All results
Citi is following through on its promises to eliminate overdraft fees. The financial institution is now one of the only top five banks in the U.S. (based on assets) to completely get rid of various charges affecting consumers daily. Now, those with Citi Retail Banking consumer deposit accounts no longer have to worry about overdraft fees, returned item fees, or overdraft protection fees. The move is a part of the bank’s ongoing commitment to providing financial inclusion for individuals in underserved communities. As previously shared by AfroTech, the bank is also on a mission to advance economic progress across the nation. Protection from overdraft fees doesn’t just stop at consumers seeing an extra charge or two on their bank account. Citi provides options for combating the issues. As a part of the new overdraft protection services, they will offer two choices for consumers looking to cover negative balance transactions. One includes Safety Check, which transfers available funds...
Pesky overdraft fees could soon be a thing of the past thanks to a historic move by Citi. The United States bank has revealed plans to drop its overdraft fees just in time for summer vacation, CNN reports. “This latest enhancement is a significant step for Citi as a leader in the banking industry offering the most consumer-friendly overdraft practices,” Gonzalo Luchetti, CEO of US Personal Banking at Citi, said in a statement . “We are continuously looking for ways to utilize our industry-leading capabilities to make the financial system easier and more equitable for communities who have little or no financial buffer.”
Last year, Black-owned fintech company MoCaFi announced updates to their platform to better ease financial burdens for Black and brown communities. Today, they share news of closing a $12 million Series A funding round to expand into larger capacities. “In addition to offering high-quality, low-cost financial products and services that have helped many individuals and families across the nation, we are excited to launch a new strategy that allows municipalities to systematically address a significant market failure – the lack of access to banking products for large portions of the population,” said Wole Coaxum, Founder and CEO of MoCaFi, in a statement. “Communities of color are disproportionately impacted by this phenomenon. Our model reimagines how cities work with financial services to deliver banking and disbursement solutions to all their residents. Together we have the potential to play an important role in closing the racial wealth gap in the United States.” A press release...
Citi announced a $200 million Impact Fund dedicated to making equity investments in U.S.-based companies that strive to achieve measurable social and financial outcomes. So far, Citi has donated to 11 women and minority-owned businesses, and each individual investment can reportedly reach up to $10 million. The most recent round includes three Black-led startups dedicated to making a positive impact on society, as reported by The Grio. One of the focus areas of the fund were companies with solutions in financial inclusion. Clerkie, one of the three recipients, is an AI financial planner that helps users escape debt and build credit. It was founded by Guy Assad with the purpose of providing financial literacy and democracy for middle class Americans. The second recipient, Perch is also an app that focuses on solutions in financial inclusion. Founded in 2019 by Michael Broughton, Perch was created as a way for users to build credit through their already recurring expenses such as rent...