Consumer complaint received 2022-12-03
Company: CITIBANK, N.A.
State: NY
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
My previous complaint concerning a fraud claim ( # XXXX ) has been denied by Citibank. I acknowledge responsibility for authorizing the wire transaction in question ( manipulated by the scammer ). However, Citibank 's response does not address my complaint about the bank 's responsibility for their own negligence, as follows : 1 ) Realizing my mistake, I called Citi 's customer service line just about XXXX hours after the wire was sent ( Friday, XX/XX/XXXX, around XXXX or XXXX ). The service agent recognized this particular scam; said the money had been debited from my account ( though there was not a credit in that amount, as the scammer had " showed '' me ), but that that didnt mean it had yet been released by the XXXX XXXX bank, so there was still a chance for intervention ; and that the bank would check with the police before releasing it, so I should file a report with the police in the jurisdiction where the wire was sent; placed a hold on my accounts ; and " escalated '' my report to their fraud department. 

XXXX ) However, the Citi XXXX department is closed on weekends ; there would be no one available with whom I could follow up until Monday at XXXX XXXX. 

XXXX ) I filed the police report as suggested, and also reported the incident to the FBI and the FTC. 

XXXX ) Sometime during many hours of phone contact with Citi on Monday I was informed that the funds had now been released from the recipient bank, and that Citi had sent a message to that bank, which would ask that the account holder return the money. This seemed to me a ridiculously futile effort, as the account holder was obviously part of the fraud. 

XXXX ) I received a form letter dated XX/XX/XXXX ( " Your Photocopy Request '' -- I had not requested a photocopy ) thanking me for my " inquiry '' and attaching a copy of a " wire transfer receipt '' dated XX/XX/XXXX, with the details of the " still pending '' transfer request. ( The wire transfer receipt, which I had not previously received, does stipulate that a wire request can be cancelled within XXXX minutes, but there seems to be no provision in case of fraud. ) XXXX ) It took phone calls to multiple Citibank departments ( fraud, opening/closing accounts, funds transfer ) and several different explanations before the funds were transferred from my blocked accounts to my new accounts. I had been informed on XX/XX/XXXX that those had been set up but not yet funded. In all I was for about ten days unable to access my funds until the transfer was effected. 

In sum, Citibank appears to have few to zero safeguards for their clients in such a situation. They first failed to see any red flags in the account of a very long-term client suddenly authorizing an unprecedented international wire transfer for a very large sum ; then had no one available to act on a fraud report for over XXXX days, thus missing a crucial window for intervention ; and then left me for a long time with no access to my remaining funds. This is not customer service, much less consumer protection!

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