Citibank Savings Account Closed

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Topic Author
Bigt3142
Posts: 179
Joined: Thu Jul 11, 2019 9:09 am

Citibank Savings Account Closed

Post by Bigt3142 »

My son has a Citibank online savings account. He has around $70,000 in there. He tried to withdraw some money and found his account was locked and he could not get in to it. He called Citi and was told by customer service that they have closed his account and would send him a check for his balance in 60 days. He tried to find out why the account was closed and was told he "violated their terms." As far as he knows he has not violated their terms, all he has done with the account is put savings in it bi-weekly from his paychecks. He has called several times over the past week and has not been given any information and they refuse to let him speak with a supervisor. Today they sent him a check for $6.98! There was no paperwork or description with the check to say what it was for. Any one dealt with this or know what to do next to get his money back?
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Citibank Savings Account Closed

Post by Marseille07 »

If you have a branch nearby, go storm the branch.

If there is no branch nearby, banking with Citibank is a huge mistake. Yes, I've been there done that - those bozos told me to visit a branch 900 miles away.
User avatar
indexfundfan
Posts: 3962
Joined: Tue Feb 20, 2007 10:21 am
Contact:

Re: Citibank Savings Account Closed

Post by indexfundfan »

How about filling a complaint?

https://www.consumerfinance.gov/complaint/
My signature has been deleted.
User avatar
Watty
Posts: 28859
Joined: Wed Oct 10, 2007 3:55 pm

Re: Citibank Savings Account Closed

Post by Watty »

Savings accounts have a very limited number of transactions, 6, that are allowed per month so he may have exceeded that too many times then that may be why his account was closed. This is to prevent people from using a saving account like a checking account.

If he had a month with three paychecks and some more other transfers or withdrawals he could easily hit that limit.

Google "savings account regulation D".

He should check his emails and any paper mail he got from them to see if he got a warning the first time he did this.
Bigt3142 wrote: Fri May 06, 2022 3:53 pm Any one dealt with this or know what to do next to get his money back?
I have never dealt with anything like that but the first thing I would do would be to make sure that the money was actually in the account and that it was not hacked.

If that is the not the case then there is no sense in fighting with them. Once he gets his money back he should just find some other place to put it.
Weathering
Posts: 795
Joined: Sun Oct 15, 2017 4:20 pm

Re: Citibank Savings Account Closed

Post by Weathering »

Sounds like a robbery more than just an account closing.
From $70k to $7 is a big difference (is one of them a type-o in your post?)
Call every Citibank number you can find and go to a branch
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Citibank Savings Account Closed

Post by anon_investor »

Watty wrote: Fri May 06, 2022 4:15 pm Savings accounts have a very limited number of transactions, 6, that are allowed per month so he may have exceeded that too many times then that may be why his account was closed. This is to prevent people from using a saving account like a checking account.

If he had a month with three paychecks and some more other transfers or withdrawals he could easily hit that limit.

Google "savings account regulation D".

He should check his emails and any paper mail he got from them to see if he got a warning the first time he did this.
Bigt3142 wrote: Fri May 06, 2022 3:53 pm Any one dealt with this or know what to do next to get his money back?
I have never dealt with anything like that but the first thing I would do would be to make sure that the money was actually in the account and that it was not hacked.

If that is the not the case then there is no sense in fighting with them. Once he gets his money back he should just find some other place to put it.
Regulation D has been suspended for a few years. It would be a Citi policy not regulation D.
Topic Author
Bigt3142
Posts: 179
Joined: Thu Jul 11, 2019 9:09 am

Re: Citibank Savings Account Closed

Post by Bigt3142 »

I'm guessing he had to many transactions even though he says he didn't. I've told him to file a complaint with the OCC.
Topic Author
Bigt3142
Posts: 179
Joined: Thu Jul 11, 2019 9:09 am

Re: Citibank Savings Account Closed

Post by Bigt3142 »

Weathering wrote: Fri May 06, 2022 4:20 pm Sounds like a robbery more than just an account closing.
From $70k to $7 is a big difference (is one of them a type-o in your post?)
Call every Citibank number you can find and go to a branch
Seems like robbery to me too! Looking at reviews online, it appears they do this a lot! We are talking about $70k unfortunately.
sycamore
Posts: 6359
Joined: Tue May 08, 2018 12:06 pm

Re: Citibank Savings Account Closed

Post by sycamore »

Bummer.

