Consumer complaint received 2016-04-29
Company: CITIBANK, N.A.
State: NJ
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Account opening, closing, or management

Complaint:
In my law practice, I serve as a trustee for a client ( who also happens to be my brother-in-law ). The sole purpose of the trust account, and the trust account above, is to provide funding for a life insurance policy. The life insurance policy is mandated by my client's/brother-in-law 's divorce decree in the State of New York. 

Relatively recently, my brother-in-law 's obligation to maintain the life insurance policy expired. At the time, there remained slightly less than {$200.00} in the trust bank account at Citibank. As mentioned above, this bank account was exclusively for the purpose of funding the aforementioned life insurance policy. 

Because it was no longer necessary to fund the life insurance policy, and my brother-in-law decided to allow the policy to lapse, I sought to close the account and return the remaining funds within the account to my brother-in-law. To that end, I called Citibank. I spoke with a woman who assured me that she would close the account and send a check made payable to the trust, so that I might return that money to my client/brother-in-law. 

Approximately one month later, I received a statement from Citibank indicating that the account was still open, and that approximately {$12.00} had been deducted as fees on the account. Needless to say, I was surprised. After all, I had closed the account and was expecting to receive a check, not a statement deducting more fees. 

Consequently, I wrote to Citibank. A copy of my letter is enclosed for your convenience. In response to my letter, on XXXX XXXX, 2016 my office received a call from XXXX XXXX ( XXXX ) a branch manager of a Citibank branch in XXXX, New Jersey. ( Incidentally, the branch at which I opened the aforementioned trust account was located in XXXX, New Jersey ( where my law office is also located ) ). XXXX XXXX advised that because the nature of the bank account at Citibank was an irrevocable trust, the bank was obligated to disburse the funds with a bank check. XXXX XXXX left word that the bank was not permitted to send that check to me, and that I would need to travel to a branch, produce identification, and collect the bank check in person. He advised that there were branches in XXXX, XXXX, and XXXX at which I could appear for this purpose. 

XXXX, XXXX, and XXXX are all at least 30 minutes away from my office. I can not understand why I would have to appear at a bank to close out an account and collect a check for the balance of the funds left in the account. I suspect this is nonsense, and that the bank has merely erected hurdles knowing that it does not make economic sense for a lawyer ( or anyone else ) to travel 30 minutes away, and spend who-knows-how-long, at a bank branch to collect a check for {$110.00}. 

It is my sincere hope that your office will investigate this matter.

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