Experience with Citibank Bonus Offer
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Experience with Citibank Bonus Offer
Just wanted to share my experience with a Citibank bonus offer in case anyone else is tempted to chase banking offers in this time of low interest rates.
The deal was to put at least $15,000 in Citibank checking/savings accounts (combined - they make you get both), leave the funds for a 60 day qualification period, and allow another 90 days after that for payment to get a $400 bonus.
I did everything to the letter -- put in more than the required amount, saved a copy of the promotion, and marked the relevant days on my calendar. The 60 days + 90 days came and went without me withdrawing anything from the account. Still no bonus. Had to call today to ask about the status - after 45 minutes with different supervisors, the reply was "yes, you should have received it, but we'll have to investigate further, and it should take another 5 days for us to look into it". Half of the people that I spoke with said that they couldn't find the appropriate bonus code -- although the terms and conditions said it would be automatically applied if opened online -- and half were able to find it. It doesn't inspire confidence.
Altogether, a frustrating experience, and I'd recommend steering clear of them for similar offers in the future.
The deal was to put at least $15,000 in Citibank checking/savings accounts (combined - they make you get both), leave the funds for a 60 day qualification period, and allow another 90 days after that for payment to get a $400 bonus.
I did everything to the letter -- put in more than the required amount, saved a copy of the promotion, and marked the relevant days on my calendar. The 60 days + 90 days came and went without me withdrawing anything from the account. Still no bonus. Had to call today to ask about the status - after 45 minutes with different supervisors, the reply was "yes, you should have received it, but we'll have to investigate further, and it should take another 5 days for us to look into it". Half of the people that I spoke with said that they couldn't find the appropriate bonus code -- although the terms and conditions said it would be automatically applied if opened online -- and half were able to find it. It doesn't inspire confidence.
Altogether, a frustrating experience, and I'd recommend steering clear of them for similar offers in the future.
Re: Experience with Citibank Bonus Offer
Citi - decided to delay acat transfer over 20 days (from other major institution, usually takes 4-5 days tops) - just conveniently missing that initial 30-45 days window by 1 day. Then, after promotion period- saying, the transfer-in of funds not done in time:-(
Also, Lots of paperwork, no less than 4-5 DocuSign’s read/signed, exceedingly intrusive KYC questions on phone., just delays and nuisance galore. Always significant phone delays!
Many a states - it has no branches
Truly dunno - how is it still in bidness !! (may be they got fat margins -- and also that - GFC wiped other banks/competition out)
Also, Lots of paperwork, no less than 4-5 DocuSign’s read/signed, exceedingly intrusive KYC questions on phone., just delays and nuisance galore. Always significant phone delays!
Many a states - it has no branches
Truly dunno - how is it still in bidness !! (may be they got fat margins -- and also that - GFC wiped other banks/competition out)
Last edited by sc9182 on Sun Apr 18, 2021 11:21 am, edited 1 time in total.
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Re: Experience with Citibank Bonus Offer
I have never understood why people fall for the bank bonus offers. For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. In both cases the bonuses are just not large enough to justify all the changes in your financial life, and there are so many things that can go wrong.
Re: Experience with Citibank Bonus Offer
Citi is infamous among the Doctor of Credit crowd for its bonus tardiness. I usually open in-store where the clerk will have a folder full of bonus offers, some unpublicized. That way I have someone to call if something goes askew.
Hope you get paid out, eventually. Sometimes you have to work a little for the free money.
BTW, I hit my Bank of the West bonus qualification about 6 weeks ago; still no payout. And some silly $100 deal with HSBC/Slickdeals last year took about 6 months to resolve.
Hope you get paid out, eventually. Sometimes you have to work a little for the free money.
BTW, I hit my Bank of the West bonus qualification about 6 weeks ago; still no payout. And some silly $100 deal with HSBC/Slickdeals last year took about 6 months to resolve.
Last edited by SrGrumpy on Sat Apr 17, 2021 7:43 pm, edited 2 times in total.
Re: Experience with Citibank Bonus Offer
I got my bonus 21 days late, no investigation. Yours will come if you met the terms. It takes one full statement cycle to actually close your account. Ridiculous "bank"
Re: Experience with Citibank Bonus Offer
My wife and I have taken advantage of multiple Citibank bonuses over the past 15 years with no problems. They have some of the most generous offers for those willing to park money for a short period of time.
I guess it all could be much worse. |
They could be warming up my hearse.
