Consumer complaint received 2024-05-09 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Banking errors
Company: CITIBANK, N.A.
State: OH

Complaint narrative:
On XX/XX/XXXX I purchased a {$25000.00} 1 year term no penalty CD but only after I called Citibank customer service to verify the rate at 5 % since the rates published online for this CD was 5 %. I did my transactions on line. Upon confirmation account was set up I subsequently arranged for Citibank to transfer the funds from one of my banking accounts which was completed within several days. Several months later, I veiwed my CD on line and there was virtually little to interest on the account. Since I printed all of my paperwork from the account I have the documentation. The paperwork states interest paid monthly and interest 5 %. I called to request a benficiary form and completed it but it took weeks to get that added. 

On XX/XX/XXXX I revierwed my CD on line and became alarmed as the interest was only about {$3.00} since XX/XX/XXXX so I called Citibank and opened case # XXXX. I provided all info and they stated I would hear back between XXXX after a review was performed. I told them I had printed all the info off the website with the rates stated and that I could provide all documentation. They did not want that paperwork at that time. 

On XX/XX/XXXX I called again since I had no feed back and no updates from them. I was then told it would take up to 45 days to get a response. I requested a supervisor whom then told me she would epedite the claim. 

On XX/XX/XXXX I called 2 times and spoke to 2 different supervisors with 2 different answers. The first informed that the call from XX/XX/XXXX was not escalated until XX/XX/XXXX ( 5 days after my call ) and then she told me she had no updates to report but would escalate again and notify whomever. The second supervisor on the XXXX call stated a letter was sent to me on XX/XX/XXXX and I advised her that I never received any letter from Citibank. She also could not tell me what was in the letter that they claim they mailed me! She then advisedme that the case WAS CLOSED! And I know nothing and she could not tell me anything so I have no info. There is no letter in my online account where I can view my CD and credit card statement. Nor is there any change in interest rate for over 4 months which is now about {$4.00}. 

On XXXX after talking to the 2nd supervisor I demanded my account be closed and a check be sent with all the interest promised. I advised I was going to file a complaint with the FDIC or the appropriate agency ( You ). She asked if I wanted her to file the complaint for me which I said NO, I will file it. What is wrong with this picture? She advised me that a paper check would be sent in XXXX days. Now another delay. Also a noteable point I would like to make is that on previous calls In the past when I asked about closing my CD they would not do it electronically and refused stating it had to be paper check. I questioned why since everything was electonic upon opening. Never got a good answer. 

I am concerned that I my loose my initial investment in addition to the 5 % interest rate. XXXX XXXX XXXX purchases seem shady as I have gotten the run around for approx XXXX weeks now. My contact has been at : XXXX XXXX XXXXXXXX, XXXX XXXX Tx XXXX ; ( XXXX ) XXXX Please help and or advise if I need to go to another agency!

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