Citigroup: Cutting Fees for Lower Balance Accounts

Good news for all you Citibank customers out there, you're fees are about to be cut if you meet a medium account threshold. The company announced the other day that all fees will be waved for customers who have at least $50,000 in their combined accounts. The move comes in response to unsatisfied customers jettisoning the bank in search for more manageable fees elsewhere. Citibank has recently slid to the 4th ranked bank in the US as unhappy customers have opted to find more amenable banks to house their funds. According to most customers, high fees and unhelpful and often rude customer service representatives have combined to create an unfavorable situation for the company.

We often comment in this space how remarkable it is that company's have not been forced to adjust their business plans during these hard economic times, to better meet the needs of unhappy customers. Well it appears our prayers are being answered. More and more, companies such as Citibank are being forced to adjust. Just as customers are tightening their budgets due to less income, companies are being forced to do the same. We've said it a million times, but companies that work in the consumer space have to work to keep customers happy first and foremost, as the customer essentially drives the bottom line for the company. During economic booms, companies such as Citibank can choose to ignore seemingly petty issues such as customer base size, but when times are tough, it can help a company make or break it's quarter. Slowly but surely it appears companies are starting to listen to it's customers once and for all...hallelujah.

For more on the changes at Citibank, follow this link.

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Posted by GetHuman on Thu, 2 Sep 2010 7:53pm