Re: Experience with Citibank Bonus Offer
If you are going to play the game, you have to learn to play by the letter of the law. Reading the fine print, pitfalls and comments on Dr of credit increase your chances of success:CashConfessions wrote: ↑Sat Apr 17, 2021 6:02 pm Just wanted to share my experience with a Citibank bonus offer in case anyone else is tempted to chase banking offers in this time of low interest rates.
The deal was to put at least $15,000 in Citibank checking/savings accounts (combined - they make you get both), leave the funds for a 60 day qualification period, and allow another 90 days after that for payment to get a $400 bonus.
I did everything to the letter -- put in more than the required amount, saved a copy of the promotion, and marked the relevant days on my calendar. The 60 days + 90 days came and went without me withdrawing anything from the account. Still no bonus. Had to call today to ask about the status - after 45 minutes with different supervisors, the reply was "yes, you should have received it, but we'll have to investigate further, and it should take another 5 days for us to look into it". Half of the people that I spoke with said that they couldn't find the appropriate bonus code -- although the terms and conditions said it would be automatically applied if opened online -- and half were able to find it. It doesn't inspire confidence.
Altogether, a frustrating experience, and I'd recommend steering clear of them for similar offers in the future.
https://www.doctorofcredit.com/best-ban ... t-bonuses/
As mentioned citi bank seems to be a bit worse than others on these. Some people have a less than flattering nickname (rhymes with "citi"). Having said that I was able to navigate this particular bonus successfully twice. I did screw it up the first time when my account got canceled up front for some reason and then they wouldn't honor another bonus for another 6 months.
Re: Experience with Citibank Bonus Offer
If you are diligent and follow the directions your success rate is near 100%. I've pulled over 5 figures in bank and credit card sign up bonuses over a few years. It takes a very modest amount of effort. Fairly easy but not completely effortless. Whether it is worth the time is a judgment call. I've kind of run out of easy money opportunities so I'm taking a pause.UpperNwGuy wrote: ↑Sat Apr 17, 2021 6:21 pm I have never understood why people fall for the bank bonus offers. For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. In both cases the bonuses are just not large enough to justify all the changes in your financial life, and there are so many things that can go wrong.
Personally I've never done brokerage bonuses, because to me it felt like the tail wagging the dog. My portfolio is not conducive to it. But for some that have very uncomplicated portfolios in common index funds for them the brokerage bonuses are fairly easy money.
Re: Experience with Citibank Bonus Offer
Everything worked as advertised. Got the bonus about 2 weeks early.
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Re: Experience with Citibank Bonus Offer
Have you sent them W-9?
Re: Experience with Citibank Bonus Offer
You do not need to do this. Yes, I know the terms say something about maybe needing it. I did not do it, no hassles.
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Re: Experience with Citibank Bonus Offer
That is just SOP for Citibank. You can save a lot of time by making your request in the online chat instead of waiting on hold.CashConfessions wrote: ↑Sat Apr 17, 2021 6:02 pm Just wanted to share my experience with a Citibank bonus offer in case anyone else is tempted to chase banking offers in this time of low interest rates.
The deal was to put at least $15,000 in Citibank checking/savings accounts (combined - they make you get both), leave the funds for a 60 day qualification period, and allow another 90 days after that for payment to get a $400 bonus.
I did everything to the letter -- put in more than the required amount, saved a copy of the promotion, and marked the relevant days on my calendar. The 60 days + 90 days came and went without me withdrawing anything from the account. Still no bonus. Had to call today to ask about the status - after 45 minutes with different supervisors, the reply was "yes, you should have received it, but we'll have to investigate further, and it should take another 5 days for us to look into it". Half of the people that I spoke with said that they couldn't find the appropriate bonus code -- although the terms and conditions said it would be automatically applied if opened online -- and half were able to find it. It doesn't inspire confidence.
Altogether, a frustrating experience, and I'd recommend steering clear of them for similar offers in the future.
Tip: Always confirm your account was registered for the bonus after opening it with Citibank. Then you have a record to use later.
I would not steer clear of them if you like receiving very nice bonuses, like the $700 one last year. Not too shabby for FDIC insured cash right now.
Re: Experience with Citibank Bonus Offer
This thread is now in the Personal Finance (Not Investing) forum (bank).
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Re: Experience with Citibank Bonus Offer
I did the savings-account-only offer, perhaps 4 years ago for $400. They added time to everything. So add the account. Take a week to allow online access. Then link my credit union account to transfer over money. They take a week, then send the couple low deposits and wait for a week to send an email to tell me how to log in and tell them what the amounts are. They then take a week to confirm that the account is now linked. Then I ACH over the deposit and it takes a week to confirm. I think in the end, where the whole time should have been 45 days, it was a year.
