Consumer complaint received 2021-01-22
Company: CITIBANK, N.A.
State: AL
Product: Checking or savings account
Sub-product: Savings account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
Hello, Was shopping around for a high interest savings account. Decided to open a Citibank high-yield savings account. I initially sent in {$2000.00} from my XXXX account ( XX/XX/XXXX ) to ensure that the transfer would go through into the account. Once that amount arrived in the Citibank account I then transferred an additional {$50000.00} of my life savings from my XXXX XXXX account into my Citibank account ( XX/XX/XXXX ). I unexpectedly needed the money back and Attempted to wire the funds from Citibank back to XXXX XXXX which was the initial funding account The wire transfer was canceled on XX/XX/XXXX and when I called in and spoke to someone they instructed me to attempt the wire again and the following day on XX/XX/XXXX, I Received an email stating that the wire transfer was again canceled. When I called in they said they can no longer service my account and within 60 days my account would be closed and any money that belonged to me would be sent to the address on file in the form of a certified check. I received a letter dated XX/XX/XXXX that confirmed what they had said on the phone. During that time the account did receive interest and I was still able to call In and get my balance. The money was withdrawn from the account on XX/XX/XXXX ( based on information I received when calling in to get my account balance, deposits and withdrawals ). Ive called Citibank at least XXXX times over the last 3 months ( assuming such a silly accusation of fraud would be quickly cleared up. Despite multiple calls, I have never been able to talk to anyone who can tell me where my money is or when I can expect it back. I have been told multiple different things including they determined that the money doesnt belong to you and it was sent to the owner I have also heard that the funds will be deposited into the initial funding account now that the account is closed. When I call in now, im no longer able to choose the option to hear the balance in my high-yield savings account So I am assuming the account is closed. When I called the Citibank fraud department they said the money would be deposited into the funding account but despite the money being withdrawn from the Citibank high yield savings account on XX/XX/XXXX, I still have not received my money ( deposit or check ) nor have I received correspondence about the fraud investigation ( Which I was told told would arrive 5 to 7 days from XX/XX/XXXX. Citibank has certainly not honored the 60 day timeline for closing the account and have not honored the statement that I would receive a letter 5-7 business days fromXXXX to explain what is going on. At this point I just dont know what else to do I think it is very alarming that a bank can keep {$52000.00} of a persons life savings during a pandemic when money is tighter than usual without any rush to clear up a fraud investigation that should literally take 30 minutes to clear up. The other problem is that I have not been able to obtain any meaningful information on the phone and cant talk to anyone who can help despite asking to speak with a supervisor multiple times. To be honest, they have treated me like a criminal when I have called as if I am trying to fraudulently obtained someone elses money. Please help me get my money back! Sorry this entry was so lengthy and I appreciate your 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