There was a recent thread about an account closing at a different bank (Chase). viewtopic.php?t=367993. Different situation than yours I'm sure but my takeaway message is that it's best to go to a local branch and speak with the branch manager.

It may seem unfair the customer has to do all this, but your best chance of success is to "work with them." Bring ID / proof of account ownership. Explain the situation courteously. Understand that branch reps may not be able to figure out a solution right away. Etc. Persistence may be called for.
User avatar
Nate79
Posts: 9372
Joined: Thu Aug 11, 2016 6:24 pm
Location: Delaware

Re: Citibank Savings Account Closed

Post by Nate79 »

Strange. I would wonder what triggered this. Any chance that he churns bank accounts, credit accounts, transfers money in/out, connects to bank accounts not in his name or in business name, credit score issues, etc?
H-Town
Posts: 5905
Joined: Sun Feb 26, 2017 1:08 pm

Re: Citibank Savings Account Closed

Post by H-Town »

Bigt3142 wrote: Fri May 06, 2022 3:53 pm My son has a Citibank online savings account. He has around $70,000 in there. He tried to withdraw some money and found his account was locked and he could not get in to it. He called Citi and was told by customer service that they have closed his account and would send him a check for his balance in 60 days. He tried to find out why the account was closed and was told he "violated their terms." As far as he knows he has not violated their terms, all he has done with the account is put savings in it bi-weekly from his paychecks. He has called several times over the past week and has not been given any information and they refuse to let him speak with a supervisor. Today they sent him a check for $6.98! There was no paperwork or description with the check to say what it was for. Any one dealt with this or know what to do next to get his money back?
Can you review bank statements?
Time is the ultimate currency.
mkc
Moderator
Posts: 3291
Joined: Wed Apr 17, 2013 2:59 pm

Re: Citibank Savings Account Closed

Post by mkc »

Bigt3142 wrote: Fri May 06, 2022 3:53 pm My son has a Citibank online savings account. He has around $70,000 in there. He tried to withdraw some money and found his account was locked and he could not get in to it.
Did he have a Visa/Mastercard debit card for this account? If so, possible card fraud/multiple withdrawals using the stolen info/etc.?
123
Posts: 10415
Joined: Fri Oct 12, 2012 3:55 pm

Re: Citibank Savings Account Closed

Post by 123 »

Bigt3142 wrote: Fri May 06, 2022 3:53 pm My son has a Citibank online savings account. He has around $70,000 in there. He tried to withdraw some money and found his account was locked and he could not get in to it...
Did he ever "share" his account information (login and password) or ATM card and PIN with anyone?
The closest helping hand is at the end of your own arm.
tibbitts
Posts: 23716
Joined: Tue Feb 27, 2007 5:50 pm

Re: Citibank Savings Account Closed

Post by tibbitts »

Bigt3142 wrote: Fri May 06, 2022 3:53 pm My son has a Citibank online savings account. He has around $70,000 in there. He tried to withdraw some money and found his account was locked and he could not get in to it. He called Citi and was told by customer service that they have closed his account and would send him a check for his balance in 60 days. He tried to find out why the account was closed and was told he "violated their terms." As far as he knows he has not violated their terms, all he has done with the account is put savings in it bi-weekly from his paychecks. He has called several times over the past week and has not been given any information and they refuse to let him speak with a supervisor. Today they sent him a check for $6.98! There was no paperwork or description with the check to say what it was for. Any one dealt with this or know what to do next to get his money back?
My guess is the $6.98 might be for a final interest payment, as might happen if the account was closed by removing the entire balance. Does the account still show online and are transactions visible? I'm thinking there was supposed to be another transaction for the full amount that had been in the account. Maybe that's another check that you haven't received yet, or something else.

I guess it might be a good thing that I have only $15 in my Citi checking account (plus credit cards, of course.)
chazas
Posts: 853
Joined: Wed Nov 01, 2017 1:22 pm
Location: NoVa

Re: Citibank Savings Account Closed

Post by chazas »

I agree with the go into a branch advice, but I would also raise holy hell when I was in there.