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Re: Experience with Citibank Bonus Offer
It really is a matter of assessing whether it is worth the trouble to go after the carrot being waved in front of you. My wife and I have collected approximately $40k in credit card, bank account, and brokerage bonuses in the past 5 years. This is just straight up bonuses and doesn't include interest earned on the bank deposits or credit card points earned from regular spending. It comes to about $8k per year. If a 25 year old couple targets earning $4k in bonuses each per year and saves the money earned through those bonuses but saves not a penny more, they will end up with $1M at age 65 with a 5% rate of growth. For those with high incomes/assets or who don't have as much time for compounding to do its magic, these bonuses may not be worth it. For others, it could result in a decent amount of money over the long-term.UpperNwGuy wrote: ↑Sat Apr 17, 2021 6:21 pm I have never understood why people fall for the bank bonus offers. For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. In both cases the bonuses are just not large enough to justify all the changes in your financial life, and there are so many things that can go wrong.
Re: Experience with Citibank Bonus Offer
5 months (2 months for the deposit+ within 3 months to get the bonus). For me, 4 1/2 months.
Within 30 days of opening your account, deposit [the amount] in New-to-Citibank funds between the new checking and savings accounts.
Maintain a minimum balance of [the amount] between the checking and savings accounts for 60 consecutive calendar days.
After all required activities are met, the [bonus amount] will be deposited to your account within 90 calendar days.
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Re: Experience with Citibank Bonus Offer
Had terrible experience with Citi as well closing my wife's account. They charged me overdraft fees cause the account had zero balance (after requesting closing it!) so the account went negative, again despite my clear instructions to close it months before. After so many calls was resolved but left a bad aftertaste. Never bother with them again
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Re: Experience with Citibank Bonus Offer
Citibank Bonus
Pros
1) Decent bonuses and ROR
2) Their lookback period is only a year or so, so you can repeat every year or 2.
3) If you already have a citibank CC, you don't need to create a new online account, bank accounts just get linked to that signon
Cons
1) Their customer support is indeed terrible. Significantly worse than Chase or just about any regional/local bank
2) They do delay in crediting bonuses. Quite often, it's pretty close to the last day mentioned in the offer
I still think some of their bonuses are worth it in this low interest rate environment.
Pros
1) Decent bonuses and ROR
2) Their lookback period is only a year or so, so you can repeat every year or 2.
3) If you already have a citibank CC, you don't need to create a new online account, bank accounts just get linked to that signon
Cons
1) Their customer support is indeed terrible. Significantly worse than Chase or just about any regional/local bank
2) They do delay in crediting bonuses. Quite often, it's pretty close to the last day mentioned in the offer
I still think some of their bonuses are worth it in this low interest rate environment.
Re: Experience with Citibank Bonus Offer
DId it once a few years ago for the checking ... possibly the most time consuming $400 I have ever earned.
Stupidly got involved again for savings account more recently (tho I can't recall the specific reason or bonus) ... not worth it.
And they don't provide for beneficiary listing on the savings.
My 2cents worth is stay away, like almost everybody else.
Stupidly got involved again for savings account more recently (tho I can't recall the specific reason or bonus) ... not worth it.
And they don't provide for beneficiary listing on the savings.
My 2cents worth is stay away, like almost everybody else.
Re: Experience with Citibank Bonus Offer
I was looking at the CITI bank bonus. Thanks all for the caution to stay away.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
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Re: Experience with Citibank Bonus Offer
I expect worthwhile bonuses at the end of this month for opening IRAs at Citi. The fact they're totally manual and phone calls is annoying but the total time spent isn't much and I'm retired. What's time? All investments are in ETFs and in the accounts I've opened solely for bonus reasons, we take dividends in cash. That way it's very liquid and very portable, having no fractional shares.UpperNwGuy wrote: ↑Sat Apr 17, 2021 6:21 pm… For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. …
When the requirements are met and the clawback period has passed, I just have Fidelity suck it all back into our accounts there and open a nice bottle of wine, courtesy of some bank somewhere.
