{"id":366663,"date":"2011-04-04T17:13:09","date_gmt":"2011-04-04T17:13:09","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/04\/citis-good-news-on-overdrafts\/"},"modified":"2011-04-04T17:13:09","modified_gmt":"2011-04-04T17:13:09","slug":"citis-good-news-on-overdrafts","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/04\/citis-good-news-on-overdrafts\/","title":{"rendered":"Citi’s good news on overdrafts"},"content":{"rendered":"


\nBy Jessica Dickler, staff writer<\/span>April 4, 2011: 1:08 PM ET<\/span>
<\/p>\n

NEW YORK (CNNMoney)\u00a0 — For many Americans living paycheck to paycheck, it just got a little easier to avoid hefty overdraft fees. <\/p>\n

As standard practice, banks process checks from largest to smallest, which means that if a large check overdraws an account, then each smaller check will too — resulting in multiple overdraft charges, at nearly $30 a pop. <\/p>\n

But on Monday, Citibank (C<\/a>, Fortune 500<\/a>) said it will start clearing smaller consumer checks first, giving a reprieve for those struggling to get by. <\/p>\n

Citi’s new policy of processing checks from smallest to largest will be effective July 25, 2011, although consumer customers will be notified this week, the bank said. <\/p>\n

“It’s a very consumer friendly policy,” said Chris Viale, CEO of Cambridge Credit Counseling, a nonprofit consumer advocacy group. “With things being so tough for consumers out there and people living paycheck to paycheck you have to imagine this is going to be helpful for a large number of consumers.”<\/p>\n

None of the other major banks plan to follow Citi. <\/p>\n

A spokesman for Wells Fargo (CCF<\/a>) said its of clearing larger checks first ensures that expenses like mortgage or car payments, which are often the most important, are cashed first. <\/p>\n

Chase said there were no plans to change the way checks are prioritized. Bank of America (BAC<\/a>, Fortune 500<\/a>) was not immediately available for comment.\u00a0\"To<\/a><\/p>\n

<\/div>\n<\/p>\n

Read more:
\nCiti’s good news on overdrafts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Jessica Dickler, staff writer April 4, 2011: 1:08 PM ET NEW YORK (CNNMoney)\u00a0 — For many Americans living paycheck to paycheck, it just got a little easier to avoid hefty overdraft fees. As standard practice, banks process checks from largest to smallest, which means that if a large check overdraws an account, then each smaller check will too — resulting in multiple overdraft charges, at nearly $30 a pop. But on Monday, Citibank ( C , Fortune 500 ) said it will start clearing smaller consumer checks first, giving a reprieve for those struggling to get by<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-366663","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\nCiti's good news on overdrafts - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/04\/citis-good-news-on-overdrafts\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Citi's good news on overdrafts - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Jessica Dickler, staff writer April 4, 2011: 1:08 PM ET NEW YORK (CNNMoney)\u00a0 -- For many Americans living paycheck to paycheck, it just got a little easier to avoid hefty overdraft fees. As standard practice, banks process checks from largest to smallest, which means that if a large check overdraws an account, then each smaller check will too -- resulting in multiple overdraft charges, at nearly $30 a pop. 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