Changes to Citibank Accounts - effective October and November

Not that anyone continues to use these accounts because of the low rates, but just so everyone is aware:

Starting on the date AFTER your statement cuts in October 2010 (i.e. if your statement date is October 5, these changes will be effective on October 6), the following accounts will be converted (no change in account number):

• Citibank Rate Accelerator Money Market Account --> Citibank Savings Plus Account
  
• Citibank Ultimate Money Account --> Citibank Ultimate Savings Account
  
• Citibank e-Savings Account --> Citibank Ultimate Savings Account
  
• Tiered Money Market Account, Step Up Money Market Account, Citi Money Market Account, Citi Money Market Account II, High Yield Money Market Account, Super Yield Money Market Account or Insured Money Market Account --> Preferred Money Market Account (in NY, NJ, CT, MA, PA, DE), or Insured Money Market Account (in CA, NV, IL, MD, VA, DC, FL or TX)

• $50,000+ between linked deposit and retirement accounts
  
• $100,000+ between linked deposit, retirement, investment, credit card and loans/lines of credit (excluding first mortgage)
  
• $250,000+ including first mortgage and the items listed under $100,000+

I understand they are also changing senior citizen rules. Previously I believe those over 50 got the requirements waived. It is now necessary to be over 65. I was also told the fee waiver could be applied only if the first person met the age requirement. In my case younger wife opened the account and then added me, a senior citizen. This does not get us the waiver. Only closing and reopening with the older first will work (or so I was told).

Apparently, all of these saving options have separate fees or minimum deposit requirements that are waived when linked to a qualifying account. Thus, if you close the checking account, (figuring you can still earn interest at the higher rate and access the money via ACH a few times a month) you risk being hit with fees afterwords. Thus be sure to inquire about all of your accounts and make sure you will not be hit with unexpected fees later.

Also, if you have Thankyou points, these expire soon after closing the associated accounts, so plan on spending them before they are lost.

They aren't changing the requirements for a waiver based on the 100/250 levels, so I imagine they only count what it owed, just like before.

SUCKISSTAPLES said: andrewli said: 50,000+ between linked deposit and retirement accounts

• $100,000+ between linked deposit, retirement, investment, credit card and loans/lines of credit (excluding first mortgage)

Thanks OP. I have two accts of Citi Ultimate Savings with 1 cent balance as I was thinking of closing them anyway and was going to let them idle. Wondering if I should proactively close them due to these changes

turkey79 said: FYI: I got a notice. My citi ultimate savings account will be charged $20 per month fee if I dont increase the balance to $6000.(I currently have ~$100)If it's the same one I received, it doesn't refer to the Ultimate Savings Account, but rather indicates an increase in the monthly maintenance fee for the Citibank Account Package (which is likely what you have if you opened a stand-alone Ultimate Savings Account). The monthly maintenance fee doesn't apply if the Ultimate Savings Account is the only account in the Citibank Account Package, and the letter doesn't indicate any change to that.

ab15qsg9 said: Anyone interpret the Everything Counts fees? On the table, there is a $25 fee for combined balances - accounts and retirement accounts with accounts less than $10,000. Also, a $25 fee for accounts and retirement accounts PLUS investments, credit cards, etc. under $25,000.

So, does the Everything Counts package get hit twice? Or two $25 fees?

Link to pdf = https://online.citibank.com/JRS/popups/ao/CBOL_MarketPlace_Amend...

No, you only need to fulfill one of the requirements.

Looks like they may phasing out the "Everything Counts" (10K-100K bracket) checking account package; I don't see it up in their list of checking account packages anymore:
https://online.citibank.com/US/JRS/pands/detail.do?ID=Packages
With them dropping the citi gold down to 50K, maybe they fugued they didn't need as many brackets.