“Unbanked” consumers might seem an unlikely target audience for Citibank, a brand of Citigroup with over 200 million customers accounts in more than 100 countries. Unbanked consumers are defned as those who do not utilize banking services and individuals with limited banking transaction needs. Research indicates there are a variety of reasons that people may not have bank accounts: a lack of local bank branches, the fear that they may not have enough money or cannot afford an account, mistrust of financial institutions, and barriers associated with traditional check writing.

Enter the Citibank Access Account—a starter account offering a range of low-cost and easy-to-use financial services, including “checkless” checking which allows customers to make free, unlimited bill payments through Citibank Online or through the bank's automated phone system.

The Access Account was piloted in Chicago earlier this year, and the bank found that a wide range of customers were attracted to it: recent immigrants, senior citizens, students, technology-savvy people and customers with limited banking needs. Key features of the Access Account include:

No minimum balance and the waiver of $3.00 monthly fees for Access customers who arrange for direct deposit of payroll, Social Security, or entitlement funds.