It’s no easy task for banks to attract new customers these days, given all the negative news surrounding financial companies. Dissatisfied or nervous customers are no doubt on the lookout for a more stable - and/or a more generous - bank to move their money to. Perhaps the best way to get a new customer through the door remains the good old-fashioned referral from a trusted friend. Here, we’re seeing at least one big bank ramping up its efforts to encourage referrals.

Citibank is currently running a promotion for existing customers, offering to pay them up to $500 for five successful referrals that open up an account with the bank (see email below). Clients earn $25 for referrals that open one of the bank’s basic accounts, Citibank EZ Checking. From there, the referral reward rises based on account type. Clients can earn a nice Benjamin Franklin bill for a referral that opens a Citigold account, the firm’s premium relationship account, with $100,000 in combined balances. The new account holder also benefits from the promotion, earning the same referral reward as the person who referred them to Citi.

The promotion makes a lot of sense for Citi, which needs to acquire more deposit account assets to shore up its capital base. This generous program expires on June 30.