Consumer complaint received 2025-02-24 00:00:00
Product: Checking or savings account — Savings account
Issue: Closing an account — Funds not received from closed account
Company: CITIBANK, N.A.
State: MA

Complaint narrative:
1. In XX/XX/XXXX, I opened a Citibank checking account and a " high-yield '' savings account with Citibank. 

2. On XX/XX/XXXX, I transferred the amount of XXXX $ into the Citibank High Yield Savings Account. 

3. On XX/XX/XXXX, I received an e-mail ( no physical mail correspondence sent to our address ) from Citibank advising that our account had " violated the terms of the client manual and, as a result, would be closed in 60 days. '' We were never provided with any specific explanation as to how or why the account allegedly violated the account terms. ( See Attachments ) 4. This closure email also stated that any remaining funds " will be returned to you, after the account is closed. '' Furthermore, it recommended going to a branch or calling the number " on the back of the card, if you believe these funds should be sent sooner than the expected closing date. '' 5. On XX/XX/XXXX I was no longer able to access the account on-line as my login credentials were no longer available= The account was already closed only 6 days after the notice. 

6. As instructed, I then called Citibank, to inquire about the account and spoke with a customer service representative. I was only told that the account was inactive, and that a block had been put on the account, I was advised that no one from customer service could assist me or give me any information. I was also advised that they could not tell me how the account violated their rules, what rule was violated, or provide me with an account manual. 

7. Citibank does not have a local branch in Massachusetts, or surrounding vicinity, so the only option was calling customer service to address this situation and try to obtain the XXXX $ of our funds still being held by Citibank. 

8. Feeling stuck without options, I made an online appointment with a Citibank branch 's virtual online meeting with someone who works in a " branch, '' to try and see/talk to someone face to face. In an email before the meeting they ask for the purpose of the meeting. When I explained our situation, we were told that they are only " Bankers '' and could not help with this issue - therefore no reason to meet with me virtually. 

9. During another call with Citibank 's customer service, I was then advised to reach out to Citibank 's fraud department, which I did. The only information the fraud department was " able '' to give me was " that the funds were being mailed to me and I just needed to wait for the check. '' Absolutely zero other information was " or could '' be given, just the assurance of " wait for it ( the check ) in the mail. '' 10. The funds didn't arrive as promised, so I called Citibank a couple times per month to follow-up and ask where the funds where, well into XX/XX/XXXX. Finally, it was clear that I needed to refer this matter to our legal counsel. 

11. Many attempts have been made to solve this directly with Citibank, via our months of phone calls, and now our attorney 's sent requests to Citibank, with no viable response or resolution of our funds being returned. 

12. We entrusted Citibank to keep our funds SAFE, especially while in a SAVINGS account. Citibank stated the money would be returned after they closed the account ... As of today, XX/XX/XXXX, none of the XXXX $ of OUR funds have been returned. We have received ZERO explanation from Citibank regarding the status of our money, despite numerous requests for information, and the funds, through the proper channels. It has now been 13 months since the account was closed. 

13. Where is our money and why aren't we being given any information? The email letter clearly stated the funds would be returned. No one will tell us anything about what happened and we've been extremely affected by this, not just financially. 

14. This is WRONG and we shouldn't need to hire legal assistance for something that Citibank initially presented as cut and dry. This is all very very deceitful and an extreme disappointment when entrusting Citibank. 

15. I wonder if other consumers would benefit learning from this/our experience as a " buyer beware. '' We have held checking and savings accounts for over 40 years and have NEVER had any issues ever like this. I'm thinking that we're likely not the only consumer/customer who has had money essentially stolen from them, in this apparent sly, draining and paralyzing method. 

16. How did we end up as victims for simply transferring our money into a savings account?

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