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CITIBANK ANNOUNCES RESTRUCTURING OF CORE BANKING ACCOUNT; ADDS FOUR NEW PREFERRED PRICING OPTIONS: REDUCES MINIMUM AVERAGE BALANCE REQUIREMENT

CITIBANK ANNOUNCES RESTRUCTURING OF CORE BANKING ACCOUNT; ADDS FOUR NEW PREFERRED PRICING OPTIONS: REDUCES MINIMUM AVERAGE BALANCE REQUIREMENT
 NEW YORK, Nov. 10 /PRNewswire/ -- Citibank today announced that, effective Jan. 1, 1993, it is restructuring its core banking account and offering its New York customers four new ways to qualify for no charge checking and preferred pricing. The core banking account links all customer accounts -- checking, savings and investments -- in one master account.
 With the restructuring, Citibank will be 1) adding two new options that enable customers to qualify for free checking and preferred pricing, by concentrating their funds in their checking accounts; 2) adding two new options that, for the first time, allow customers to include their securities holdings at the bank in calculating their minimum average balance; 3) expanding the current two options by adding IRA account balances invested in securities; and, 4) increasing the number of products and preferred pricing benefits available to Citibank customers. One of the new options will enable customers to qualify for no-charge checking and preferred pricing with a $2,000 minimum average balance, the lowest for a linked money management account in the New York area. Citibank will be the first New York bank to include securities holdings at the bank in calculating customers' combined balances.
 Currently, in addition to its budget checking account, Citibank offers two accounts on which customers can earn no-charge checking and preferred pricing. They are a regular checking account without interest on which the minimum average balance requirement is $3,000 in combined balances; and a checking account with interest on which the minimum balance requirement is $5,000 in combined balances. Those who do not meet the minimum average balance requirement on either account pay a monthly maintenance charge of $9.50 for regular checking or $12 for checking with interest, and a fee of 25 cents per transaction. For budget checking customers, the monthly fee is $4.00 and includes six free transactions, with a charge of 75 cents for each additional transaction.
 Following the restructuring, regular checking account customers can earn free checking and the preferred pricing with a minimum balance of $2,000 in their checking account, or $6,000 in combined balances in traditional banking accounts and all IRAs, or $20,000 in combined balances of traditional banking accounts and securities holdings at Citibank. Customers who have a checking account with interest can qualify with a minimum balance of $5,000 in their checking account, or $10,000 in combined balances in traditional banking accounts and all IRAs, or $20,000 in combined balances of traditional banking accounts and securities holdings at Citibank. The monthly maintenance fees for customers who do not meet the minimum balance requirements will remain unchanged, while the transaction fee is being increased to 35 cents per transaction.
 The budget checking account is unchanged.
 "Our goal was to offer our customers more flexibility and choice so they could select the banking relationship that is best for them," said Pamela P. Flaherty, division executive in charge of Citibank's Eastern Region. "That is the same goal we had when we first introduced the concept of a combined balance account in 1980, and, with this restructuring, we're adding innovations that reflect the needs of our customers today. We're making it easier for people with lower balances to qualify for no-charge checking and preferred pricing; while, at the same time, allowing customers to add new products like securities to the combined account."
 Other special relationship pricing benefits announced today for customers who earn no-charge checking and preferred pricing include lower fees for Citibank's popular bill paying by phone service. The bank plans to announce other special benefits for the core banking account customers in the future.
 Citibank is a subsidiary of Citicorp (NYSE: CCI). There are 575 Citibank branches located in eight states and the District of Columbia.
 -0- 11/10/92
 /CONTACT: Susan Weeks of Citibank, 212-559-0580; or Joseph Fisher of Fisher & Company, 212-593-6382, for Citibank/
 (CCI) CO: Citibank; Citicorp ST: New York IN: FIN SU: RCN


GK-LR -- NY054 -- 9257 11/10/92 11:50 EST
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Publication:PR Newswire
Date:Nov 10, 1992
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