Re: Experience with Citibank Bonus Offer
That's because there isn't one, per Doctor of Credit:chemocean wrote: ↑Sun Apr 18, 2021 7:31 pm I was looking at the CITI bank bonus. Thanks all for the caution to stay away.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
https://www.doctorofcredit.com/citi-400 ... -required/
(+ reader comments confirm)
Re: Experience with Citibank Bonus Offer
I also confirm. Also no charge for the closing check, which was a small concern I had.SrGrumpy wrote: ↑Sun Apr 18, 2021 11:15 pmThat's because there isn't one, per Doctor of Credit:chemocean wrote: ↑Sun Apr 18, 2021 7:31 pm I was looking at the CITI bank bonus. Thanks all for the caution to stay away.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
https://www.doctorofcredit.com/citi-400 ... -required/
(+ reader comments confirm)
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Re: Experience with Citibank Bonus Offer
Just a follow-up on my experience. I did (after contacting customer service and filing a complaint with the CFPB) get the bonus credited to my account. No real apology from Citi's "Executive Response Unit" - just "we're sorry for any inconvenience that this issue may have caused." I am frustrated with the fact that they didn't have to abide by the terms of the offer that they wrote, but I am sure they would have denied the bonus if they found I violated any minor rule.
That being said, I contacted Citi and asked to close my account due to the poor experience (I was willing to give them a shot before they didn't comply with the terms of the offer). They suggested that I move the funds to an external bank account prior to closing the account. This was also a trap. Citi apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.
My personal verdict - at my marginal tax rate (32% Fed), and the amount of time that it took to deal with Citi, I wouldn't do it again. Too much hassle and stress, and I believe that if a company can't be trusted in small things, they shouldn't be trusted with large things. I'd be happy to learn that this was a massive series of mistakes, but I can only conclude that that isn't the case.
I might try another bonus with a bank that has a better record of paying without issue (in my experience, Chase), but this just left a bad taste in my mouth.
Hope this is helpful for others.
That being said, I contacted Citi and asked to close my account due to the poor experience (I was willing to give them a shot before they didn't comply with the terms of the offer). They suggested that I move the funds to an external bank account prior to closing the account. This was also a trap. Citi apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.
My personal verdict - at my marginal tax rate (32% Fed), and the amount of time that it took to deal with Citi, I wouldn't do it again. Too much hassle and stress, and I believe that if a company can't be trusted in small things, they shouldn't be trusted with large things. I'd be happy to learn that this was a massive series of mistakes, but I can only conclude that that isn't the case.
I might try another bonus with a bank that has a better record of paying without issue (in my experience, Chase), but this just left a bad taste in my mouth.
Hope this is helpful for others.
Re: Experience with Citibank Bonus Offer
After getting my bonus I wrote a check to myself for $25K and used my cell phone to deposit it at another institution. They did send me an email asking if it was a valid withdrawal. Maybe because of the size or it was the first check on this account. They had options for "Yes" or "No". I replied Yes and it went through without an issue. I followed that up with another check to myself, this time $15K, about 1 week later. No email this time. Transfer went through in 1 day.CashConfessions wrote: ↑Mon May 03, 2021 10:04 pmCiti apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.
Last edited by Leif on Tue May 04, 2021 10:42 am, edited 1 time in total.
Re: Experience with Citibank Bonus Offer
I factored that possibility into my analysis (when I did that bonus last year), that is that I'd get hit with at least one monthly fee after I drew the account to zero before it was closed. But it didn't happen. I could not get deposit into the account to work correctly so had to send a check. And, Citibank's website kept doing 'snap not enough memory' on my old computer when nobody else's did. Otherwise it went smoothly, kept the required money in there for required time, got the bonus, drew to zero when allowed, closed the account by chat.Leif wrote: ↑Mon Apr 19, 2021 2:10 pmI also confirm. Also no charge for the closing check, which was a small concern I had.SrGrumpy wrote: ↑Sun Apr 18, 2021 11:15 pmThat's because there isn't one, per Doctor of Credit:chemocean wrote: ↑Sun Apr 18, 2021 7:31 pm I was looking at the CITI bank bonus. Thanks all for the caution to stay away.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
https://www.doctorofcredit.com/citi-400 ... -required/
(+ reader comments confirm)
Re: Experience with Citibank Bonus Offer
Smart.Leif wrote: ↑Tue May 04, 2021 10:17 amAfter getting my bonus I wrote a check to myself for $25K and used my cell phone to deposit it at another institution. They did send me an email asking if it was a valid withdrawal. Maybe because of the size or it was the first check on this account. They had options for "Yes" or "No". I replied Yes and it went through without an issue. I followed that up with another check to myself, this time $15K, about 1 week later. No email this time. Transfer went through in 1 day.CashConfessions wrote: ↑Mon May 03, 2021 10:04 pmCiti apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.
