How do I get a fee waiver from Citibank?

Escaping Citibank’s Monthly Fees: A Guide to Fee Waivers

Citibank offers a range of checking account options, but those options often come with the potential of monthly service fees. Fortunately, you don’t necessarily have to pay them. Citibank provides clear pathways to waive these fees, allowing you to enjoy the benefits of their banking services without unnecessary charges. This article breaks down the two primary methods for avoiding those pesky monthly fees.

The Direct Deposit Route: A Simple Way to Waive Fees

For many, the most straightforward approach to waiving Citibank’s monthly service fees is through consistent direct deposits. Specifically, you need to ensure you receive at least $250 in enhanced direct deposits each month.

What constitutes an “enhanced direct deposit”? This refers to electronic deposits such as:

• Paychecks: Your salary or wages directly deposited into your Citibank checking account.
• Government Benefits: Social Security, pension payments, and other government disbursements.
• Retirement Payments: Distributions from retirement accounts like 401(k)s or IRAs.

Crucially, transfers from other accounts, even internal Citibank accounts, generally do not qualify as enhanced direct deposits. Make sure the money is originating from a legitimate payment source like an employer or government agency.

If you consistently meet this $250 direct deposit requirement, your monthly service fees will be waived. This is a particularly attractive option for individuals with regular income streams who prefer a simpler solution.

Elevate Your Banking Experience: Citi Priority, Citigold, and Citigold Private Client

The second path to fee waivers involves achieving a higher banking status with Citibank. Reaching Citi Priority, Citigold, or Citigold Private Client tiers automatically waives monthly service fees on your checking account. Furthermore, these higher tiers come with a significant perk: reimbursement of non-Citibank ATM fees.

However, attaining these statuses typically requires meeting more substantial financial thresholds:

• Citi Priority: Generally requires combined average monthly balances of $30,000 or more across eligible deposit, retirement, and investment accounts.
• Citigold: Typically demands a combined average monthly balance of $200,000 or more across eligible deposit, retirement, and investment accounts.
• Citigold Private Client: Usually requires a much higher threshold and is reserved for individuals with significant wealth.

While the exact requirements can vary and are subject to change, these tiers are best suited for individuals who already hold a considerable amount of assets with Citibank. The benefits extend beyond fee waivers, often including dedicated relationship managers, preferential interest rates, and other exclusive services.

Choosing the Right Path for You

Deciding which route is best depends on your individual circumstances:

• Consistent Income, Lower Balances: If you receive regular paychecks or government benefits and prefer to keep your account balances relatively low, the $250 direct deposit option is likely the most convenient.
• Higher Net Worth, Existing Citibank Assets: If you already maintain significant balances within Citibank across various accounts, striving for Citi Priority, Citigold, or Citigold Private Client status might be the more advantageous long-term solution. The added benefits and personalized service that come with these tiers could outweigh the requirements.

Key Takeaways:

• Citibank offers two main ways to waive monthly service fees: enhanced direct deposits and elevated banking status.
• Ensure your direct deposits are coming from eligible sources like employers or government agencies.
• Citi Priority, Citigold, and Citigold Private Client waive monthly fees and reimburse non-Citibank ATM fees, but require substantial account balances.
• Carefully consider your financial situation and banking needs when choosing the best fee waiver option.

By understanding these options, you can take control of your banking costs and enjoy the benefits of Citibank’s services without unnecessary expenses. It’s always advisable to confirm the latest requirements and terms directly with Citibank, as these details can be subject to change.