Consumer complaint received 2018-11-03
Company: CITIBANK, N.A.
State: MA
Product: Checking or savings account
Sub-product: Checking account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
I submitted an application to open an online checking and savings account with Citibank on XX/XX/2018 at XXXX. The account was opened to take advantage of an account opening bonus of {$400.00}. The promotion required me to deposit {$15000.00} in new money to Citibank and maintain for 60 days. The account also needed to be funded in 30 days. I was denied the account bonus because the account was not funded in 30 days. This was not possible to accomplish based on online account opening process timelines controlled by Citibank. The denial from Citibank is because I was just 1 day late to fund but again because of Citibanks delays. This denial is exhibiting a practice that is an unfair and deceptive practice to a consumer. 

The account application was submitted online on XX/XX/2018 at XXXX XXXX. This is the date Citibank is leveraging in computing the 30 day account opening period. However, Citibank doesn't let you use the account until they verify the account details, and approve online banking access. One can not access online banking until you receive a debit card, and activate which can not be done until a pin is provided. I received the debit card approximately 3 weeks after submitting the online account application, and then received the pin code on approximately XX/XX/2018. The signature card was faxed to Citibank on XX/XX/2018. On XX/XX/2018 I was granted online access. Online Banking access is necessary to ACH fund the account from an external financial institution. In order to link an external bank account to Citibank there are 2 test transactions which are not sent for 2 business days. I promptly executed the funding of the account on XX/XX/2018. This ACH cleared on XX/XX/2018 which according to Citibank should have been on XX/XX/2018. 

Citibank was contacted numerous times between XX/XX/2018 and XX/XX/2018 pertaining to the account bonus. Specifically on XX/XX/2018 at XXXX XXXX EST, I contacted Citibank to confirm that I met the promotion details and wanted to be certain that I maintained the correct balance in the checking and savings account. The employee confirmed that I would be eligible for the promotion and advised that I should maintain {$1500.00} in the checking account to match the promotion. I transferred the funds to match the {$1500.00} requirement per the employee on XX/XX/2018 at XXXX XXXX EST. The employee on that call confirmed that I met the promotion requirements. I relied on that confirmation and kept the funds with Citibank with the expectation that I would be earning the account bonus. I then contacted Citibank numerous times asking when the bonus would be posted. Each time I called I was told approximately in XXXX and there weren't any issues with my eligibility. In addition, on XX/XX/2018 I was charged a maintenance fee in error for {$25.00} and was again assured that I was eligible for the account bonus of {$400.00}. I then spoke to an employee on XX/XX/2018 confirming the date of the bonus posting, and was told that the account wasn't set up for the promotion. He submitted a research request on XX/XX/XXXX to be researched. I then contacted Citibank numerous times to follow up on the status of that research. I was then sent a letter on XX/XX/2018 indicating I was not eligible for the bonus because the account wasn't funded with in 30 days. I explained to Citibank that for the past 5 months I was assured that I would receive the bonus. As a result, a dispute was submitted on XX/XX/2018 and on XX/XX/2018 received a letter indicating I wasnt eligible for the bonus. 

Citibank has exhibited unfair deceptive practice in that employees confirmed ( on several instances ) I met the promotion requirements. I couldn't fund the account logistically in 30 days because online banking access wasn't granted until XX/XX/2018, Citibank continued to lead me to believe I would receive the bonus making my damages increase by the day. Now I am out a competitive interest rate for 5 months, lost the use of my funds for 5 months, and didnt receive an account bonus for {$400.00}. I repeatedly contacted Citibank when I learned of my potential denial of the account bonus ( and prior ) and did not get a prompt response despite each employee saying that Citibank 's policy is to respond within 5 -7 business days. In both research requests I waited a total 36 days. I met all the requirements of the promotion except for funding the account in 30 days which was funded in 31 days. The delay in funding the account was attributed to Citibank 's lack of prompt response to fully open the account and grant online banking access. I have suffered damages, and relied on Citibanks employee  responses ( several ) that I would receive the account opening bonus.

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