The limits on withdrawals and deposits for savings accounts are no longer required.
User avatar
Beensabu
Posts: 5657
Joined: Sun Aug 14, 2016 3:22 pm

Re: Citibank Savings Account Closed

Post by Beensabu »

According to their client manual, they can close the account for whatever reason they want and don't have to tell you ahead of time:
We may close your account at any time with or without cause. We may try to notify you in advance should this be necessary, but we are not obliged to do so. If we close your account, we will send you a check for your final balance, if any, minus any applicable account fees and charges.
https://online.citi.com/JRS/popups/ao/C ... Manual.pdf

What do you want to bet that someone simply screwed up and forgot to type a couple zeros on that check?

If so, there's pretty much no chance they'll fix that on their own. You're going to have to make them.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
rjbraun
Posts: 2271
Joined: Sun Sep 09, 2012 8:22 pm

Re: Citibank Savings Account Closed

Post by rjbraun »

I'm not clear who at Citibank OP's son spoke with, but I would suggest that the son book an appointment to meet with a banker at a local branch. If he has no local branch, he could try to schedule a phone or video call.

https://online.citi.com/US/ag/apptsetting/input

I have had some challenging situations with Citi the past couple of years and usually find it better (if not great) to have an actual contact, someone I have met in person or at least spoken with on the phone, where they are more likely to know who I am if I need to call back. Actually, email may be better, so he request their business card which should include the email address. That way, I can follow up with them directly if / when the problem will take multiple contacts to resolve.

Son should bring to the appointment a recent account statement showing the $70,000 balance, his Citi ATM card, and a personal photo id (e.g., driver license).

Good luck.
joelly
Posts: 504
Joined: Mon Oct 27, 2008 11:22 am

Re: Citibank Savings Account Closed

Post by joelly »

What a nightmare!

My Citi account was hacked last year. It took 2-3 months for me to get my money back. $8,800 is not $70K.

I hope OP’s son gets it back soon.
exodusNH
Posts: 10344
Joined: Wed Jan 06, 2021 7:21 pm

Re: Citibank Savings Account Closed

Post by exodusNH »

chazas wrote: Fri May 06, 2022 9:54 pm I agree with the go into a branch advice, but I would also raise holy hell when I was in there.

The limits on withdrawals and deposits for savings accounts are no longer required.
This is true, but many banks don't yet allow more than 6 transactions. It's very frustrating.
othermike27
Posts: 182
Joined: Mon Jun 13, 2016 7:14 am
Location: Chicago Metro

Re: Citibank Savings Account Closed

Post by othermike27 »

But it's not 6 transactions per period - it's 6 outgoing transactions per period. Limiting to 6 transaction of any kind would make the account pretty much unusable. :shock:
sschoe2
Posts: 792
Joined: Fri Feb 24, 2017 3:42 pm

Re: Citibank Savings Account Closed

Post by sschoe2 »

File a CFPB complaint, Occ, state's attorney general. Even contact your representative. Blast them on social media. Be a major headache for them.
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Citibank Savings Account Closed

Post by beyou »

Former Citibank employee (many years ago).
They are the WORST now. Used to be a great bank...but not for many years now.
Just get your $ back and move one.

Report Citibank if you don't get the $ back soon.

https://www.consumerfinance.gov/complaint/
“It's tough to make predictions, especially about the future.” ― Yogi Berra
criticalmass
Posts: 2843
Joined: Wed Feb 12, 2014 9:58 pm

Re: Citibank Savings Account Closed

Post by criticalmass »

Watty wrote: Fri May 06, 2022 4:15 pm Savings accounts have a very limited number of transactions, 6, that are allowed per month so he may have exceeded that too many times then that may be why his account was closed. This is to prevent people from using a saving account like a checking account.

If he had a month with three paychecks and some more other transfers or withdrawals he could easily hit that limit.

Google "savings account regulation D".

He should check his emails and any paper mail he got from them to see if he got a warning the first time he did this.
Regulation D, the 6 monthly transaction limit for Savings accounts went away with the Pandemic. Federal Reserve has suspended Regulation D, and it does not look like they will bring it back. Citibank terms can limit whatever they want, but that's just a reason to avoid Citibank. They should also provide a clear explanation of why the account was closed.
User avatar
sunny_socal
Posts: 2732
Joined: Tue Mar 24, 2015 4:22 pm

Re: Citibank Savings Account Closed

Post by sunny_socal »

Going to a branch might not help either - they are generally clueless.

