PITTSBURGH (KDKA) — If you’re a Citizens Bank customer, those monthly statements that you get in the mail are about to cost you.
In June, the bank is charging its customers $2 a month for something that has traditionally been free.
A Citizens Bank spokesperson was not available on camera but defended the new fee, saying more customers than ever are opting for electronic banking anyway.
Duquesne University Professor Tom Nist, a former banker, says electronic banking is not for everyone.
“To do electronic banking, you have got to have access to electronics and while that number is moving northward very rapidly across our society, there are still a lot of people who opt out of electronic banking or are just not inclined to do that,” he said. “The older generations are still not comfortable with that and probably never will be.”
Citizens says it will let those 65 and over still get their monthly paper statements for free — but other banks see a chance to pick off Citizens’ customers.
PNC, the largest bank in this region, does not charge for its monthly statements and neither does First Niagara, First Commonwealth Bank or Huntington Bank.
It remains to be seen whether Citizens Bank loses any customers at all over this fee, but with so many banking options in town, those who are really unhappy can certainly find another banking choice.