Consumer complaint received 2024-01-29
Company: CITIBANK, N.A.
State: HI
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Fees charged for closing account

Complaint:
About a week before my Citibank CD matured on XX/XX/XXXX, I called Citibank to give instruction on what to do with the CD at maturity as I was leaving for an international trip on XX/XX/XXXX, so it would be difficult to call that day. The agent that I spoke to told me that I needed to call on XX/XX/XXXX with the instruction and that she could not do anything in advance as that would trigger an early close out penalty fee. I repeated that I did not want to close the CD on the present day and that I only wanted to leave instruction on what to do at maturity as I did not want it to automatically renew. She insisted that I would need to call on the day of maturity to give instructions. I had also tried to find a way to complete this request on the Citi App but was unable to do so even though I used the Citi Live Chat for assistance. 

On XX/XX/XXXX, I called Citibank and spoke with an agent relaying specific instructions to close the 12 month, CD account that was maturing that day and to use the funds to open another CD with an 11 month term and a 5.25 % APY ( similar to another CD that I had recently opened ). I relayed that I was leaving for an international trip that day and would be out of country for XXXX weeks. 

When I returned from my trip, I logged on to my Citi App and saw that the CD had just automatically renewed at the same term of 12 months and 4 % APY. I was so upset because I had wasted so much time with 2 previous phone calls and they still did not do what I explicitly requested. I called for a 3rd time on XX/XX/XXXX and relayed to an agent what had occurred. I wanted my CD closed since it was the wrong product ( wrong term and wrong APY ) and I was so frustrated with their mistake and their refusal to correct it. They said that I would automatically be charged the early withdrawal penalty and there was nothing that they could do about it. 

I received my CD account closeout check for {$14000.00} on XX/XX/XXXX, although the account was funded with {$15000.00}. 

I called Citibank for a 4th time on XX/XX/XXXX to resolve this problem. I again requested a refund of the entire amount of the early withdrawal penalty as the CD was set up incorrectly despite my explicit instructions : I did not want the CD renewed. I had wanted a new CD opened with a different term and APY. I tried numerous times messaging them via their online chat since all the agents that I spoke to on the phone calls were unable to help me. There was no email or secure message avenue to contact them which I found even more frustrating as the phone calls were a dead end. 

I have attached Citibank 's email response that I received today on XX/XX/XXXX again refusing the refund of the early withdrawal penalty of {$100.00}. 

Thank you for your time and consideration.

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