While card reward programs disappear because of the Durban Amendment, Citibank has announced a new ThankYou Rewards program that will provide substantial points for its checking account customers.
Starting in December, the new ThankYou Rewards program will allow basic checking account customers to receive 425 points immediately after both a direct deposit and a bill payment, according to MyBankTracker.com.
With direct deposit and one bill payment every month, customers will receive the equivalent of $2.66 per month.
“While many banks are eliminating rewards programs, we are keeping ours and even making it more rewarding for customers who use us as their primary bank,” Stephen Troutner, the head of Citibank’s banking products for U.S. consumer banking, said, MyBankTracker.com reports.
Several banks, including Wells Fargo, Chase and SunTrust, have cut their debit card rewards programs to prepare for the Durbin Amendment, which takes effect on October 1.
Citibank’s new ThankYou Rewards program aims to exclude its rewards from actual debit card transactions while driving deeper customer relationships, according to MyBankTracker.com.
Citibank also announced new fees for customers who do not have direct deposit and online bill pay. Unless these customers keep their balance above $1,500, they must pay a monthly fee of $10 beginning in December.
“We designed an option based on activities our customers said they do every month,” Troutner said, according to AllMediaNY.com. “They prefer the simplicity of not having to remember a list of activities to complete each month to avoid a service fee."