Re: Experience with Citibank Bonus Offer
Thanks for the update.CashConfessions wrote: ↑Mon May 03, 2021 10:04 pm Just a follow-up on my experience. I did (after contacting customer service and filing a complaint with the CFPB) get the bonus credited to my account. No real apology from Citi's "Executive Response Unit" - just "we're sorry for any inconvenience that this issue may have caused." I am frustrated with the fact that they didn't have to abide by the terms of the offer that they wrote, but I am sure they would have denied the bonus if they found I violated any minor rule.
That being said, I contacted Citi and asked to close my account due to the poor experience (I was willing to give them a shot before they didn't comply with the terms of the offer). They suggested that I move the funds to an external bank account prior to closing the account. This was also a trap. Citi apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.
My personal verdict - at my marginal tax rate (32% Fed), and the amount of time that it took to deal with Citi, I wouldn't do it again. Too much hassle and stress, and I believe that if a company can't be trusted in small things, they shouldn't be trusted with large things. I'd be happy to learn that this was a massive series of mistakes, but I can only conclude that that isn't the case.
I might try another bonus with a bank that has a better record of paying without issue (in my experience, Chase), but this just left a bad taste in my mouth.
Hope this is helpful for others.
Re: Experience with Citibank Bonus Offer
Sorry to hear you had a bad experience. I got the $400 bonus last year and paired it with a promotion for an extra 0.5% cash back on my Citi Double Cash card, which was probably worth another ~$120. I never had to contact customer service. I didn't even open the savings account and still received the bonus.
07/23/20 opened account
08/03/20 had $15K in account
10/06/20 reduced balance to $10K to keep fee free, bonus requirements had been met
12/14/20 received $400 bonus
12/16/20 downgraded to Basic Banking Package to keep open for extra 0.5% on Citi Double Cash while reducing required balance to $1500 to keep fee free
I'll empty and close the account after I receive the final extra 0.5% on my Citi Double Cash card.
I've received about $7K in bank bonuses since I started pursuing them around 2 years ago.
07/23/20 opened account
08/03/20 had $15K in account
10/06/20 reduced balance to $10K to keep fee free, bonus requirements had been met
12/14/20 received $400 bonus
12/16/20 downgraded to Basic Banking Package to keep open for extra 0.5% on Citi Double Cash while reducing required balance to $1500 to keep fee free
I'll empty and close the account after I receive the final extra 0.5% on my Citi Double Cash card.
I've received about $7K in bank bonuses since I started pursuing them around 2 years ago.
Re: Experience with Citibank Bonus Offer
Small bonus is questionable. Allow me to give you a scenario how it is not so meaningless.UpperNwGuy wrote: ↑Sat Apr 17, 2021 6:21 pm I have never understood why people fall for the bank bonus offers. For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. In both cases the bonuses are just not large enough to justify all the changes in your financial life, and there are so many things that can go wrong.
Family of 2 retired before SS living on $80k a year from $2 million portfolio. With $2 million, they can easily get $5k in bonuses every year from moving money around. More then likely even more. They essentially have taken a 4% withdrawal rate and now only need 3.75% which in my opinion is a really big deal. Your millage may vary.
A time to EVALUATE your jitters: |
viewtopic.php?p=1139732#p1139732
Re: Experience with Citibank Bonus Offer
I had a poor experience with Citi as well, though I believe the bonus was for $1k last year. They gave me the same runaround when trying to move my money out. I was doing some remodeling in my home and needed multiples of $15k to pay the contractor. I had a very hard time moving the money out and getting it to him. Eventually I requested a wire transfer and convinced them to waive the fees. Their customer service and rules are horrible and would never use them as a bank again.CashConfessions wrote: ↑Mon May 03, 2021 10:04 pm Just a follow-up on my experience. I did (after contacting customer service and filing a complaint with the CFPB) get the bonus credited to my account. No real apology from Citi's "Executive Response Unit" - just "we're sorry for any inconvenience that this issue may have caused." I am frustrated with the fact that they didn't have to abide by the terms of the offer that they wrote, but I am sure they would have denied the bonus if they found I violated any minor rule.
That being said, I contacted Citi and asked to close my account due to the poor experience (I was willing to give them a shot before they didn't comply with the terms of the offer). They suggested that I move the funds to an external bank account prior to closing the account. This was also a trap. Citi apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.
My personal verdict - at my marginal tax rate (32% Fed), and the amount of time that it took to deal with Citi, I wouldn't do it again. Too much hassle and stress, and I believe that if a company can't be trusted in small things, they shouldn't be trusted with large things. I'd be happy to learn that this was a massive series of mistakes, but I can only conclude that that isn't the case.
I might try another bonus with a bank that has a better record of paying without issue (in my experience, Chase), but this just left a bad taste in my mouth.