Same thing happened to us:
viewtopic.php?p=6454796&hilit=took#p6454796


You don't own your account. You don't own your money.
z3r0c00l
Posts: 3807
Joined: Fri Jul 06, 2012 11:43 am
Location: NYC

Re: Citibank Savings Account Closed

Post by z3r0c00l »

If I lost access to $70,000 in this way and then they sent me a check for $7 I would call back one more time and tell them that my next call is the FTC for suspicion of fraud. Then I would call the FTC if they didn't resolve the issue.

Have never had a problem with CITI here, over 20 years including several bank accounts and credit cards. Always been easy to open, use, close, tons of strange transactions of $10,000 at a time, never an issue. My fear is this is something more nefarious.
70% Global Stocks / 30% Bonds
student
Posts: 10761
Joined: Fri Apr 03, 2015 6:58 am

Re: Citibank Savings Account Closed

Post by student »

sunny_socal wrote: Sun May 08, 2022 7:08 am Going to a branch might not help either - they are generally clueless.

Same thing happened to us:
viewtopic.php?p=6454796&hilit=took#p6454796


You don't own your account. You don't own your money.
I remember your thread. It must be a horrible experience. It is good thing that your son does not need the money to pay rent. While the branch may be generally clueless but the people at the branch did contribute to the resolution, right? Is your son still going to bank with Chase?
criticalmass
Posts: 2843
Joined: Wed Feb 12, 2014 9:58 pm

Re: Citibank Savings Account Closed

Post by criticalmass »

othermike27 wrote: Sat May 07, 2022 3:09 pm But it's not 6 transactions per period - it's 6 outgoing transactions per period. Limiting to 6 transaction of any kind would make the account pretty much unusable. :shock:
Fed Regulation D WAS actually six preauthorized withdrawals per monthly period. Teller withdrawals and ATM withdrawals or transfers did not count toward the Fed Reg D limit. At any rate, Federal Reserve has removed the Reg D limit.
criticalmass
Posts: 2843
Joined: Wed Feb 12, 2014 9:58 pm

Re: Citibank Savings Account Closed

Post by criticalmass »

z3r0c00l wrote: Sun May 08, 2022 7:14 am If I lost access to $70,000 in this way and then they sent me a check for $7 I would call back one more time and tell them that my next call is the FTC for suspicion of fraud. Then I would call the FTC if they didn't resolve the issue.

Have never had a problem with CITI here, over 20 years including several bank accounts and credit cards. Always been easy to open, use, close, tons of strange transactions of $10,000 at a time, never an issue. My fear is this is something more nefarious.
Instead of the FTC, I would contact the FDIC, CFPB, and OCC to get started. They regulate national banks, not the FTC.
michaeljc70
Posts: 10843
Joined: Thu Oct 15, 2015 3:53 pm

Re: Citibank Savings Account Closed

Post by michaeljc70 »

There have been a bunch of threads on bank accounts (and credit card accounts) being closed due to non-use. I wonder if they only look at that one account or all of your business with the institution. In other words, if I have 6 figures in other accounts is that taken into consideration when determining whether or not to close a rarely used account with a low balance?

I am trying to setup some auto payment on the accounts I want to keep open but don't use a lot.
celinaraj
Posts: 3
Joined: Mon Jun 20, 2022 8:46 am

Re: Citibank Savings Account Closed

Post by celinaraj »

I have $90k in my account and I am in the same boat. Did you get back your money, please update? I am very much panicked about it
Topic Author
Bigt3142
Posts: 179
Joined: Thu Jul 11, 2019 9:09 am

Re: Citibank Savings Account Closed

Post by Bigt3142 »

To follow up on this post. Citi has been no help. They will not give us any information. We ask simple questions like, how much was in there when it was closed? How much was the amount on the check you sent? When did you send it? They ignore the question and say the full amount has been reimbursed. We got a copy of the last statement, through March it shows the full amount but does not show the 6 days in April before the account was closed. We tried to open a fraud case with them, they said the we can't because the account is closed and then they hung up. I've escalated it to a Supervisor, the supervisor gave us no information and hung up on us. The call center is in India and we have not been able to talk to anyone in the US. The closest bank is in Las Vegas, we've called them and they said they have nothing to do with the online bank accounts and would only have us call the 800 number.

