Consumer complaint received 2018-04-19
Company: CITIBANK, N.A.
State: NV
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
My business checking account with Citi Bank was closed with 30 day notice by letter. The letter stated XX/XX/XXXX was the last day the account would be active. No other information was given as to why the account was so promptly closed and without other communication. 

Before the account was closed ( XX/XX/XXXX ), I called to see if this was a mistake and found it was not. I was told the account was closed due the amount of cash being deposited on the account. I asked if I could write a check for the balance to clear the account and was I told I could as long as the check was cashed on or before the XX/XX/XXXX. 

I wrote a check for the balance on the account and it was cashed XX/XX/XXXX. I found out the following Monday the check had bounced despite what I was told by the banker on the phone. I again called Citi and was told even though the check had been cashed on the XX/XX/XXXX the bank to bank clearance didn't happen until the following Monday when the account was closed. At this point, I was told I would be sent a cashiers check for the $ 51,000+ balance on the account. It was also stated that if I went into a branch and answered some questions there was a chance I my account would be reopened. 

Next my business partner went into the branch to see if our account would be reopened and to see if we could get a cashiers check in person. The cashiers check in person immediately was important as we wanted those funds for business operations because we had written a bounced check to pay an invoice based on the misinformation the bank had told us. My business partner was told the account would remain closed and that a cashiers check had already been sent and would arrive to the business address in less than 10 business days. 

At this point we waited patiently for the check to arrive. The 10 business days came and went without the arrival of any cashiers check from Citi. On the 11th business day we called Citi and they said they didn't know where the funds were and there was an investigation. I was told to call a investigations number regarding the issue and give our case reference number to XXXX. I've called this number and left a message everyday with XXXX and I have not received a single call back. I've also called the customer support line several times and left messages with the branch and have not received a call back. 

This has been an incredibly frustrating and painful experience. As an emergency, I've had to personally go out of pocket to fund my business because we did not have the operating cashflow due to these missing funds. 

At this point my property has either been lost or stolen by the bank and I can't get anyone there to even give me a reply or straight answer regarding $ 51,000+ my funds I trusted to hold under their custody. Damages to my business continue to incur. What a nightmare! Please help recover our money!

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 explanation