Hope this is helpful for others.
A time to EVALUATE your jitters: |
viewtopic.php?p=1139732#p1139732
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Re: Experience with Citibank Bonus Offer
I don't dispute that brokerage bonuses have value but there seems to be a diminishing return. Only a few offer significant amounts, and some of those that do also have long term deposit requirements. Once you've gotten the larger ones, what is there?EnjoyIt wrote: ↑Tue May 04, 2021 11:45 am... Small bonus is questionable. Allow me to give you a scenario how it is not so meaningless.
Family of 2 retired before SS living on $80k a year from $2 million portfolio. With $2 million, they can easily get $5k in bonuses every year from moving money around. More then likely even more. They essentially have taken a 4% withdrawal rate and now only need 3.75% which in my opinion is a really big deal. Your millage may vary.
Re: Experience with Citibank Bonus Offer
A few years in, I have not yet run out of "the larger ones." When it happens, I'll stop.spammagnet wrote: ↑Thu May 06, 2021 10:23 pmI don't dispute that brokerage bonuses have value but there seems to be a diminishing return. Only a few offer significant amounts, and some of those that do also have long term deposit requirements. Once you've gotten the larger ones, what is there?EnjoyIt wrote: ↑Tue May 04, 2021 11:45 am... Small bonus is questionable. Allow me to give you a scenario how it is not so meaningless.
Family of 2 retired before SS living on $80k a year from $2 million portfolio. With $2 million, they can easily get $5k in bonuses every year from moving money around. More then likely even more. They essentially have taken a 4% withdrawal rate and now only need 3.75% which in my opinion is a really big deal. Your millage may vary.
And sure, there are months of holding periods, but so what. It's not like I need to spend it all at once.
A time to EVALUATE your jitters: |
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Re: Experience with Citibank Bonus Offer
A late breaking update to this.
Originally, Citi eventually payed me the $400 bonus by crediting it to my account before I closed it. Recently (several months later), I received another $400 check in the mail from Citi. There was a promo code referenced in the memo line, but no explanation for why they'd be sending me a check.
I called the Executive Service Number to let them know that I believed that they were sending me a duplicate bonus, and that I didn't think I was entitled to it. They said to give them a few days to figure it out. Today, they called and said that they had reviewed the account and were sending out the $400 as a courtesy/apology for the way that things had been handled earlier. Which I totally appreciate -- I just wish they had a note to that effect in the original mailer.
Just posting in case someone else gets a random check out of the blue.
Originally, Citi eventually payed me the $400 bonus by crediting it to my account before I closed it. Recently (several months later), I received another $400 check in the mail from Citi. There was a promo code referenced in the memo line, but no explanation for why they'd be sending me a check.
I called the Executive Service Number to let them know that I believed that they were sending me a duplicate bonus, and that I didn't think I was entitled to it. They said to give them a few days to figure it out. Today, they called and said that they had reviewed the account and were sending out the $400 as a courtesy/apology for the way that things had been handled earlier. Which I totally appreciate -- I just wish they had a note to that effect in the original mailer.
Just posting in case someone else gets a random check out of the blue.
Re: Experience with Citibank Bonus Offer
While Citi credited the $700 bonus as promised (on the 60th day after the requirements were met), they never paid me the last month’s interest. I called them 3 times and all people I spoke to had no clue…
No more accounts at Citi for me.
No more accounts at Citi for me.
Re: Experience with Citibank Bonus Offer
Interest on Citi accounts is so low that I wouldn't worry too much about that. But yes, Citi is awful. Presumably your $700 bonus was much larger than any missing interest, so I'm not really seeing much of a problem. You probably wasted more time trying to deal with them than any missing interest, eh?
Re: Experience with Citibank Bonus Offer
Citibank service has been bad for many years.
There is no bonus that makes it worth switching to Citi.
There is no bonus that makes it worth switching to Citi.
Re: Experience with Citibank Bonus Offer
I recently decided to do the $700 bonus for depositing $50k in checking for 60 days (and then supposedly leaving the account open for another 90 days to actually get the bonus.) I did this bonus because there are seemingly no other activities required. I'm still wondering if I'll have any problems doing ACH for withdrawing most the of the funds after 60 days, and if I'll be charged a $12/mo fee if the account drops below $1500 during the following 90 days that the account is supposed to be open (the fee is supposed to be waived if the customer is old enough, but I'm not sure if that's automatic.)
