Citi Stops Overdraft Fees

Citigroup is saying goodbye to overdraft fees, making it the biggest US bank to pledge to eliminate the controversial charges.

By this summer, Citi plans to get rid of overdraft fees, non-sufficient funds fees and overdraft protection fees, the bank exclusively told CNN on Thursday.

The changes mean Citi will be the only one among the top five US retail banks by assets to abolish the fees that many Americans despise, and that consumer advocates say unfairly punish society’s most vulnerable.