products for U.S. Consumer Banking. "Plain Talk provides customers with the facts they need to make informed decisions when opening an account or considering changes to their banking relationship."
Simplified Account Information
Starting today, Citibank customers will receive an overview of account policies, options, and features—providing more clarity on funds availability, how to earn rewards, as well as how to reduce or avoid fees. The simplified presentation was developed with feedback from The Pew Charitable Trusts.
"Plain Talk was created from customer feedback," said Troutner. "They said, 'make it easy, make it clear and show me the value from the relationship' – and we listened. We want to make it even easier for consumers to confidently use banking services to successfully save, invest, and manage their daily finances."
Plain Talk also details the multiple features that come standard for Citibank customers, such as access to 30,000 ATMs, online banking and bill payment, account alerts, budget management tools, mobile banking and Citi tablet apps for the iPad and the Kindle Fire. Plain Talk also lists fees for specific transactions such as money orders, foreign exchange, traveler's checks, and wire transfers.
"While checking accounts serve as the cornerstone of household financial management, a lack of transparency of key terms and fees can often expose customers to high, unexpected costs," said Susan Weinstock, director of Pew's Safe Checking in the Electronic Age Project. "We applaud banks, such as Citi, for providing their checking account holders with information in an easy-to-understand format, and we encourage other financial institutions to adopt our simple form so that consumers can better understand their account."
Through Plain Talk, customers will also have a better understanding of Citibank's policies that promote responsible finance, such as:
- Low-to-high processing: Citibank is the only major bank to process check and ACH transactions in order of the smallest to the largest dollar amount to help minimize overdraft charges.
- Overdraft fees: Citibank does not charge continuous or extended overdraft fees.
- No opt-in: Citibank does not allow customers to opt-in to point-of-sale overdraft coverage for debit card or ATM transactions.
Current and prospective Citibank customers can receive the two-page document at account opening or any other time by request. Plain Talk will be available today in branches and online at www.citibank.com starting July 18.
Customers with questions can also visit their nearest branch, call 1-877-248-4454 to speak with a Citibank representative, tweet @askciti, or visit www.citibank.com.
Citi (NYSE: C), the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.
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