Consumer complaint received 2024-06-17
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: CITIBANK, N.A. (CT)

In XXXX XXXX  our Citibank " Citigold '' representative, XXXX XXXX, contacted us to solicit a new Citi Savings account with a guaranteed promotional interest rate of over 5 %. We have retained the documentation of the promotional interest rate given to us when we opened the account. 
We opened such an account on XX/XX/2024 with a large deposit. We were assured by XXXX XXXX that deposits into our checking account during XXXX met the requirements for new money to qualify for the promotion and in fact that is why she made the solicitation. 
While we received interest in excess of 5 % for the period from XX/XX/XXXX to XXXX, the rate dropped to 1.15 % in XXXX and 0.12 % in XXXX, 0.11 % in XXXX, and 0.09 % for XXXX. 
When we noticed the drop in rate after receiving our XXXX statement, we called the Citigold help number and were connected to the branch. Branch Manager XXXX XXXX took our call in XXXX XXXX absence and assured us that we qualified for the promotional interest rate and that XXXX XXXX would handle the matter upon her return. 
We began leaving voice messages for XXXX XXXX and speaking with the Citigold help line repeatedly to have this rectified. We sent an email to XXXX XXXX on XX/XX/XXXX. 
On XX/XX/XXXX, XXXX XXXX sent an email indicating I will investigate this first thing tomorrow morning and get back to you by the end of the day. 
On XX/XX/XXXX, XXXX XXXX sent a message indicating we should see the correct rate reflected within 7 business days In reliance on this assurance and representation, we left money in the account and in fact added to the balance during XXXX. 
Seeing no change, we continued to follow up with XXXX XXXX. We received a message on XX/XX/XXXX that I see the correction on my end and it will reflect in the client system by the end of the week In reliance on these assurances, we left the funds in the account. 
When there was still no update to credit the appropriate interest, we began following up again. When there was no reply to email messages, we realized that XXXX XXXX was away on medical leave and called the branch and the Citigold help line. 
On XX/XX/XXXX, we spoke with XXXX XXXX at length. At various points we were put on hold so he could review the account details. He confirmed based on his review that we qualified for the promotional interest rate. We forwarded various messages between us and XXXX. 
In XXXX XXXX absence, we continued to follow up with XXXX XXXX and received a reply that this has been forwarded to a manager who can resolve this as soon as possible. 
In reliance on these assurances, we continued to leave the balance in the account. 
When there was still no correction, we contacted the Citigold help line again and were told that these promotions needed to be resolved in the branch. We booked an appointment at the branch and met with XXXX XXXX and XXXX XXXX. We were told that this is a computer glitch, that this has happened to a number of customers, that the only reason it hadnt been rectified was that the back office was waiting for a response to a question from XXXX XXXX and now that she had returned from leave she would take care of it. XXXX XXXX reviewed the activity in the account and confirmed that we met the requirements for the promotional rate. XXXX XXXX told us that it would take seven to ten days for the back interest to be credited from XX/XX/XXXX. 
In reliance on these assurances, we continued to leave the balance in the account. 
After there was still no correction, we followed up again and received a message on XX/XX/XXXX that the final approval was issued yesterday and we will see the corrected interest in 1-7 days In reliance on these assurances, we continued to leave the balance in the account. 
On XX/XX/XXXX, we called the Citigold help line to request that the matter be escalated and that senior person contact us. 
Hearing nothing further and with no correction to the interest rate, we called again on XX/XX/XXXX and were told that an Investigation Team had determined that we did not qualify for the promotional interest rate but that an exception was being made to credit the promotional rate starting XX/XX/XXXX. At no time were we ever told that the account was being reviewed to determine if we qualified for the promotional interest rate. 
We asked to be transferred to XXXX XXXX and met in person with her at the branch. We were again assured that the promotional rate would be credited back XX/XX/XXXX. 
Upon logging into our account on line on XX/XX/XXXX, we discovered a letter dated XX/XX/XXXX indicating that no additional interest would be credited to our account and that unfortunately your account does not qualify for this promotion. 
XXXX XXXX continues to maintain that this will be corrected, in an email and during a meeting in her office on XX/XX/XXXX. 

We have spent countless hours on this matter. At all times since we opened this account, we could have earned in excess of 5 % interest in the mutual fund money market account we maintain at another institution.