8/1/2023
Citizens Bank is a financial institution with nearly 200 years of history that is now strong enough to afford large acquisitions, such as the retail business of HSBC bank in the United States, which it purchased in 2021.
The bank has branches in the states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington DC.
In this article we will discuss how to open an account at Citizens Bank and what requirements you have.
Requirements to open an account at Citizens Bank
Setting up a checking or savings account at this bank is a process that takes just a few minutes and without a lot of paperwork. This is largely due to the fact that banks are always looking to add more customers to their ranks and make the process much easier.
Checking account with checkbook that you can open with only one dollar and has no maintenance fee if you make a monthly deposit of any amount.
Checking account with checkbook and free check writing that offers you a return on your money with full functionality and availability.
Savings account that remunerates your balance from the first dollar, being able to avoid the maintenance fee with a monthly deposit of any amount.
As for the requirements that Citizens Bank asks for, you will need:
- Social Security Number.
- The age of majority (18+).
- An official identification (license or state ID).
- An account or debit card to make the initial deposit, or you can make it in cash at a bank office.
How to open an account at Citizens Bank?
Institutions that have adapted to the digital age have also streamlined their most common procedures. If you don't want to visit a Citizens Bank branch to open a savings or checking account, you can do it online.
Through the Internet, the process consists of 5 simple steps:
- Search in your favorite browser for the bank's official website and click on the direct link 'Start here'.
- This takes you to the menu of accounts where you must choose the one of your preference and confirm if it is a joint account. At the end you click on 'Continue'.
- Once you have made your choice, you will be taken to the personal information form. You enter your name, primary phone number, email address, occupation, whether you are a citizen and if you are a politician or related to one. When you are done, you click 'Continue'.
- This is followed by information about terms and conditions of the chosen account, to which you must give your approval. The same happens with the characteristics of the banking product you are going to contract. In both cases you give your consent and click on 'Continue'.
- You finish the process by making the corresponding deposit to the selected account. Usually, the amount is $0, but you can pay $1 or more to complete the process.
About Citizens Bank
The parent company behind Citizens Banks is Citizens Financial Group Inc. headquartered in Providence, Rhode Island. Considered the 13th largest bank in the United States, it has about 1,200 branches and a network of at least 3,300 ATMs.
At Citizens Bank you will find everything you need to manage your personal or business finances. Its main offer consists of checking and savings accounts, credit and prepaid cards, mortgages, personal loans, financial planning and CDs.
If you want to visit a branch of this banking institution, you can do so from 7 am to 10 pm Monday through Thursday or from 9 am to 6 pm Friday and Saturday. In addition to the online banking service and Zelle, you have their free app for iOS and Android.
Pros and cons of Citizens Bank
In the United States, there are many banks to choose from to establish a business relationship. It will always be better to opt for one that inspires confidence, operates where you reside, complies with its policies and applies the best industry practices.
Advantages
Among what we like about this institution, we can highlight the following:
- They have 24/7 customer service by phone.
- They do not charge you an overdraft penalty when the amount is $5 or less.
- The direct deposit option gives you the opportunity to receive your money 2 days earlier.
- The interest return on certificates of deposit is among the most attractive in the country.
- You can easily avoid the administrative fees associated with savings/checking accounts, which saves you money.
Disadvantages
The least favorable thing about Citizens Bank can be summed up as follows:
- The options for CDs are somewhat limited.
- Unlike other similar banks, it only operates in 14 states.
- Returns on interest for savings and money market accounts (MMAs) are not among the best.
- You can avoid fees related to ATM transactions if you have a 'higher' status account. If you don't, you are charged $3 for withdrawing money at ATMs of other banks.
We hope this short tutorial on how to open an account at Citizens Bank will serve as reference material. Plus, we wanted to give you a little insight into what to expect. If you need more reviews like this one, feel free to check out Busconomico's extensive database.
Español: Cómo abrir una cuenta en Citizens Bank y sus requisitos