Re: Experience with Citibank Bonus Offer
After 60 days you should be able to withdraw some of the cash. I kept is all until I got the bonus just in case.tibbitts wrote: ↑Tue Oct 05, 2021 11:02 pm I recently decided to do the $700 bonus for depositing $50k in checking for 60 days (and then supposedly leaving the account open for another 90 days to actually get the bonus.) I did this bonus because there are seemingly no other activities required. I'm still wondering if I'll have any problems doing ACH for withdrawing most the of the funds after 60 days, and if I'll be charged a $12/mo fee if the account drops below $1500 during the following 90 days that the account is supposed to be open (the fee is supposed to be waived if the customer is old enough, but I'm not sure if that's automatic.)
I wanted to keep the account so I changed it to basic. No monthly fee if > 65. Of course, best to ask for your particular case.
Re: Experience with Citibank Bonus Offer
This bonus program was unlike earlier ones I was familiar with in that even if you deposited $200,000 for the $1500 bonus, you only got basic checking. The age is supposed to be 62 for free checking but I'll verify once my bonus period is up.Leif wrote: ↑Wed Oct 06, 2021 10:57 amAfter 60 days you should be able to withdraw some of the cash. I kept is all until I got the bonus just in case.tibbitts wrote: ↑Tue Oct 05, 2021 11:02 pm I recently decided to do the $700 bonus for depositing $50k in checking for 60 days (and then supposedly leaving the account open for another 90 days to actually get the bonus.) I did this bonus because there are seemingly no other activities required. I'm still wondering if I'll have any problems doing ACH for withdrawing most the of the funds after 60 days, and if I'll be charged a $12/mo fee if the account drops below $1500 during the following 90 days that the account is supposed to be open (the fee is supposed to be waived if the customer is old enough, but I'm not sure if that's automatic.)
I wanted to keep the account so I changed it to basic. No monthly fee if > 65. Of course, best to ask for your particular case.
Re: Experience with Citibank Bonus Offer
You are right, 62. Unless it has changed, below are the details for basic banking.
The Basic Banking Package Monthly Service Fee is waived if one of the following conditions is met:
1 Qualifying Direct Deposit is credited to a Regular Checking, Savings or Money Market account in a Basic Banking Package and 1 qualifying Bill Payment posted to a Regular Checking account in the Basic Banking Package during the statement period. OR
The combined average monthly balance in qualifying linked deposit accounts is $1,500 or more for the calendar month prior to the last Business Day of your statement period. OR
First-listed signer on an eligible Regular Checking, Savings or Money Market account is age 62 or older.
Re: Experience with Citibank Bonus Offer
I called customer service to ask if the account would recognize the age automatically and waive the fee and was directed to call sales, which seemed a little odd since I only asking about an existing account. I'm a little afraid to make any changes during the bonus period or the following 90 days, so I might just leave the $1500 there for a while vs. a lower (but non-zero) balance.Leif wrote: ↑Wed Oct 06, 2021 3:44 pmYou are right, 62. Unless it has changed, below are the details for basic banking.
The Basic Banking Package Monthly Service Fee is waived if one of the following conditions is met:
1 Qualifying Direct Deposit is credited to a Regular Checking, Savings or Money Market account in a Basic Banking Package and 1 qualifying Bill Payment posted to a Regular Checking account in the Basic Banking Package during the statement period. OR
The combined average monthly balance in qualifying linked deposit accounts is $1,500 or more for the calendar month prior to the last Business Day of your statement period. OR
First-listed signer on an eligible Regular Checking, Savings or Money Market account is age 62 or older.
Re: Experience with Citibank Bonus Offer
I was forewarned.
I opened a CITI checking account using a bonus link in August. Usually I take screenshots of important screens and download all the documents. After I deposited the $15K, I looked through the documents and could not find any notation on the bonus.
Given the info on this forum, I immediately chatted to confirm that the account was eligible for the bonus. I have a screen shot of the chat confirming the conditions for a bonus that were identical to my understanding. I withdrew $5K several day following the 60-day period of the deposit.
The bonus was supposed to be posted on Sunday. I called this morning and told that my account was not eligible for a bonus and they would not honor the information provided to me on the chat.
Just initiated a ACH to pull the remaining $10,000. I will close the account as soon as I get an alert that the funds have arrived at my receiving bank.
If they try to hit me with $25 monthly few for zero balance for the several minutes that I am hold, a complaint letter is definitely going to the attorney general (I guess ND because it is an online account).
I opened a CITI checking account using a bonus link in August. Usually I take screenshots of important screens and download all the documents. After I deposited the $15K, I looked through the documents and could not find any notation on the bonus.
