Consumer complaint received 2025-01-29 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: CITIBANK, N.A.
State: NY

Complaint narrative:
I am submitting this formal complaint regarding a wire transfer transaction that I initiated from my Citibank account, which resulted in financial loss due to potential fraud and mishandling by both Citibank and XXXX XXXX. 

Summary of the Issue On XX/XX/XXXX, I approved a wire transfer of {$11000.00} from my Citibank account to a recipient 's XXXX XXXX account. I mistakenly listed the beneficiary as XXXX XXXX instead of the intended payee 's company name. This resulted in the recipient being unable to claim the funds initially. 

Realizing that the transaction seemed suspicious, I promptly contacted Citibank the next business day which is XX/XX/XXXX to request a recall of the funds. Shortly thereafter, a representative from XXXX XXXX cantacted me first to ask about this transaction and confirmed that the {$11000.00} was indeed present in their system. I explaned the situation saying that I filed a fraud claim with Citibank and asked them not allow the payee withdraw the money and assured me that it would not be released to the recipient. Based on this assurance, I believed my money was secure. 

However, despite my proactive steps, I was shocked to learn on XX/XX/XXXX, that the recipient had withdrawn the full {$11000.00} on XX/XX/XXXX, without my authorization. I found that when I called Citibank to see the status of my recall and now the person at the wire department told me that she see the confirmation of withdrawn. When I contacted Citibank few minutes later to request trace or payment confirmation, another person at the same wire department told me that since money was gone, now I should be on my own to get this money back. XXXX XXXX, meanwhile, has refused to provide any details regarding the transaction, stating that I am not their customer. 

Concerns and Violations 1. Citibank 's Failure to Act Swiftly on the Recall Request I reported the issue the very next business day, yet Citibank failed to secure or recover my funds. They did not provide timely updates on the recall request. I called Citibank more than 20 times, talked with many differnet people at the fraud department and wire department and I only discovered the unauthorized withdrawal after two months.Even after the withdrawl, the did not even try to inform me. Their response was dismissive, stating that I am now solely responsible for the loss. 

2. XXXX XXXX 's Negligence in Allowing the Withdrawal A XXXX XXXX representative explicitly assured me that my funds would not be released, yet the money was withdrawn despite their acknowledgment of my concerns. 
XXXX XXXX has refused to provide me with any trace details or confirmation of payment, citing that I am not their customer, despite my funds being involved in their banking system. 

Request for Investigation and Resolution Given the mishandling of this transaction and the potential fraudulent activity, I am requesting : 1. A full investigation into Citibank 's and XXXX XXXX 's handling of this wire transfer, including their processes for fraud claims and recall requests. 
2. A detailed explanation of why Citibank failed to recall the funds in a timely manner despite my early intervention.

3. An inquiry into XXXX XXXX 's failure to prevent the withdrawal after acknowledging my concern, including their internal fraud prevention measures. 
4. Assistance in recovering my {$11000.00}, as both banks failed to act responsibly. 

I believe both Citibank and XXXX XXXX have acted negligently, and I request that they be held accountable for their actions. Please let me know the next steps regarding this complaint and any additional information you require. 

Thank you for your time and assistance in this matter. 

Sincerely,

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