We filed a complaint with the Consumer Financial Protection Bureau and have received no help. We still don't know if the account was hacked and the money was taken before it was closed or if the money was taken after they closed the account. Currently looking at attorney's to get some answers from them.
Turbo29
Posts: 1047
Joined: Tue May 01, 2018 7:12 am

Re: Citibank Savings Account Closed

Post by Turbo29 »

Wow, googling "Problems Citibank Savings" returned enough similar experiences that I would never consider opening a deposit account with them. (I do have a credit card but that is because of Costco.)
It is by the goodness of God that in our country we have those three unspeakably precious things: freedom of speech, freedom of conscience, and the prudence never to practice either of them. --M. Twain
exodusNH
Posts: 10344
Joined: Wed Jan 06, 2021 7:21 pm

Re: Citibank Savings Account Closed

Post by exodusNH »

Bigt3142 wrote: Mon Jun 20, 2022 11:09 am To follow up on this post. Citi has been no help. They will not give us any information. We ask simple questions like, how much was in there when it was closed? How much was the amount on the check you sent? When did you send it? They ignore the question and say the full amount has been reimbursed. We got a copy of the last statement, through March it shows the full amount but does not show the 6 days in April before the account was closed. We tried to open a fraud case with them, they said the we can't because the account is closed and then they hung up. I've escalated it to a Supervisor, the supervisor gave us no information and hung up on us. The call center is in India and we have not been able to talk to anyone in the US. The closest bank is in Las Vegas, we've called them and they said they have nothing to do with the online bank accounts and would only have us call the 800 number.

We filed a complaint with the Consumer Financial Protection Bureau and have received no help. We still don't know if the account was hacked and the money was taken before it was closed or if the money was taken after they closed the account. Currently looking at attorney's to get some answers from them.
That's awful! I'm sorry you're dealing with this.

Citibank falls under the OCC's jurisdiction. You might try filing a complaint there, too.

https://www.occ.treas.gov/topics/superv ... aints.html

You can also try complaining via Twitter and Facebook official pages.
Nyc10036
Posts: 1673
Joined: Wed Oct 05, 2016 6:29 pm

Re: Citibank Savings Account Closed

Post by Nyc10036 »

Bigt3142 wrote: Mon Jun 20, 2022 11:09 am To follow up on this post. Citi has been no help. They will not give us any information. We ask simple questions like, how much was in there when it was closed? How much was the amount on the check you sent? When did you send it? They ignore the question and say the full amount has been reimbursed. We got a copy of the last statement, through March it shows the full amount but does not show the 6 days in April before the account was closed. We tried to open a fraud case with them, they said the we can't because the account is closed and then they hung up. I've escalated it to a Supervisor, the supervisor gave us no information and hung up on us. The call center is in India and we have not been able to talk to anyone in the US. The closest bank is in Las Vegas, we've called them and they said they have nothing to do with the online bank accounts and would only have us call the 800 number.

We filed a complaint with the Consumer Financial Protection Bureau and have received no help. We still don't know if the account was hacked and the money was taken before it was closed or if the money was taken after they closed the account. Currently looking at attorney's to get some answers from them.
A letter to the CEO will work.
I did that in March 2022.
They do respond and within 1 to 2 weeks.
The person responding was based in San Antonio, TX

Ms. Jane Fraser, CEO
Citigroup
388 Greenwich St.
NYC, NY 10013
User avatar
8foot7
Posts: 4427
Joined: Mon Jan 05, 2015 6:29 pm

Re: Citibank Savings Account Closed

Post by 8foot7 »

If this were me I’m parking myself, along with passport, driver license, social security card, and one other form of ID as well, in my nearest Citi branch until I have a cashier check for the balance. I wouldn’t be belligerent or impolite but I would be candid. “This will be resolved today, with a check in my hand, and I am happy to help you prove who I am through whatever means necessary,but I do not intend to conclude today’s visit without the funds in my hand and the matter closed.”
theplayer11
Posts: 2282
Joined: Tue Jul 22, 2014 8:55 pm

Re: Citibank Savings Account Closed

Post by theplayer11 »

Bigt3142 wrote: Mon Jun 20, 2022 11:09 am To follow up on this post. Citi has been no help. They will not give us any information. We ask simple questions like, how much was in there when it was closed? How much was the amount on the check you sent? When did you send it? They ignore the question and say the full amount has been reimbursed. We got a copy of the last statement, through March it shows the full amount but does not show the 6 days in April before the account was closed. We tried to open a fraud case with them, they said the we can't because the account is closed and then they hung up. I've escalated it to a Supervisor, the supervisor gave us no information and hung up on us. The call center is in India and we have not been able to talk to anyone in the US. The closest bank is in Las Vegas, we've called them and they said they have nothing to do with the online bank accounts and would only have us call the 800 number.

