Citibank is known in the world for the impeccable credit card services. As per the credentials offered by the experts, offers, bonuses, and promotions are at par with those offered by AMEX.
The only disadvantage with the bank is that the fees for services are at the high-end unlike the continuous competitor – the American Express Bank.
With a large number of branches and ATM counters across the USA and several other countries of the world, the bank operates in providing premium banking services too. But, the specially designated banking services are again geared to those customers who are capable to maintain higher balances in their savings or current accounts.
An Assortment of Services Offered by Citi Bank:
Citibank, to solve the objective of retaining customers, offers a host of packaged services. The plethora of services commence from fundamental banking and extends various other heels of Branch and retail banking.
The Basic Banking: This service is ideal for those customers who are unable or reluctant to maintain the required high balance but want accession of paper checks.
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With this facility, the customer is able to write an unlimited number of checks. They are entitled to use the online banking services of Citicorp. ATM functionality is also open to these people.
The bank charges a monthly fee for maintenance of the account which is waived for people above 61 years. Fees for using Non-Citibank ATMs are also reequipped for these people.
Account Package: Citi Bank offers a package of services for those savings, checking, retirement, and investment accounts where a minimum balance of $10000 is maintained.
The service includes full exemption of Non-Citibank ATM charges. Under this scheme, even balance with checking account offers the customer an opportunity to earn interest.
Priority Package: Citi Bank offers its customers to get expert financial advice from one of their expert panels. The facility is offered when the combined balance on all Citibank accounts equals or crosses the limit of $50000.
The bank also pays privileged rates for deposit products under such circumstances. Fees for online banking and use for using Citi ATMs worldwide are also remitted.
Bank Starts Going Digital:
With eves of making every banking operation from a fundamental point – Citibank has started to synchronize both the banking and credit services in a digitized way. In order to make their mission more effective, they have decided to build a partnership with leading digital channels. The data analytics obtained from those concoctions help the organization to target the right flock of customers. The ability to retain the right customers for a longer period briefly reveals their customer service efficiency. The consumer banking business has been grown further beyond the US. However, the change of trend in their business was first rolled out with closing down of branches in various hot business spots in the world.
Among the other initiatives that Citi Bank has opted to further its digitizing effort is to launch banking services through Social Media Applications. Messenger on Facebook helps largely in expanding its markets in several lavish pockets in Asia. The bank, in its method of expansion, is following the path of DBS. The latter has recently decided to expand retail banking through Mobile in various Asian countries like India and Indonesia.
Advantages of having Citibank Account
Customers beyond the geographical boundary of the USA, especially in Asia and other continents want to avail Citi Bank account as their Salary Account. In such cases, they will be entitled to the benefits of the account but no charge will be accrued. The exemption on ATM uses will be dysfunctional too.
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The credit cards are mainly in MasterCard format. These cards can be accessed from anywhere in the world.
Both the Citibank Card and Credit Card designed by the bank are meticulously designed. Superior bonus points and other perks offered to retailers make them prompted to accept Citibank cards.
The credit card offered by Citibank offers cash-back offers on purchases online. It enables them to avail further discounts thus saving bucks.
The banking services, as well as Credit Card services, are ambitiously designed to avail international recognition.
Online banking service offered by the bank is on top of peers, who offer similar service. After availing of the facility, the customer can completely stop moving to branches. Every bit of service, even the customer’s own verification can now be done online.
The bank offers excellent mobile banking services too.
Disadvantages with Citi Bank Services:
The account holders are required to maintain a high minimum balance.
There are stipulated charges for every kind of service that the bank offers.
Charges, if unpaid, accrue and require to be paid with interest in the subsequent periods.
Citi Bank enjoys full autonomy; therefore, they do not entertain any Government Benevolent Scheme.
The Final Word
Citi Bank has decided to go complete digitization. Therefore, schemes are packages that are solely offered on their website.
If you want to know more about their services, it is best to consult the website.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.