Citizens Ending Fees for Small Overdrafts

November 6, 2013
Boston Globe  
overdraft news

RBS Citizens Bank has announced its intent to eliminate overdraft charges for withdrawals of less than $5, reducing the chances of egregious fees for people who make small purchases with debit cards. Previously, customers who used a debit card to buy, for example, a $3 cup of coffee, but accidentally overdrew their account could be hit with a $37 charge.

Other changes to Citizens' overdraft policies that will also take effect on Nov. 8 include clearing withdrawals primarily in chronological order and the introduction of a flat $35 charge for every overdrawn transaction and returned check, down from $37.

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