Citizens in RI creates overdraft-free checking account

Citizens Financial Group in Providence, R.I., has created an overdraft-free checking account designed to help underbanked and underserved communities. 

The $188 billion-asset company said in a press release Monday that Citizens EverValue Checking accounts will have a $5 monthly fee. 

Citizens said the account was certified by the CFE Fund for meeting Bank On National Account Standards. 

The account is “the latest in a series of changes to our product suite to ensure customers have a simple, safe and transparent way to bank," Brendan Coughlin, the company’s head of consumer banking, said in the release. “Citizens is committed to helping all customers feel more confident in their financial lives, including avoiding unnecessary fees.” 

Citizens also said it would roll out a new account feature in the second quarter that will allow customers to receive direct deposits up to two days early.