We filed a complaint with the Consumer Financial Protection Bureau and have received no help. We still don't know if the account was hacked and the money was taken before it was closed or if the money was taken after they closed the account. Currently looking at attorney's to get some answers from them.
I would consider maybe calling a local reporter to draw some attention.
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Citibank Savings Account Closed

Post by Marseille07 »

Bigt3142 wrote: Mon Jun 20, 2022 11:09 am The closest bank is in Las Vegas, we've called them and they said they have nothing to do with the online bank accounts and would only have us call the 800 number.
How far is that? If within 2 hours of driving distance, I'd storm the branch.
User avatar
daleddm
Posts: 224
Joined: Thu Aug 13, 2020 3:41 pm

Re: Citibank Savings Account Closed

Post by daleddm »

Citi threatened to close me due to LACK of activity (a savings account and the required checking that goes with it).

Reps I spoke with were invariably overseas and tough to communicate with. Trapdoors in pretty much every direction with fees to close, too.

dm
Topic Author
Bigt3142
Posts: 179
Joined: Thu Jul 11, 2019 9:09 am

Re: Citibank Savings Account Closed

Post by Bigt3142 »

My step son is handling this since it's his account and they will only talk to him, so he's being a lot nicer than I would be at this point. The closest branch is 8 hours away.

He said he received the April statement today which covers the last 6 days the account was open and he could see the money was transferred to another department at Citibank (he couldn't remember which one). He called the number on the email and they informed him that he had no idea why the account was closed or why the money was sent to a different department at Citi. He gave him their mailing address and told him to send a letter to them with the statement and request the money be refunded. Still being run around but at least he knows they still have his money and it wasn't taken before it was closed.

As someone else mentioned, I gave him the address to the CEO and told him to write the CEO a letter as well. Complete incompetency at Citi! If you have money there, get it out ASAP.
Nyc10036
Posts: 1673
Joined: Wed Oct 05, 2016 6:29 pm

Re: Citibank Savings Account Closed

Post by Nyc10036 »

Bigt3142 wrote: Mon Jun 20, 2022 3:54 pm My step son is handling this since it's his account and they will only talk to him, so he's being a lot nicer than I would be at this point. The closest branch is 8 hours away.

He said he received the April statement today which covers the last 6 days the account was open and he could see the money was transferred to another department at Citibank (he couldn't remember which one). He called the number on the email and they informed him that he had no idea why the account was closed or why the money was sent to a different department at Citi. He gave him their mailing address and told him to send a letter to them with the statement and request the money be refunded. Still being run around but at least he knows they still have his money and it wasn't taken before it was closed.

As someone else mentioned, I gave him the address to the CEO and told him to write the CEO a letter as well. Complete incompetency at Citi! If you have money there, get it out ASAP.
I opened and closed a Citi checking account.
I opened a checking account using the promo code in a mailer they sent me.
They accused me of fraud!
I took my money out as soon as I could.
Never again.
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Citibank Savings Account Closed

Post by Marseille07 »

Bigt3142 wrote: Mon Jun 20, 2022 3:54 pm My step son is handling this since it's his account and they will only talk to him, so he's being a lot nicer than I would be at this point. The closest branch is 8 hours away.

He said he received the April statement today which covers the last 6 days the account was open and he could see the money was transferred to another department at Citibank (he couldn't remember which one). He called the number on the email and they informed him that he had no idea why the account was closed or why the money was sent to a different department at Citi. He gave him their mailing address and told him to send a letter to them with the statement and request the money be refunded. Still being run around but at least he knows they still have his money and it wasn't taken before it was closed.

As someone else mentioned, I gave him the address to the CEO and told him to write the CEO a letter as well. Complete incompetency at Citi! If you have money there, get it out ASAP.
I agree. I was in a similar situation last year when they flagged my ACH credit as fraudulent (of course, it's legit) and decided to silently block ACH debits.

