Citizens Bank and Charter One will let customers move their money through person-to-person (P2P) payments and external account transfers — services that come with fees attached. Both banks are owned by RBS Citizens Financial.
“People are busier than ever, and we are committed to putting our customers in control and showing them how to take care of their banking needs anytime and anywhere,” said Brad Conner, vice chairman of consumer banking at RBS Citizens Financial Group, in a press statement.
Citizens Bank and Charter One customers can now send money to anyone with an email address, mobile phone number or bank account number. The P2P service is powered by Popmoney, which also powers P2P payments for major banks including Citibank and Ally Bank. Citizens Bank and Charter One charge $1 per standard 3-day payment and $10 for next-day service.
Additionally, customers can now initiate next-day fund transfers to external accounts. Previously, customers outgoing transfers to an external account took effect within three days, said Jim Hughes, a Citizens Bank spokesperson, in an email. The fees for external account-to-account transfers are $3 for regular service and $10 for next-day service.
Outgoing transfer fees are common — Bank of America® and Chase charge similar fees. To avoid these fees, customers can request incoming transfers, which are usually free, from the external bank.
Currently, Popmoney is only available via online banking. “We plan to add Popmoney functionality to mobile banking later this year,” said Hughes added.
External account-to-account transfers are available through online banking and mobile apps.
According to RBS Citizens, Citizens Bank and Chart One iPhone applications were accessed more than 12 million times in 2011. Their Android apps launched earlier this month.
The Providence, R.I.-based RBS Citizens is the 15th-largest bank in the U.S. by assets, according to SNL Financial.