Consumer complaint received 2023-10-30
Company: CITIBANK, N.A.
State: NY
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
On XX/XX/2023, I handed to Citigold Customer Service, Citibank, at XXXX XXXX XXXX XXXX XXXX NY XXXX XXXX the proceeds of an XXXX XXXX  matured IRA CD via XXXX Official check in the amount of {$83000.00}, with instructions to rollover the same into a Citibank IRA for one year. On XX/XX/2023, I completed and signed the necessary forms and presented the same with my ID to the officer who advised that an IRA account could not be opened UNTIL the rollover application was forwarded to the retirement division and therefore the proceeds were temporarily deposited into my checking account, with the understanding that the funds would be transferred into said rollover IRA within approximately one week.

That never happened and approximately two weeks thereafter I was advised that it was necessary to complete once again the rollover application and again provide my ID, which I did at that time. In addition I was misinformed that I could not withdraw any funds from my new IRA without incurring a penalty prior to maturity of my new IRA CD and that any anticipated 2023 distribution funds should be left in my checking account until the CD matures. Based on this misinformation, $ XXXX was designated to remain in my checking account. I am a retired XXXX  citizen. 
Thereafter, each time I communicated with Citibank, I was assured by both XXXX XXXX, the officer at the XXXX XXXX branch ( who stated Citibank had full control via its retirement division ) and he assured me my rollover was being processed and the issue date of said rollover would be the date on which I handed over my proceeds and completed the rollover application ( i.e., XX/XX/2023 ). 
During each conversation with the XXXX XXXX branch and its retirement division ( where no person would divulge their full name or ID information and the first names kept changing ) during the months of XXXX and XXXXXXXX XXXX I repeated the XXXX limitation required to rollover said funds and was repeatedly assured the rollover date would be XX/XX/2023. 
Finally, I received a confirmation that the funds, less {$6000.00}, had been rolled over into a retirement account on XX/XX/2023 ( NOT THE EFFECTIVE DATE OF XX/XX/XXXX LAST AS PROMISED as advised by Citibank AND ONE WEEK PAST EXPIRATION OF THE LIMITED 60-DAY ROLLOVER PERIOD ( i.E. XX/XX/2023 ). 
I have just received an XXXX Statement issued and covering the period through XX/XX/XXXX last, evidencing the full amount of {$83000.00} is now treated as taxable income, as a direct result of Citibank 's failure to roll over these IRA funds on XX/XX/2023 ( which were handed over to Citibank, NA XXXX XXXX branch on XX/XX/XXXX last ). Needless to say, my financial security has been severely harmed and damaged by Citibank 's egregious acts and mishandling of this matter. 
Attached are copies of XXXX XXXX check dated XX/XX/XXXX last, my Citibank rollover application dated XX/XX/XXXX last, and XX/XX/XXXX XXXX  Statement.

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