Consumer complaint received 2020-09-08
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 and my wife opened 2 checking accounts with Citibank in XX/XX/XXXX. 
We first contacted Citibank in XXXX of XXXX, starting the process of opening 2 new checking accounts. 
One of the reasons we moved our money to Citibank was the {$700.00} incentive when you deposit {$50000.00} and maintained the balance for a period of almost 5 months. 
Although most of the paperwork was submitted by the beginning of XXXX, they claimed not to have received the signature card ( as shown in the attached email ). 
Several times, we asked them for the accounts numbers, so we could make the {$50000.00} deposits required to qualify for the {$700.00} bonus, but didn't hear from them until the XX/XX/XXXX when we were informed there were missing paperwork ( although we had already faxed them ). 
On the email from XX/XX/XXXX, they asked us to sign the paperwork and email it instead of faxing it, which was the original method of communication. 
The form was completed and email back to the bank the very next day. 
The XX/XX/XXXX email clearly states that the " Citibank account is almost opened '' and that " in order for your account to remain open we must receive the signature card ( s ) AND a deposit within 30 days from application date ''. 
By XX/XX/XXXX we finally received the bank account number, the same day, as advised by Citibank, we sent a wire transfer with {$50000.00} to each of the checking accounts we had opened. 
The deposits never cleared. After several days we were informed that the check didnt clear, and we were advised to send certified checks which we did by certified mail. 
The checks were cleared from our previous bank on the XX/XX/XXXX - but only stated as available on Citibank on XX/XX/XXXX. 
- Per Citibank, the account was opened on XX/XX/XXXX. Although they never informed us of missing paperwork until XX/XX/XXXX. 
- Per Citibank, our account could only remain open if signed Signature Card and a deposit was made within 30 days from opening the account ( the wire transfer never cleared, first deposit documented on their end on XX/XX/XXXX ) one would assume that they couldnt open the account as there was never funding. 
- Citibank had advised us to send certified checks, and when asked if this would prevent us from receiving the bonus they reassured us that it wouldn't. 
- We held a balance of over {$50000.00} ( on each of our accounts ) for over 8 months just to be told that we didn't qualify for the bonus, although I had called them several times, asking about when we could expect the bonus, just to be reassured that we qualified for the bonus, but that the 150 days hadn't passed yet. 
- How can they claim that they can open the account with the {$50000.00} deposit on XX/XX/XXXX, but can't give us the bonus when the email clearly states that the account can't be opened without a deposit within in the 30 days, and the requirement for the bonus is also a deposit of {$50000.00} ( which was the first deposit ever made into the account? 
- How can they expect to receive the deposit, when it takes over 17 days to inform the client that there is missing information in opening the account, where during this period there was no account number?

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