The Access Account can be opened at lower monthly charges of $10. This also may be avoided if the customer has one qualifying bill payment or direct deposit in a statement period or maintain a monthly balance of at least $1,500.
The account does not allow for any overdrafts by which the users can avoid paying overdraft fee.
The launch comes at a time when a survey in the US reveals that the usage of cheques for performing banking transactions is declining with better adoption of online and mobile banking channels.
Citibank US retail banking head Will Howle said: "The new Citibank Access Account provides customers with a simple way to manage their finances.
"We designed the account with two trends in mind. Many customers, particularly those active with our online or mobile banking options, no longer have a need for paper checks.
"At the same time, we know many customers are also looking for the reassurance that will come with an account that eliminates overdraft fees."
Customers can get access to the new Access Account at Citibank’s online platform, any branch or at the bank’s ATMs.
The accound holders can view their bank balances, transfer funds, pay bills and enrol in e-statements and banking alerts.
Citi community development global director Bob Annibale said: "The Access Account provides a debit card, easy ATM and Citibank branch access and a powerful digital platform, while addressing needs of some customers, particularly first-time and younger consumers, by reducing the risks of overdrawn accounts and coinciding fees."
Image: Citibank branch at Michigan Avenue in Chicago, US. Photo: courtesy of TonyTheTiger.
