Consumer complaint received 2021-01-05
Company: CITIBANK, N.A.
State: PA
Product: Checking or savings account
Sub-product: Savings account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I've not yet received the {$700.00} Citi Priority Package new account bonus despite having met all requirements and its past the time the bonus should have been credited.

I opened Citi Priority Package checking & savings accounts on XX/XX/XXXX and immediately funded {$25.00} to the checking & {$50000.00} to the savings accounts. I held the {$25.00} & {$50000.00} in both accounts for more than the required 60 days of XX/XX/XXXX. In fact, the money is still on deposit as of XX/XX/XXXX. 

On XX/XX/XXXX, 19 days after meeting the 60 day requirement, I called & spoke to a Citi Priority banker. I asked : a ) if he could confirm I met the bonus requirements, b ) if I could convert the savings account to a Citi " Accelerate '' savings account to obtain a slightly higher interest rate, and c ) if he could confirm that doing so would not jeopardize my bonus. The banker told me : a ) I had met the requirements to receive the {$700.00} bonus, b ) it would be awarded to my checking account within 90 days of XX/XX/XXXX so I should receive it by XX/XX/XXXX, and c ) he confirmed I was eligible to convert the savings account to an Accelerate account and this would not jeopardize my {$700.00} bonus given I had already met the requirements to earn it and just had to wait for it to be credited. 

It is now past the 90 day period where the bonus should have been posted to my Citi checking account ( which is still open ). Today, XX/XX/XXXX, I spent over an hour on the phone with various uninformed members of Citi Bank 's customer service department. This is supposed to be a " Priority '' service account ( it carries high $ XXXX  monthly fees and high balance requirements to avoid such ). Therefore it is frustrating and unacceptable to have to track down the bank to honor the bonus that should have already automatically posted, and spend more than an hour on the phone being transferred around to various clueless customer service reps.

I was ultimately told it would take them 4 weeks to " investigate ''. It should in fact take 5 minutes for them to pull up my account, see I met the requirements, and post my bonus!! 

I was also advised not to remove any money or close my account before they can research & issue the bonus - so they are now " trapping '' my money for an additional period of time until they rectify this in addition to wasting my valuable time. 

Citi surely has the technology to determine I met the bonus requirements and the bonus should have automatically been posted without me having to track them down. It certainly also has the ability to rectify this immediately, not take 4 more weeks. 

Based on similar online complaints, it seems this is a common issue with Citi Bank ( more than any other bank ). They apparently routinely avoid honoring their obligation and make it unreasonably difficult and lengthy for customers to receive what theyre owed. Shouldnt the bank should be investigated and fined if this is indeed their practice? 

Bottom line : I should immediately receive the {$700.00} bonus. I also request the bank issue a goodwill credit of no less than {$75.00} for : a ) defaulting on its obligation, b ) wasting my valuable time with incompetent customer service personnel, and c ) effectively " trapping '' my money until this is resolved. 

There is no doubt if the tables were reversed and this was a credit card account where I was late in meeting my obligation, the bank would be charging exorbitant interest, late fees and penalties. Therefore, my request is more than fair. 

If this is not resolved to my satisfaction as above, I am willing to be a lead plaintiff in a class action lawsuit if warranted.

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