Citizens Enables Customers to Receive Paychecks Early, Commits To Eliminating Non-Sufficient Funds Fees By End of 2022

Citizens Paid Early™ Enables Customers to Access Pay Up To Two Days in Advance

Customers will be able to access their paychecks several days in advance through a new capability, Citizens Paid Early™, announced by the bank today. Citizens also announced it will eliminate nonsufficient funds fees by the end of the year as it seeks additional ways to help customers manage their financial lives.

“We continue to innovate, simplify our product set and help empower our customers to feel more confident with their finances,” said Brendan Coughlin, Head of Consumer Banking at Citizens. “Today's announcements demonstrate our ongoing commitment to serve as our customers trusted financial partner, as well as add value to their daily lives by enabling them to get paid even faster than their employer scheduled.”

As of June 5, customers who receive their direct deposit into their Citizens accounts were eligible to receive their paycheck up to two days early. Citizens Paid Early™ is automatically applied to all Citizens personal Checking, Savings, and Money Market Accounts. Earlier access to funds means customers can pay their bills earlier, potentially avoiding costly fees. A 2021 Arizent survey on the impact of faster money movement found that 70% of consumers were interested in faster paycheck access, including more than three-quarters of millennial (76%) and Gen Z (82%) consumers.

Today’s announcement is the latest in a series of changes by Citizens to provide customers with greater transparency, flexibility, and certainty regarding their finances.

In addition to nonsufficient funds fees, Citizens will eliminate Savings Overdraft Protection fees by the end of the second quarter. In October, the bank introduced Citizens Peace Of Mind™, a new deposit feature enabling customers to reverse the expense of unexpected overdraft fees. In March, Citizens introduced two overdraft-free checking accounts designed to increase banking access to all consumers. The bank has also offered $5 Overdraft Pass for several years, as an additional customer protection, to waive overdraft fees on transactions of $5 or less.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $192.1 billion in assets as of March 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

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