Consumer complaint received 2024-10-21
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: CITIBANK, N.A. (FL)

YOUR COMPLAINT Part 1 : Description of What Happened XX/XX/XXXX, I deposited a {$13000.00} bank check at the Citibank branch. The check was issued by a New Jersey bank, and the account holder is a corporation for which I am a shareholder. XX/XX/XXXX, my Citibank account, along with all linked information, was blocked without notice or explanation. XX/XX/XXXX, I contacted Citibank and was informed that the Fraud Department was the only point of contact for my account issues. I spoke to the Fraud Department multiple times, but each time I was forced to start the process over from scratch, and each representative gave me a different explanation. Citibanks Fraud Department also contacted the corporations registered agent to verify the check but provided her with conflicting information, which prolonged the verification process. XX/XX/XXXX Notice, ( received XX/XX/XXXX ) Confirming the deposit of {$13000.00} and providing a schedule for the release of funds. However, this notice is misleading. It apparently means the account is being flagged for closure. Notice arrived 10 days after the deposit. By this time, the account had already been frozen, and the check deemed unverified. XX/XX/XXXX I met with a banker at Citibank branch, but I was informed that only the Fraud Department in the XXXX had the authority to release the hold on my account. The banker stated that he had no control over the situation and that only the Fraud Department could decide what information was acceptable for verification. XX/XX/XXXX I returned to the branch for a follow-up meeting. This time, I was kept in the lobby and told that there was nothing Citibank could do. The banker refused to submit the verification documents I provided, and I was denied access to any meaningful recourse. I was informed that the funds could be held indefinitely. On XX/XX/XXXX I requested a copy of the deposited check and a record of the final transactions for the period between the check deposit and the account freeze. Initially, I was denied, but after demanding the records and standing in front of the teller for over an hour, I was finally given the requested documents. The transaction history confirmed that the deposit had been made on XX/XX/XXXX, and that the remaining balance was {$12000.00}. It also showed that the check had cleared on XX/XX/XXXX. ( Issuing bank clearance date recorded as XX/XX/XXXX ) XX/XX/XXXX Notice ( received on XX/XX/XXXX ) I received a 60-day notice of account closure. The notice referenced my REGULAR Checking account ( XXXX ) and stated that all linked accounts would be closed. The notice falsely claimed that the reason for the account closure was due to an unauthorized loan, which I never took out with Citibank. The notice also stated that if I wanted my funds released sooner, I should contact Citibank, though I had already made numerous unsuccessful attempts to do so. XX/XX/XXXX Notice ( received on XX/XX/XXXX ), I received a final notice stating that my Savings Account ( XXXX  ) was closed with an attached disbursement check for {$1.00} and made no mention of the REGULAR Checking account ( XXXX ) or its balance of {$12000.00}. Additionally, the notice did not include a case number and failed to provide any timeline for when the transaction history of my accounts would be made available. Throughout this entire process, Citibank has consistently provided conflicting and misleading information, failed to offer a clear explanation for why my funds were frozen, and has refused to release the remaining balance of {$12000.00}. The Fraud Department, a third-party entity, has been unresponsive and unable to provide a satisfactory resolution or case tracking. 

ADDITIONAL COMMENTS XX/XX/XXXX : I have received a response from Citibank stating that they suggest having the bank issue a Hold Harmless in order for Citi to release the funds. 1. Hold Harmless is an admission of fraud. Since no fraud occurred the bank will not issue a Hold Harmless. 2. If Citi actually believed fraud occurred they would be responsible to open a case themselves. 3. Citi also suggests in its letter that the check be recalled is. After a check has cleared, the only means of recall is again for fraud to have occurred. Since no fraud occured and Citi is again making suggestions that will harm their now former customer ( me ) to justify holding funds for no good reason. 4. The letter states the registered agent/president only called the fraud department XX/XX/XXXX. She in fact called multiple times before that and every time they would tell her she was verified and for me to call again and start a new. 5.The XX/XX/XXXX letter also states that the check was flagged for fraud XX/XX/XXXX. However, that letter clearly states that it is being held because of the check amount of {$13000.00} ( anything over {$5200.00} can be held. However, the certified bank check had already cleared at that point and if Citi had flagged the check for fraud on that date- it was their responsibility to communicate that immediately. 
6. Citi has still provided no account statement from XXXX, case # or an explanation of what they are verifying. 7. Since the bank did clear the fund, the check was a certified bank check regulation CC does apply to me and Citi is in fact breaking its own rule and is in violation of banking regulation CC allowing only 11 days of holding on to my money. 8. I have attached letters from Citi, verification from bank of check clearance, an official document confirming the name and address of the registered agent/president, the check image acquired from Citi, the only record of account XXXX I have to date and Banking Regulation CC.