Consumer complaint received 2018-02-07
Company: CITIBANK, N.A.
State: NY
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Fall XX/XX/XXXX, exact date unknown : I received a call about the bank needing KYC ( Know Your Customer ) information. I called my business banker, XXXX XXXX, and confirmed that he had all of my information on file for the KYC process. 

XX/XX/XXXX : CitibankKYC emailed me for the KYC documents again. I personally went to the bank branch and gave the documents to XXXX XXXX. 

XX/XX/XXXX : XXXX XXXX called requesting the information again. Information was emailed to XXXX XXXX again. 

XX/XX/XXXX : CitibankKYC emailed me for the KYC documents again. I called my business banker XXXX XXXX and he asked me to email him the documents again, which I did. 

XX/XX/XXXX : I discovered my business bank account was closed and went to my local branch to have it reopened. I discovered that XXXX XXXX no longer worked there. I spoke with business banker XXXX XXXX who discovered that someone had made an error and let my account be liquidated and closed. He passed information on to me that the account would be reopened within 48 hours. 
XX/XX/XXXX, end of day : Account was still closed. 

XX/XX/XXXX : I contacted XXXX XXXX for update. He responded that account should be reopened by XX/XX/XXXX. 
XX/XX/XXXX, end of day : Account was still closed. 
XX/XX/XXXX, end of day : Account was still closed. 
XX/XX/XXXX, end of day : Account was still closed. 
XX/XX/XXXX : I did not hear from XXXX XXXX. I called him and he told me he would look into it. I requested that he call me back with an update. He did not update me. I tried reaching him but could not. 
XX/XX/XXXX, end of day : Account was still closed. 

XX/XX/XXXX : I received a message thanking me for submitting all of my KYC information ( that was submitted multiple times as listed above ). I called the main bank number and was informed that my KYC status was cleared that day ( XX/XX/XXXX ) and that it would then take another 2 weeks before my business account would be active again. Soon thereafter, XXXX XXXX called me to tell me the same thing. I asked if there was any other way to open an account or anything I could do and he said no. 
XX/XX/XXXX, end of day : Account was still closed. 

As of now, I have not been able to receive any income into my business for 6 days, I have not been able to pay off my line of credit, which is accruing interest. And now all of my vendors are threatening to cut off their services one at a time - effectively threatening to shut down the infrastructure of my business. I will have to start paying all of those bill from personal accounts until this is rectified. I will then have to pay myself back for all of those payments and my accountant will have to work extra time ( on the clock ) to rectify all of the payments from and to personal accounts. 

And all of this is not to mention hours of lost productivity, XX/XX/XXXX and XXXX over this. 

A quick search on XXXX shows that I am not alone and Citibank made this mistake with others as well. Citibank should come up with a way to fix the problem and compensate me for my trouble.

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