Given the info on this forum, I immediately chatted to confirm that the account was eligible for the bonus. I have a screen shot of the chat confirming the conditions for a bonus that were identical to my understanding. I withdrew $5K several day following the 60-day period of the deposit.
The bonus was supposed to be posted on Sunday. I called this morning and told that my account was not eligible for a bonus and they would not honor the information provided to me on the chat.
Just initiated a ACH to pull the remaining $10,000. I will close the account as soon as I get an alert that the funds have arrived at my receiving bank.
If they try to hit me with $25 monthly few for zero balance for the several minutes that I am hold, a complaint letter is definitely going to the attorney general (I guess ND because it is an online account).
Re: Experience with Citibank Bonus Offer
Did they tell why it's not eligble?chemocean wrote: ↑Wed Dec 22, 2021 9:15 am I was forewarned.
I opened a CITI checking account using a bonus link in August. Usually I take screenshots of important screens and download all the documents. After I deposited the $15K, I looked through the documents and could not find any notation on the bonus.
Given the info on this forum, I immediately chatted to confirm that the account was eligible for the bonus. I have a screen shot of the chat confirming the conditions for a bonus that were identical to my understanding. I withdrew $5K several day following the 60-day period of the deposit.
The bonus was supposed to be posted on Sunday. I called this morning and told that my account was not eligible for a bonus and they would not honor the information provided to me on the chat.
Just initiated a ACH to pull the remaining $10,000. I will close the account as soon as I get an alert that the funds have arrived at my receiving bank.
If they try to hit me with $25 monthly few for zero balance for the several minutes that I am hold, a complaint letter is definitely going to the attorney general (I guess ND because it is an online account).
Re: Experience with Citibank Bonus Offer
No promotion code was attached to the opening of the account. As I said, I usually take screen shots, but I could not find the screen where I used the promo code in my computer files. That is why I chatted shortly after I made the deposit to make sure. CITI did not honor the reassurance in the chat, for which I did take a screen shot. Essentially they got a interest free loan for five months. I will glad if I can get out if it without a monthly charge.PatrickA5 wrote: ↑Wed Dec 22, 2021 12:43 pmDid they tell why it's not eligble?chemocean wrote: ↑Wed Dec 22, 2021 9:15 am I was forewarned.
I opened a CITI checking account using a bonus link in August. Usually I take screenshots of important screens and download all the documents. After I deposited the $15K, I looked through the documents and could not find any notation on the bonus.
Given the info on this forum, I immediately chatted to confirm that the account was eligible for the bonus. I have a screen shot of the chat confirming the conditions for a bonus that were identical to my understanding. I withdrew $5K several day following the 60-day period of the deposit.
The bonus was supposed to be posted on Sunday. I called this morning and told that my account was not eligible for a bonus and they would not honor the information provided to me on the chat.
Just initiated a ACH to pull the remaining $10,000. I will close the account as soon as I get an alert that the funds have arrived at my receiving bank.
If they try to hit me with $25 monthly few for zero balance for the several minutes that I am hold, a complaint letter is definitely going to the attorney general (I guess ND because it is an online account).
- Alto Astral
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Re: Experience with Citibank Bonus Offer
I got $700 in a little over 3 months for a 50K deposit. Once the bonus showed up I walked into a citibank location, closed the account and walked out with a cashier's check. The people were pleasant at the location. I got quick responses on the online chat as well when I checked on when the bonus would post. Apparently I can do it again in 6 months. Since it went smooth, I will do this for spouse and try again in 6 months for the both of us
Re: Experience with Citibank Bonus Offer
This is an ideal scenario for Citibank. Unfortunately there are no Citibanks in my area.Alto Astral wrote: ↑Sun Jan 23, 2022 12:14 pm I got $700 in a little over 3 months for a 50K deposit. Once the bonus showed up I walked into a citibank location, closed the account and walked out with a cashier's check. The people were pleasant at the location. I got quick responses on the online chat as well when I checked on when the bonus would post. Apparently I can do it again in 6 months. Since it went smooth, I will do this for spouse and try again in 6 months for the both of us
A time to EVALUATE your jitters: |
viewtopic.php?p=1139732#p1139732
Re: Experience with Citibank Bonus Offer
I tried to sign up online for the $300 bonus savings account. When I entered my bank information it locked up. I called and waited about 30 minutes to talk to someone. When I finally got a live human on the phone they told me they would connect me to someone else. After holding about another 30 minutes, I finally got to talk to a live human again, but they said they would have to connect me to yet someone else. After another 15 or so minutes I was disconnected. I gave up after that.
Slow and steady wins the race.