Product: Checking or savings account

My wife and I are XXXX retirees. We live on pension and investment income from our savings. 

I opened an online Citi XXXX XXXX account with Citibank N.A. XXXX on XX/XX/2022. I made two deposits ( online transfers ) into this account, {$200000.00} from another joint account with Citi [ so that both accounts would be within FDIC insurance limits ] and {$32000.00} from a joint account with XXXX [ to earn the slightly higher interest rate paid by Citi ]. Both of the latter accounts are my joint accounts with my wife. Citi made an interest credit of {$38.00} on XX/XX/2022 and of XXXX on XX/XX/2022, leaving the account with a credit balance of {$230000.00} on XX/XX/2022. 

Much to my horror, on XX/XX/2022, Citibank Fraud Prevention sent me an Account Closing Notification, essentially saying that upon reviewing the suitability of their banking relationship with me, Citi can no longer service my account ending in XXXX. The letter also says that if there are any funds that belong to me at the time of closure, Citibank will issue me an official check for that balance to the address on file. The author is not named, and the letter is not signed by anyone. 

Simultaneously, Citi also disabled my login credentials for all my accounts, preventing me from any way to verify the balance in my account or to communicate with them expeditiously by verifiable, electronic and secure means. 

Citibank has no branch in XXXX XXXX where I reside. My only recourse has been to call them over the phone ( XXXX ). I have called Citibank about six times in the two weeks or so following the receipt of this letter. Calling this number and getting a live representative takes hours. Citi representatives do not share their last name; are not forthcoming with an explanation ; and have hung up on me at least three times. However, in three separate conversations, the representatives ( XXXX, XXXX and XXXX XXXX indicated that : ( i ) Citibank is conducting an investigation of a problem [ while the representatives are deliberately vague, they allude to a cyberattack or hacking attempt against Citi or its clients accounts ] ; ( ii ) however, my funds are safe, all three representatives confirmed that there was a credit balance of {$230000.00} on XX/XX/2022 ; ( iii ) nonetheless, Citibank will not return my funds right away and the representatives can not explain the reason for delay except to say that this is Citibanks process ; ( iv ) Citibank will not confirm the safety of my funds in writing or send me an email to that effect ; ( v ) Citibank will not transfer the funds back into my joint account with them or in any other way allow me to access the funds ; and ( vi ) Citibank will not promise to pay interest up to the date of return of the credit balance. 

I understand that every bank should have, indeed may be required to have, a robust defense against hacking. But I am appalled that a global giant bank like Citi can unilaterally close down any clients account, for no fault of his and refuse to return the credit balance forthwith. Why should I as a client be so victimized by Citi, when I have done nothing wrong?

I need CFPB to prevail on Citibank NA to immediately refund my credit balance with them. I do not wish to deal with Citibank ever again. While I don't want to dwell on it, this episode has caused me and my wife grave financial hardship and emotional distress. Frankly, it is completely destroying my faith in the entire banking system.

CFPB or other regulatory agency should investigate if Citibank NA is guilty of similar treatment of other depositors, if such behavior is in violation of banking laws and take appropriate disciplinary action against Citibank NA.