Consumer complaint received 2021-01-05
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: CITIBANK, N.A. (GA)

On XX/XX/XXXX, I was approved for an XXXX  EIDL for financial assistance for my XXXX XXXX. The EIDL was deposited into my personal banking account with Citibank. I also had other funds in the account from clients and myself that had been previously deposited. Several days after the EIDL was deposited I discovered that my banking account with Citibank was under investigation for fraud and in the process of being closed and that I would not have any access to the funds in the account until the account was officially closed. The way I discovered this is because I could not log into my account online and called Citibank and was informed that the account was under investigation and in the process of being closed. During the call, The agent told me that they could not disclose any information over the phone and that I would receive a letter in the mail within 30 to 60 days. I never received a letter. I contacted Citibank several days after this to inquire about what would happen to the funds in the account and was told that the funds that were ACH deposits would be returned to the originating source, including the XXXX  EIDL loan and that the funds that I deposited would be released to me in the form of a check in the mail. 

After 60 days I had not received a letter or any sort of notification from Citibank so I contacted Citibank to inquire about the status of the account and the remaining funds and was told that the account was still being investigated and had not been closed and hence the remaining funds could not be released. Meanwhile, I was anxiously waiting for the account to be closed and the funds to be returned to the SBA so that the SBA  could redisburse the funds. The survival of my business was dependent upon the EIDL funds and I was steadily losing clients because I did not have access to the EIDL funds to continue to operate my business. I continued to call Citibank weekly to get an update and was continually told that the account was still being investigated, still had not been closed and that I could not access the funds in the account. Finally, on XX/XX/XXXX, I called Citibank and was told that the account was closed on XX/XX/XXXX with the remaining balance being XXXX and that the EIDL funds were being sent back to the SBA and the remaining funds left after the EIDL funds were subtracted would be sent to me in the form of a check in the mail. I asked to what address the check was being sent and was told that it was being sent to an old address ( Although prior to this I asked Citibank multiple times to update my address to my current residence ). I informed the agent that the address was incorrect and requested a stop payment to be placed on the check and to have a new check sent to my new address. The agent assured me that a stop payment would be placed on the check and that a new check would be sent out to my new address within 15 business days. 15 days passed and I did not receive the check so I called Citibank to ask where my check was and I was told that it would take 30 to 60 days to receive the check. It has been well past 60 days since the account was closed on XX/XX/XXXX, and I have yet to receive the check. Also, the United States Treasury, SBA, has not received the funds from the EDL that was deposited into the account. Neither have any of the other agencies and clients that deposited money into the account via ACH. I have called Citibank multiple times and can never get a straight or accurate answer. Each time I call I am given conflicting answers. I have been told that the money was sent back and a check sent out. I have been told that the money is still there with Citibank and in a sub-ledger. I have been told that I can go to a local branch to pick up the check ( there are no local branches in my state ). I have been given several different amounts for the final check. I have been given several different dates and timeframes for when the check will be reissued. Lately, for the past 3 months every time, I call I am told that a ticket will be escalated to the back office and that a supervisor would give me a call within 24 to 48 hours. I have yet to receive a call from a supervisor. When I reach out to Citibank bank after 48 hours from my last call I am told the same thing which is that a supervisor will reach out to me or for me to call back in another 24 to 48 hours. This cycle has gone on for 3 months. 

As a result of all of this, I have lost my business because the money from the EIDL that was purposed to maintain my business operations have been tied up with Citibank, and Citibank can not give an account for those funds. I have also been evicted from my home. I have experienced a host of hardships because for nearly 6 months Citibank has held onto my funds that should have been released months ago. 

Citibank has not given an accurate and clear account of the whereabouts of the {$77000.00} that remained in the account at the time of the account closure on XX/XX/XXXX.