Citibank Launches ‘Zero Fee Account’, unlimited Fee Waiver for All Bank ATMs Nationwide

SEOUL--(Korea Newswire)--Citibank Korea (CEO Ha, Yung-ku, www.citibank.co.kr) introduced to the market a new product named “Zero Fee Account” which offers unlimited fee waiver for online banking, issuance of banker’s check, replacement of passbook not to mention ATM services. Plus, the Account will give higher interest rates if arranged as a payroll account.

If any of 6 simple requirements to earn a fee waiver (e.g. using ATM twice per month) is fulfilled, “Fee Zero Account” holder will be qualified for a fee waiver for the following 5 services; 1) unlimited fee waiver for withdrawing/transferring cash at Citibank ATM, 2) unlimited fee waiver for withdrawing/transferring cash at other bank ATMs, 3) a fee waiver for phone banking (ARS), personal internet banking or mobile banking, 4) a fee waiver for issuing banker’s check at a teller counter and 5) a fee waiver for replacement passbook.

On top of a fee waiver, what else comes with “Zero Fee Account” is considerably high interest rates. If the account holder has his/her salary paid into the account or keeps the average balance of the account at or above 900,000, separate interest rates for each bucket will be applied to the end-of-day balance.

For instance, if Zero Fee Account holder meets the requirements above and deposits 2.1MM into the account, 0.1% per year will be applied to 500,000, 4.0% to another 1.5MM and 2% to the remaining 100,000.

“We came up with the new concept of a fee waiver because we wanted to help our customers to easily reduce the burden of banking service fees as they’re struggling with the sluggish grassroots economy. They can win a fee waiver for ATM services of all the banks in Korea by meeting requirements that are very simple and easy compared to other banks. Zero Fee Account is a current account, but it gives high interest rates to those who use it as a payroll account so they can enjoy both the fee waiver and high interest rates. It’s like catching two birds with only one stone,” said an official from Citibank Korea.

The Bank offers only one “Zero Fee” account per personal consumer with a real name.

Website: http://www.citibank.co.kr

This is a news release distributed by Korea Newswire on behalf of this company.