Consumer complaint received 2020-09-03
Company: CITIBANK, N.A.
State: MD
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I signed up for a new CITIBANK checking + savings account package with the {$400.00} promotional offer ( XXXX ) that was sent to my email since I have a CITI credit card. 
In addition to additional 0.05 % cash back on the credit card, there was a {$400.00} signup bonus if certain conditions were met. 

The terms were as follows : - Open a Regular Checking account in the CITIBANK account package between XX/XX/2020 and XX/XX/2020 - Within 30 days of the opening of the new eligible checking account, any owner of either eligible account must make a deposit of {$15000.00} or more in New-to-Citibank Funds into the new eligible checking account. 
- A minimum balance of {$15000.00} must be maintained for 60 consecutive calendar days following the date when the {$15000.00} deposit was made ( minimum balance ). 
- Within 90 days of completing the activity, the {$400.00} bonus will be deposited into the account. 

I read these terms very carefully and the only reason I was opening the account and jumping through all of these hoops was to get the promotional offer. 

On XX/XX/2020 I opened the account package ( checking+savings ) and funded it with an initial deposit of {$15000.00}. 

The checking account had an interest rate of % 0.01, the savings account in the package had an interest rate of % 0.04. 

I called a representative on XX/XX/XXXX to ask if " maintaining the balance '' for the promotion would be eligible across both the savings and checking account, or if I had to leave the funds in the checking account. The rep told me that the " the combined balance can be maintained across both accounts, and it will be considered for the bonus ''. 

On XX/XX/2020, I transferred {$15000.00} to the savings account to take advantage of that sweet extra % 0.03 since I had confirmed I would still receive the promotion. 

On XX/XX/2020, XXXX calendar days later ( 60 were required ), I  withdrew {$5000.00} from the citi savings account. This left {$10000.00} in my accounts to avoid any maintenance fees while I awaited the promotion to be deposited. 

On XX/XX/2020 : I thought I would receive confirmation email or the actual bonus at some point. I opened an online chat to discuss the issue ( I have screenshots ). The chat representative also confirmed that my account balance could be maintained between the checking and savings accounts, and that the total balance would be considered for the promotional offer. That it looked to her that I would be eligible, but I just needed to be patient as there was still time left in the 90 days for the deposit to happen. 

On XX/XX/2020, 91 days after I satisfied the requirements, I called CITIBANK to inquire about my promotion that should have been received. I had not received any communication as to whether or not I had satisfied the requirements. On the phone, the rep looked over the details, said I should have gotten it based on what they saw, and that I would need to file a " dispute '' with the promotional department, with all of the details, and that should clear it up. So she forwarded me to the that department and I filed the dispute stating everything I said here and was told I would hear back within a week. 

On XX/XX/2020, I received a secure message in the account from CITIBANK stating that I had not met the requirements of the promotion : " Unfortunately, your account does not qualify for this promotion because the required deposit was not maintained for 60 consecutive calendar days in checking account. '' This was obviously rather frustrating as I had contacted the bank twice over the phone and once over chat, and on all of those occasions I was told that the balance across both accounts in the " package '', the checking and savings accounts, would be considered for the promotion. 

I really feel that I took the time to carefully meet these promotional requirements and that CITIBANK should stand by what they told me and deposit the {$400.00} promotional signup bonus. 

I am happy to provide any supporting documentation you require including screenshots of the chat I had with the CITIBANK representatives and a link to the promotional offer I received. 

https : //banking.citi.com/cbol/20/Q1/r2c/valueprop/DC/default.pdf

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief