Consumer complaint received 2023-04-19
Company: CITIBANK, N.A.
State: NC
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
On XX/XX/XXXX, I opened a savings account with Citi and made two deposits totaling {$5200.00}. Nine days later, they emailed me informing that they were closing the account due to a supposed violation of their TOS. Specifically, the email stated that " Based on a recent review of your Citi ( R ) Accelerate Savings account, we found that you have violated the terms of your account per the client manual. '' While this was frustrating and unwarranted, I was confident they would return my money in short order and was more concerned about paying a credit card I have with them as the whole situation had locked me out of my online banking portal. 

I called them on three occasions in XXXX to try to understand why they were closing my account. As a XXXX XXXX  I understand that the models they use to screen for fraud can sometimes be over-cautious, so I figured that getting human eyes on the situation would resolve it. However, each time they told me that the account was marked to be closed, there was nothing I could do about it, that Id be returned any money I was owed in 45-60 days, and then they would hang up in my face. 

It has been over five months since I have been locked out of my account. Last month, XX/XX/XXXX, I visited a Citi branch in XXXX to talk to a real person. The woman I spoke with was very surprised about the situation and coached me through two additional calls to the call center ( she could not personally unlock the account because I opened the account online rather than through a branch ). I learned that the account still has not been closed but is locked due to a still-pending investigation against my usage of the account. I also learned that the account is showing a balance of {$0.00} but they would not give me any info about recent transactions ( where did my {$5200.00} go? ) and are treating me like a criminal. They reaffirmed that any money I am owed would be returned within 45-60 days, which holds no water as the account has been drained and it has been over five months since they initially gave me that timeline. 

Despite their lack of forthrightness about why my account is closed, I have pieced together through hours of conversations with call center agents that the most likely reason is they are suspicious about the way the account was initially funded. When I funded the account through ACH, my checking account info was already filled in ( from XXXX XXXX XXXX XXXX XXXX ), I assumed due to having my Citi credit card already linked with my bank. The site was acting glitchy at the time so maybe this was not supposed to happen and I needed to enter the info manually. Either way, the funds were successfully debited from my checking account on XX/XX/XXXX and never returned via ACH or check. 

Citibank stole my money and I have no faith that it will ever be returned. This has taken a tremendous mental toll on me and come at a terrible time ( I was laid off in XXXX from my W2 and have struggled to find another job due to the dramatic hiring pullback in XXXX XXXX XXXX XXXX 

TIMELINE OF EVENTS XX/XX/XXXX - I open a Citi Accelerate Savings Account online and fund it through ACH using my XXXX XXXX XXXX XXXX XXXX checking account in two transactions ( {$1000.00} and {$4200.00} ) to total {$5200.00}. 

XX/XX/XXXX - The date that the funds show as debited from my checking account. I have attached a screenshot from my checking account portal as proof of the successful funding. 

XX/XX/XXXX and XXXX, XXXX - I made two transactions totaling {$4700.00} to XXXX as payments toward a crypto-backed loan I have with them. Both are reversed by Citi despite the funds showing as present in the account at the time. Thus, the entire balance of {$5200.00} remains in my Citi savings account. This puts me in hot water with XXXX who now have reason to believe I *am* actually acting fraudulently and I am forced to scrape the money from elsewhere to prevent a penalty from the bounced ACHs. ( Based on my conversations with the reps, the transaction reversals are not the reason for the account lock, but rather the initial method of funding ). 

XX/XX/XXXX - I receive the account closure email with no further clarification. 

Between XX/XX/XXXX and XX/XX/XXXX - I call Citi three times, including one time to a branch in XXXX VA in an effort to speak to a domestic agent ( not overseas call center ) and each time go through many steps of verification just to have them inform me they are terminating their relationship with me and any funds will be returned in 45-60 days. They do not answer any questions about the reason the account is closed and hang up on me when I try to press for more information. 

Late XXXX XXXX - I receive a form 1099-INT from Citi saying that I have earned {$18.00} in interest due to my Citi Accelerate Savings account which has an Account Status of Open according to the letter. This interest is proportional to the {$5200.00} initial funding and the advertised interest rate. 

XXXX through XXXX - I receive no communication from Citi about the account, nor a check with the funds I deposited despite it now being well over 60 days since the account restriction. 

XX/XX/XXXX - I visit the Citi branch at XXXX XXXX XXXX XXXX XXXX to try to resolve the situation in person. The woman I speak with assists me in calling the same call centers for the better portion of an hour and tells me that based on the account notes she believes that the bank thinks I improperly funded the account. She tells me she has never seen anybody treated this way by the reps. I am told by the call center reps that the account is locked ( not closed ) and when the account closes I will receive any funds owed within 45-60 days. They have no good answer for why it has been so long and the account is still locked. They tell me the account has been drained and has a balance of {$0.00} but refuse to give me any information on the transactions that drained it. Based on this, I believe that even when the account is finally closed they will not return the initial balance of {$5200.00}. 

XX/XX/XXXX - I again unsuccessfully spend nearly an hour with the call centers trying to understand a timeline for when the funds will be returned. I go through every identity verification process with them, as before, but there is no further communication.

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