What is a checking account and how does it work? (2024)

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  Citizens Peace of Mind®: Citizens Peace of Mind provides additional time to bring your account to a positive available balance and reverse Overdraft Fees. If your account is overdrawn, you have up until 10:00 PM ET the following business day (e.g., if your account is overdrawn at the end of the day Monday, you have until 10:00 PM ET Tuesday) to deposit enough funds to cover all of the overdraft items (minus the fees), and any additional transactions that post to the account that day. If the available balance, excluding the overdraft fees, is positive (greater than or equal to $0) at the end of the following business day, any overdraft fees will be reversed. When determining the amount you need to deposit to take advantage of Citizens Peace of Mind, you can check your balance in the Citizens mobile app or Online Banking and then consider transactions that may post to your account that day - such as checks or other debits. As we do not see these transactions until they are presented for payments, only you know what transactions may post to your account and how much you need to deposit. A deposit that only partially covers transactions or overdraft items will not result in a fee reversal. All deposits are subject to our Funds Availability schedule. This schedule helps you determine when a deposit you make will increase your available balance. For example, some deposits types such as checks drawn on a bank other than Citizens, even if made by 10:00 PM ET the next business day, are not available to cover transactions that day. But a deposit of cash, a Citizens check, or an electronic funds transfer will generally be available to cover the transactions. For information on our Funds Availability Policy, please visit citizensbank.com/overdraft or see your Personal Deposit Account Agreement. Citizens Peace of Mind is available on personal checking accounts and does not apply to Overdraft Line of Credit Transfer Fees.

  IMPORTANT DETAILS ON OVERDRAFT COVERAGE: When we pay a transaction that overdraws your account, we will charge you an Overdraft Fee of $35 per item paid. When we return a check or ACH transaction unpaid because your account had insufficient funds, we will not charge you a fee. We will limit to 5 the number of Overdraft Fees charged on any one business day, up to a total of $175. Once you have overdrawn your account, you must bring it to a positive balance as soon as possible. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing or if the overdraft amount is excessive.

• ³If you are a Citizens Personal Checking, Savings or Money Market account customer that has set up a direct deposit with a payor, you may be able to get that direct deposit up to two days early with Citizens Paid Early™. Whether a direct deposit is eligible for Paid Early is at our discretion and we cannot guarantee that you will always receive the Paid Early service.

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