Consumer complaint received 2022-09-12
Company: CITIBANK, N.A.
State: NC
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
In short, Citi bank closed my savings account in XXXX XXXX XXXX It is now XXXX XXXX XXXX and I still have not received over {$40000.00} in funds that are rightfully mine. Ive attached a chronological timeline of all events for easy reference. Ive also attached relevant phone call recordings, paperwork and account documentation to support the detailed summary below. 

Detailed summary : I have been a long-time holder of Citibank credit cards . In XXXX XXXX I logged in to my Citi credit card accounts online and received ad for " Citi Accelerate '' high-yield online savings accounts. I applied for the savings account, and it was opened shortly thereafter however I never received paperwork documenting the new account via email, or traditional mail. When opening the account, I set it up to withdraw from my XXXX  Money Market account however, unbeknownst to me, it defaulted to my XXXX  Checking account instead. The change in withdraw accounts is not something I was immediately aware of. To date, Ive only received a debit card upon account opening, and the attached letter notifying me of Citis decision to close the account. 

In late XXXX  I made several attempts to transfer large sums of money and fund the new account. Initially a {$140000.00} transfer didnt process, then {$100000.00}, then {$40000.00} attempts were made without success. Ive never had an online savings account and assumed the failed attempts were over the transfer limit ; an incorrect assumption. Following the failed attempts, I transferred {$40000.00} from my XXXX  Money Market to my XXXX  Checking just to see if that would work, and it did. The transfer from XXXX XXXX to Savings can be seen on XX/XX/XXXX and subsequent successful transfer to Citi Bank on XX/XX/XXXX. For the next several weeks this money resided in my new Citi Savings account and appeared to collect interest. 

Somewhere around XX/XX/XXXX I attempted to transfer another {$40000.00} from XXXX  to the new Citibank account however I still had not realized the issue of drawing from the wrong account and therefore did not transfer funds from my XXXX  Money Market to XXXX  Checking first. The late-XXXX  attempt to transfer {$40000.00} failed, once again, due to Non-Sufficient Funds. The evening of XX/XX/XXXX I logged into my Citi online accounts and saw my savings account had been blocked. I could see no information other than blocked where the value should be, so I called customer service. Several attempts to contact Citibank and resolve the matter occurred between late-XXXX  and early XXXX. Every call resulted in the same scripted Were foreclosing your account and youll receive a check in the mail within 60 days, this call is now being disconnected response. After the script was read Citi always hung up immediately. Only after visiting the XXXX  branch in early XXXX  did I learn all failed attempts were due to Non-Sufficient Funds as Citi was drafting my Checking account when I thought they were drawing from the Money Market where my savings lies.

In early XXXX  ( around the XXXX ) I received a mailed letter from Citi dated XX/XX/XXXX and notifying me of their decision to close my savings account. The letter is largely a repetition of the scripted call and references If there are any funds that below to you at the time of closure, Citibank will issue you an official check for that balance to the address on file. This letter is attached for reference. 

Between XX/XX/XXXX and XX/XX/XXXX ( XXXX calendar days ) I waited, with much stress, to see if a check would arrive as promised ; it did not. On XX/XX/XXXX I called the automated line on the back of my Citi debit card and listened to the recording of recent transactions. On this call I learned that {$40000.00} had been withdrawn by Citibank on XX/XX/XXXX ( reference attached recording ). I assumed this withdraw meant Citi had closed my account and a check would soon be in the mail, so I waited another week. 

As of XX/XX/XXXX no check had been received so I called XXXX fraud line again and spoke with a representative who informed me a check would be received within 30 days of account closing. The representative confirmed the account was closed on XX/XX/XXXX so I would receive a check by XX/XX/XXXX. I recorded this phone call and have attached for reference. Before hanging up I asked the rep to verify the account balance to be refunded then, I was placed on hold while she verified and was ultimately disconnected XXXX minutes later, without response. Due to the assurance received on this phone call I continued waiting. 

Fast forward to XX/XX/XXXX. As of early XXXX, I still had not received a check for my funds, so I called the fraud department again. This time, the Citi rep asked if I had received a letter in the mail to which I responded " yes ''. After some back and forth I was told that I'd receive another letter in the mail ( as of XX/XX/XXXX no second letters been received ). I informed the representative of my recorded call on XX/XX/XXXX and the information I was provided, to which was replied with the similar pre-scripted comment that " account was still under investigation and they could not provide any info at this time '', then I was hung up on. At this point it seemed clear Citi had no interest in returning my funds. 

Following the XXXX phone call, I contacted XXXX to see if they could help and the recommendation was made that I file a police report then, they could issue an ACH-reversal request. A police report was filed with the XXXX Police Department on XX/XX/XXXX and is attached for reference. The XXXX  ACH-reversal request was processed on XX/XX/XXXX, but no resolution has been found as of early XXXX. 

It is now XX/XX/XXXX and Ive received no further communication from Citibank, no check or additional letter explaining the matter has been received in the mail and no attemp to validate the funds. I fear if this money isnt returned very soon, Im going to be left with no choice but to hire an attorney and seek legal action against Citibank. Please help!

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