Customers of Citizens Bank will be able to access their paychecks several days in advance through a new capability, Citizens Paid Early, announced by the bank today.
Citizens also announced it will eliminate non-sufficient funds fees by the end of the year as it seeks additional ways to help customers manage their financial lives.
“We continue to innovate, simplify our product set and help empower our customers to feel more confident with their finances,” said Brendan Coughlin, head of Consumer Banking at Citizens. “Today’s announcements demonstrate our ongoing commitment to serve as our customers trusted financial partner, as well as add value to their daily lives by enabling them to get paid even faster than their employer scheduled.”
As of June 5, customers who receive their direct deposit into their Citizens accounts were eligible to receive their paycheck up to two days earlier. Citizens Paid Early is automatically applied to all Citizens personal checking, savings and money market accounts. Earlier access to funds means customers can pay their bills earlier, potentially avoiding costly fees. A 2021 Arizent survey on the impact of faster money movement found that 70 percent of consumers were interested in faster paycheck access, including more than three-quarters of millennial (76 percent) and Gen Z (82 percent) consumers.
In addition to non-sufficient funds fees, Citizens will eliminate Savings Overdraft Protection fees by the end of the second quarter. In October, the bank introduced Citizens Peace Of Mind™, a new deposit feature enabling customers to reverse the expense of unexpected overdraft fees. In March, Citizens introduced two overdraft-free checking accounts designed to increase banking access to all consumers. The bank has also offered $5 Overdraft Pass for several years, as an additional customer protection, to waive overdraft fees on transactions of $5 or less.