Citi Everyday Benefits Account With Enhanced Direct Deposit Review 2025
- Citi's Everyday Benefits Account considers deposits through Zelle, Venmo, and other platforms as direct deposits, making it easier to avoid fees.
- The expanded definition of direct deposit makes it easier to meet the $250 monthly requirement to avoid the monthly fee.
- Approximately 65,000 ATMs accept Citi ATM cards.
Enhanced Direct Deposit, or EDD, is an electronic deposit through the Automated Clearing House (ACH) network.
A typical direct deposit includes payments into your checking or savings account from pensions, payroll, government benefits, social security, and other usual sources. The enhanced direct deposit amps up the benefits of direct deposit by including payments through Zelle, PayPal, Venmo, and the like.
Citi now offers enhanced direct deposit through its Everyday Benefits Account. Learn what this could mean for you and your bottom line.
What Are Enhanced Direct Deposits?
Enhanced direct deposits are a convenient and efficient way to receive payments directly into your checking account. By setting up a checking account with this capability, you can access your funds easily and enjoy various benefits, such as overdraft protection and debit card rewards. Setting up checking is straightforward and involves a few simple steps.
What Is Citibank Enhanced Direct Deposit? Benefits At-a-Glance
The Citi Everyday Benefits Account with EDD helps you make the most of your checking account by allowing payments from several sources to count as a direct deposit.
To avoid the monthly fee, you must reach the $250 deposit threshold, making managing your account easier.
In addition, you get all the benefits of Citi banking, including the vast network of ATMs and the option to tie in other Citi products.
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Overall Impression
The Citi checking account with EDD is a boon for freelancers, independent contractors, and those in the gig economy.
It expands the idea of direct deposit to include deposits through Zelle, Venmo, and other platforms. It comes with the robust service and banking power you expect from a company that’s been around since 1812.
Those comfortable with digital banking will enjoy this option and the better control it gives them over their finances.
Pros and Cons
Knowing what’s best and worst about a banking product can help you determine if it’s right for you. Here’s what you can expect from Citi Everyday Benefits Checking with EDD.
Pros
- It’s simple to avoid the monthly fee.
- Citi has a proven track record of innovative products.
- The minimum amount is $250 per month, lower than many competitors.
- Access to your funds is simple with Citi’s broad reach and massive ATM network.
Cons
- Understanding what qualifies under the EDD rules can take time and effort.
- You must maintain a minimum balance to waive the monthly fee.
- The monthly fee is much higher than that of many competitors.
- You need to complete specific activities to avoid the monthly fee.
Compare to Others
Banks are eager to compete for your business. By comparing their direct deposit features, you can decide which one might be the right home for your hard-earned paycheck.
While some offer bonuses for opening new checking accounts, high-yield savings accounts often provide better financial benefits due to their competitive interest rates. Here are some of Citi’s best competitors.
First Horizon
First Horizon is much like Citi in that numerous checking options are available, but there is no enhanced direct deposit.
This bank is best for those who want branch access across the country but still want the ability to use a robust mobile app to handle everything online.
None of the checking accounts have monthly fees, and some offer special perks for users. However, some require a higher average balance than the competition.
Current
This unique option is a neobank that relies on a banking partner to secure deposits under FDIC guidelines. Current is an online-only business with access through a user-friendly mobile app.
There is no minimum balance, service fees, or minimum opening deposits. However, you must pay a fee to deposit cash through an ATM.
The many ATMs around the country provide ample coverage for free withdrawals. You earn a competitive rate on the checking account.
Who Is Citi Everyday Benefits For?
Citi Everyday Benefits with EDD is great for freelancers, hairdressers, and other professionals who receive payments from various sources and might work with many clients who have preferred payment methods.
It is also great for those who are familiar with and comfortable using various digital platforms, such as Venmo or Zelle, to transfer money into their checking account. Additionally, it’s important to file taxes for any bonuses earned from Citi checking.
Eligibility and Requirements
To open an account with direct deposit, you must meet specific eligibility criteria and requirements.
First, you will need to provide identification and proof of address. Additionally, you will need to deposit funds, which can be done through direct deposits, transfers from other banks, or deposits made at a bank branch.
Note that some banks may have specific requirements or restrictions for certain types of accounts, so it is essential to confirm the details with your bank before applying.
For example, some banks may require a minimum deposit or have specific rules for ACH transactions. Ensuring you meet these requirements will help you smoothly set up your account and start enjoying the benefits of direct deposit.
Getting Set Up
Setting up a checking account with direct deposit capabilities is a simple process that involves a few steps.
First, you must provide your bank with your account details, such as your account number and routing number.
You will also need to identify yourself and confirm your address.
Once these steps are completed, you can start receiving direct deposits, making it easier and more convenient than receiving paper checks. You can learn more about the benefits of direct deposit and how it works by reading the bank’s terms and conditions or speaking with a bank representative.
Additionally, online banking services allow you to manage your account, transfer funds, and access your account information anytime, making it easier to keep track of your money and stay on top of your finances.
Rating the Features
Let’s examine all the features of Citi checking to ensure that it’s the right option for you.
Enhanced Direct Deposit
EDD is the big selling point for the Everyday Benefits Account. By expanding what Citi considers a direct deposit, users can more easily meet the $250 minimum threshold for deposits every month. This allows you to look to third-party apps like Zelle or Venmo for potential direct deposits.
Mobile Banking
Citi has been around for a long time, offering various banking products and credit cards, so the website and mobile app are just as robust as you might imagine. The Citi Mobile App has high ratings on both the Apple Store and Google Play.
Fees
The monthly fee for the Everyday Benefits checking is $15, but there are many ways to waive that fee. The easiest way is through qualifying EDDs, including payments through third-party vendors. Deposit at least $250 per month in direct deposits and pay no monthly service fee.
Reasonable fees are assessed for items you might expect, such as receiving a paper statement or sending wire transfers. These fees are usually easy to avoid.
Extras
New customers who open a Citi checking account with EDD between 1/8/25 and 7/7/25 are eligible for a $325 cash bonus. Simply open the account and have two separate direct deposits into that account within 90 days. Those deposits must combine to equal $1,500 or more. Thirty days later, you will receive the $325 bonus. Check out Citi’s offer page for more information.
Access
Citi customers enjoy ATM access worldwide. Citi participates in the MoneyPass Network, which means over 65,000 ATMs are available with no fee. Citi offers branches in select cities and continues to grow. Those branches usually have typical hours, and you can set appointments with a banker. Mobile access is robust and allows you to move your money around anytime.
Safety and Security
The FDIC insures all deposits for $250,000 per account. Citi actively monitors accounts for fraud and contacts you if suspicious activity appears on your account.
Minimum Deposit or Balance Requirement
No minimum amount is required to open an account with Citi, but keep in mind that inactive accounts with no money in them for 90 days are subject to closure. A minimum deposit of $250 per month through EDD is required to waive the monthly service fee.
Frequently Asked Questions (FAQs)
It allows you to access your paycheck up to two days early if your employer submits the payment details in advance.
Citibank typically processes them on the same day they are received, often early in the morning on your scheduled payday.
Yes, eligible customers may receive their funds up to two days before the scheduled payday with EDD.
This usually refers to an electronic deposit of payroll, pension, government benefits, or similar recurring income, required to meet certain account requirements or bonuses.