They too told me to visit a branch...900 miles away. They didn't give a damn. I had to spend 5 hours one day, kept trying the fraud protection team until I hit a good rep who understood the situation.

Needless to say, I closed my account as soon as I could after my account was in good standing. I was a long-time customer of 20 years; never again will I do business with Citi.
Nuestroro
Posts: 61
Joined: Sun Jun 03, 2018 9:44 pm

Re: Citibank Savings Account Closed

Post by Nuestroro »

Complaining to the OCC and CFPB is a good start. If that doesn’t work, call a lawyer. For a couple hundred dollars, the lawyer will send a demand letter to Citi that should result in getting the money back. If not, filing a lawsuit certainly will.

You can do the demand letter yourself. Nolo has DIY guides. Remember to get a return receipt.

Citibank Client Services
U.S. Service Center
Attn: C.P.S.
P.O. Box 769007
San Antonio, TX 78245-9966

Citigroup Legal Department
388 Greenwich St
NYC, NY
Topic Author
Bigt3142
Posts: 179
Joined: Thu Jul 11, 2019 9:09 am

Re: Citibank Savings Account Closed

Post by Bigt3142 »

Citi finally responded to the Consumer Financial Protection Bureau complaint. They acknowledged that they owed him the $60k and said they typically send a refund in 30-60 days. Since they were past that time they would "expedite" the payment to him. No apology for sending him the wrong amount or giving us zero customer service and still no reason for closing the account. They pointed him to the terms of service where they can close it for no reason at all. We'll see if they actually send the check.
User avatar
Abe
Posts: 2572
Joined: Fri Sep 18, 2009 5:24 pm
Location: Earth in the Milky Way Galaxy

Re: Citibank Savings Account Closed

Post by Abe »

They should give him a reason for closing his account, but once again, this is why I bank with a small local bank.
Slow and steady wins the race.
Topic Author
Bigt3142
Posts: 179
Joined: Thu Jul 11, 2019 9:09 am

Re: Citibank Savings Account Closed

Post by Bigt3142 »

celinaraj wrote: Mon Jun 20, 2022 8:48 am I have $90k in my account and I am in the same boat. Did you get back your money, please update? I am very much panicked about it
We received the check from Citibank. The complaint to the CFPB was what got them to actually send the money.
harrad
Posts: 118
Joined: Mon Sep 29, 2014 6:50 am

Re: Citibank Savings Account Closed

Post by harrad »

I am happy for you and your son. Your experience is scary and I’m glad your complaint to CFPB set things right. Wonder what recourse one would have if CFPB did not act.
Nyc10036
Posts: 1673
Joined: Wed Oct 05, 2016 6:29 pm

Re: Citibank Savings Account Closed

Post by Nyc10036 »

Abe wrote: Sat Jun 25, 2022 12:05 pm They should give him a reason for closing his account, but once again, this is why I bank with a small local bank.
The closing the account is one thing, but the whereabouts of the $60K is the most troubling.
They have your money and you feel powerless to get it back.

That's how I felt when I opened up a checking account and transferred $10K into it.
It took a month to get the money out.
Scary times.
celinaraj
Posts: 3
Joined: Mon Jun 20, 2022 8:46 am

Re: Citibank Savings Account Closed

Post by celinaraj »

Happy for you! I got my cheque too minus $7500. Someone has withdrawn from my Citi Accelerate Savings account. Description just says "Other withdrawal".

Have raised a dispute for that transaction.
celinaraj
Posts: 3
Joined: Mon Jun 20, 2022 8:46 am

Re: Citibank Savings Account Closed

Post by celinaraj »

Better get an account statement to ensure you have been paid the right amount and there is no unauthorised withdrawal from the account as well
TwstdSista
Posts: 1407
Joined: Thu Nov 16, 2017 3:03 am

Re: Citibank Savings Account Closed

Post by TwstdSista »

Bumping this old thread because this just happened to me. I opened a Citi Savings account to get their $450 bonus for depositing $50,000. Then I couldn't log in today, and when I called they have put a fraud alert on my account and are terminating my banking relationship with Citi. I will be recieiving a detailed letter in 7-10 business days and if any funds are "due me" then I will get a check in 30-60 days.

Shockingly, my Citi credit card is not closed and I can still use that. Sigh. I'll use the addresses provided upthread is necessary. And in the meantime try not to lose my mind. I'll update as more information becomes available.
Post Reply