The New York Attorney General’s office announced today that Citigroup Inc.’s Citibank agreed to delay until 2011 imposing fees on over 1 million U.S. consumers who signed up for what was promoted as “free checking” accounts.
Attorney General Andrew Cuomo also added that the lender will maintain features of the account for consumers who signed up in 2009 for the rest of the year. The bank will delay charging fees on checks until Jan. 31, 2011.
The New York Attorney General’s office said the per-check fees would have cost consumers “tens of millions of dollars,” and "Citibank is doing the right thing for their customers through this agreement.”
Citigroup spokesperson Robert Julavits said, “We are pleased to have resolved concerns by the New York Attorney General’s office about recent changes to our checking account fee waivers.”
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