Citi Bike, New York City's new bikeshare program commenced Monday in downtown Manhattan. For a $95 annual fee, New Yorkers in neighborhoods that have Citi Bike stands can ride anywhere they'd like for 45 minutes free per use.

A reported 15,000 people have already signed up for Citi Bike, named for the private venture's major funder, Citi Bank. The bikes reportedly have three gears and resemble beach cruisers popular along many of the coastal towns south of the city.

Mayor Michael Bloomberg, I-New York, said that the Citi Bike bikeshare program would be "phenomenally popular." The city's chief executive made the remarks at a Memorial Day parade in Queens.

In what is being called "Phase I," Citi Bike will have 6,000 bicycles available for use from 59th Street in Midtown Manhattan to Downtown Brooklyn.

One man in Lower Manhattan said that the new Citi Bike program would save him a good amount of time when going grocery shopping. Suraf Asgedom, 39, said that it is usually a 25-minute hike to the supermarket, and that Citi Bike will "make [the trip] much more convenient."

However, not all New Yorkers' dreams were realized upon the bike program's release. Should member riders have the bike unlocked for more than 45 minutes, they begin to incur hefty fees.

One man, Yong Zhu, 40, who could not borrow a second bike in Greenwich Village after returning his first panicked that Citi Bike would spike his credit card statement. "When I put my card in to get another bike, it gave me [a] red [light]," he said, "I can't get any out. Now I'm afraid that it's going to give me a $1,000 fine."

If a bike is not considered returned by the Citi Bike system within 24 hours, a $1,000 charge is added to the bicyclist's debit card

According to the New York Times, adding the cost of a 24-hour pass ($9.95) onto a three-hour rental would result in a $58 charge to the bikeshare participant's account. Therefore, those in the city that may want to explore Central Park, or ride along New York Harbor on the multipurpose trail along the Leif Ericsson Drive and Belt Parkway in Brooklyn may need to bring along more than a few extra bucks.