6at4 Business Report: Citibank, GM, Friendly's

October 5, 2011 1:47:43 PM PDT
Citibank is changing checking rules, and a restaurant chain is filing for bankruptcy.

Citibank Checking Fees
Get ready for higher fees on some Citibank checking accounts. Starting in December you must keep a minimum balance of $15,000 on a mid-teir checking account or incur a $20 monthly fee. Last month Citigroup increased fees on basic checking to $10 from $8 and that fee can be avoided if you keep a minimum balance of $1,500.

GM Car Sharing
General Motors is getting into a new business: short term rentals! The automaker is teaming up with Relay Rides, a car sharing marketplace, that'll allow millions of GM car owners with an OnStar communication system to make their cars available for rental by the hour or the day.

Friendly's Bankruptcy
Friendly's restaurant files for bankruptcy and will close 63 locations. The 76-year old chain said the economy was just too challenging coupled with rising costs for cream and high rent. The company will be sold at an auction on December 1. After the sale, the company said they will emerge stronger and more competitive.

Locally, Friendly's is closing the Hamilton Plaza location in Trenton, N.J., and two locations in Pennsylvania: the Easton Rd., Doylestown location and the Coventry Mall, Pottstown location.

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