Consumer complaint received 2024-07-12 00:00:00
Product: Checking or savings account — Savings account
Issue: Closing an account — Can't close your account
Company: CITIBANK, N.A.
State: CO

Complaint narrative:
I received a response to my compliant with Citibank. In my opinion Citibank failed to adequately address the issue and my concerns and I disagree with their response. 

The following is the Citibank verbatim response : " Dormant/Inactive accounts are mentioned on page 38 in our Consumer Deposit Agreement. It is advised We may also restrict your account if we determine it has been otherwise inactive due to no customer- initiated activity. For additional information regarding Dormant/Inactive accounts please review the terms in your deposit account agreement listed under the section Closing a Deposit Account. '' You can view your Deposit Account Agreement here or you can obtain a copy by speaking with a banker in a branch, by calling the phone number on the back of your Citibank Banking Card, or by calling XXXX ( XXXX ). '' I opened my account in XXXX and in doing so agreed to the terms specified in the XX/XX/XXXX XXXX XXXX XXXX document I received in my Citibank new account package. Citi claims that in their XXXX " Consumer Deposit Agreement '' ( which I never agreed to ) they are allowed to restrict my account due to inactivity ( see above and attached Citibank document/response ). In the Citibank 22 page XX/XX/XXXX " Abbreviated Consumer Deposit Account Agreement '' ( which I received by mail subsequent to opening my account in XXXX ) there is nothing in the document that references restricting accounts due to inactivity. However, at the bottom of the cover page it states " To review the complete Consumer Deposit Account Agreement applicable to your account, please see citi.com/ ... .... '' which lists innumerable documents. After finally finding the correct, applicable 98 page XX/XX/XXXX " Consumer Deposit Account Agreement '' and per Citibank 's instructions referencing page 38 ( attached ) there is no reference to " Dormant/Inactive Accounts '' as Citibank suggests in their response. However on page 36 ( attached ) of the same XX/XX/XXXX " Consumer Deposit Account Agreement '' document under Section 6.2 Closing a Deposit Account only in the last sentence at the very end of the third paragraph and totally out of context, not in bold or underlined is there language stating We may also restrict your account if we determine it has been otherwise inactive due to no customer- initiated activity. It is important to keep in mind that all this is buried in a 98 page document that is referenced by a previous 23 page document all sent subsequent to my opening an account and that I never signed or agreed to. I would note that even Citibank had trouble finding and referencing the pertinent language in their morass of documents! 
In addition, it is important to note that nowhere in the 23 page Abbreviated Consumer Deposit Account Agreement or the complete 98 page Consumer Deposit Account Agreement is there any language specifying : o The level of account activity necessary to prevent an account from being restricted. 
o The requirements for removing restrictions on an account that has been restricted. 
o The requirements of a notarized letter or an appearance a branch in order to " unlock '' and account that has been restricted due to inactivity. 

In addition, it is also important to note that in the course of opening the Accelerated Savings Account on XX/XX/XXXX I inquired specifically about hidden fees, account activity fees etc. and was informed that this was a " stand alone traditional savings account '' and I would not be required to " churn '' my account in order to keep it active. I emphasized and made it abundantly clear to the salesman XXXX that I would be simply " parking my money '' in what I referred to as a traditional savings account. I also inquired regarding the ability to access the monies in my account in the event that I may need it quickly. I was again assured that neither of these two issues would be a problem.

Fast forward four ( 4 ) years and according to Citibank my account has been " locked '' due to inactivity and I am not able to close my account, access my funds or unlock the account without complying with the following terms : You can visit the branch to activate your account or You can send us the letter in the below format - complete the enclosed document and return it back to us. To remove the inactive status from your account and begin the closeout process you will need to submit a written request with a Notarized Signature. The letter must include : Name/Title on the account. 
Current address and phone number. 
Last 4 digits of Social Security Number ( SSN ) or Tax ID number.

The request should state : Please have my account removed from inactive status and update my date of Last Contact. 
Account number Signature and date The letter can be sent either by overnight or standard mail to : Citibank XXXX XXXX XXXX XXXX and XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Texas XXXX XXXX note that I live in XXXX and the closest Citibank branch is in XXXX XXXX XXXX NV - a XXXX XXXX XXXX XXXX. The nearest Notary is a 1 hour/30 mile drive and charges a fee. 

In addition, under FAQs the Citibank Website states : If you ask for my personal and financial information and I don't provide it will you place restrictions on my account o If we don't receive the requested information, we may restrict your accounts. 

o For checking, savings and money market accounts, you won't be able to make deposits, withdrawals or transfers. Those transactions will be denied or returned. YOU MAY STILL CLOSE YOUR ACCOUNT. ( emphasis added ) This is a classic " Catch 22 '' in that Citibank is stipulating that I may close my account if I do not provide personal & financial information but in order to close a restricted account I have to provide personal and financial information. 

In summary : I opened my account in XXXX and in doing so agreed to the terms specified in the XX/XX/XXXX Market Place Addendum document I received in my Citibank new account package.

I did not sign or agree to the XX/XX/XXXX Terms outlined in the Citibank Consumer Deposit Account Agreement. 
There is no language in any agreements or documents pertinent to my XXXX Citibank Accelerated Savings Account specifying the level of account activity necessary to prevent an account from being restricted. 
There is no language in any agreements or documents pertinent to my XXXX Citibank Accelerated Savings Account specifying the requirements for removing restrictions on an account that has been restricted. 
Citibank websites states that I may still close my account without providing personal and financial information. 
Without my approval Citibank changed the terms of the XX/XX/XXXX Market Place Addendum document I received and agreed to in my Citibank new account package. 
Citibank arbitrarily restricted my account and will not unlock my account unless I comply with their terms. 

Aside from being buried in a morass of on-line documents and constituting " Fine Print '' this is an arbitrary, after-the-fact, undisclosed and consequently illegal action and requirement imposed by Citibank and is in direct violation XXXX the Truth in Lending Act and the Securities Exchange Commission 's disclosure rules XXXX 

For the record I have tried to both unlock and close my account to no avail. 

All I want is to be able to close my account without having to comply with what I consider to be onerous and illegal requirements imposed by Citibank- and yes this is a matter of principle - " What you permit you promote. '' On an editorial note, it is actions like this that resulted in the CFPB fining Citibank {$700.00} XXXX dollars. Unfortunately like XXXX XXXX, the behavior has not changed.

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