Citibank Access Account

FDIC Meeting 
Table of Contents

Overview

Product Feature Detail

Product Support

Product Feature Transparency 

Customer in Profile 

Early Client Results 

Customer Use and Preference

Future Enhancements

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Citibank - Overview 

No overdraft fees on Access is in addition to Citibank’s responsible policies on all products: 

- Never allowed one time debit point of sale or ATM withdrawal overdrafts 

- No continuous day overdraft fees and

- Beyond real-time clearing, low to high dollar amount ACH and check processing 

The account promotes responsible finance:

Transactional account with digital access, 

Customers have easy options to waive monthly service fees,

No overdraft fees, 

Checkless to minimize overdraft situations, and 

ACH payments that could cause overdrafts are systemically prevented 

The Citibank Access Account was launched end of July, 2014 

designed to make banking simple and accessible to meet customer needs 

and to deliver an account with no overdraft fees

Results to date September, 2014 show the product is well 

received by consumers and far surpassing goals 

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• No overdraft fees

• No check writing 

• Enroll in banking alerts 

– Low balance alerts

– Deposit balance alerts

– Bill payment alerts 

• Additional online financial tools 

 Track spending

 Monthly budgeting 

• Debit Card / ATM Card

• 34,000 no-fee ATMs at Citibank 

and 7-11 ATMs

• Citibank Online, Mobile, Tablet 

Banking 

 View balances, transfer 

funds , pay bills 

 E-Statements available 

and encouraged (green 

paperless option)

• Online / Telephone Bill Payment 

or PopMoney person to person 

transfers

• Mobile check deposit capability 

available 

• Full branch and call center access 

with no additional fees 

• Money orders and bank checks, if 

needed, are available for a fee

Citibank Access Account – Product Features at a Glance

• 1 Direct Deposit OR

• 1 Bill Payment OR 

• $1500 average monthly balance

• No minimum opening deposit 

required

• Open in any branch or by phone

Easy to Open Maximum Control Easy Access

Options To Waive $10 

Monthly Service Fee

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Citibank Access Account – In House Sales Aid & Collateral

• Accounts can be opened in all branches 

• Fully supported in branch with marketing and collateral materials

• Fall Deposit Campaign with a $50 offer for opening and funding a new 

Access account.

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Citibank Access Account – Product Feature Transparency

• Clear, simple presentation of account features 

and pricing with ways to avoid fees with Plain 

Talk About Your Products 

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Citibank Access Account – A Customer In Profile 

• Mid 30’s 

• Employed as security guard 

• Income $36,000 / year 

• Never banked; uneducated on traditional banking accounts – used prepaid card 

• Payroll deposited onto card 

• Visited branch for cash withdrawal through prepaid card 

• Access Account provided an opportunity to talk to the consumer about banking 

• Client is now building confidence about banking products with new Access

 Account along with all the access it provides to online and mobile banking 

• Conversation led to reviewing options to help build credit history with a 

 Citibank secured credit card

• Customer set up direct deposit and is engaged with online, ATMs and mobile

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Citibank Access Account – Early Client Results

The product is attractive to both new clients and our existing ones 

• 47% opening the product are new to bank

• 53% are existing customers who find the product a better fit 

The product has broad appeal and a diverse customer mix 

• A good product for digitally minded youth audience, as well as consumers seeking a simple and 

affordable transaction account 

• 44% opened in low to moderate income branch areas (equal percentage for new to bank and existing 

customers who have switched) and 56% across our remaining footprint 

• Almost half of consumers below $30K in income, but good distribution across remaining income bands –

35% between $30K and $75K and 24% $75K+

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Citibank Access Account – Customer Use and Preference

Overall digital usage for new Access Accounts is very strong 

• 77% enrolled in Citibank Online 

• 40% are using mobile banking 

• 55% use debit card 

• 54% use ATMs 

• 14% use bill payment 

• 19% have direct deposit 

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Access Account – Future Enhancements

• Add Access Account to our frequent overdraft communications as an option for 

clients to consider in helping to control overdrafts; almost complete 

• Deliver option to open product through online channel – targeting January 

2015

• Add a linked savings component; targeting April 2015

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