Citibank Singapore has recently sent letters and emails out to its many International Personal Banking customers advising of significant changes to the terms of their accounts.
The current monthly account service fee for regular IPBS accounts is US$30 and it is waived if a customer maintains a total relationship balance greater than US$10,000.
However, Citibank has advised that, commencing on 31 March, 2017, the monthly account service fee will increase from US$30 to US$50.
The minimum total relationship balance required to waive the monthly fee will also dramatically increase from US$10,000 to US$100,000.
The letters and emails sent by Citibank to its IPBS customers provided no specific details upon why it was necessary for the bank to increase its monthly fee by more than 65%, and the total relationship balance required to waive that fee by 900%.