Consumer complaint received 2024-12-04 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Problem with renewal
Company: CITIBANK, N.A.
State: NY

Complaint narrative:
On XX/XX/year>, I called Citibank to renew my certificate of deposit ending, which matured on XX/XX/year>. I was quoted a rate of 4.65 % for a 6 month CD, and was told it would be processed on the date of maturity, XX/XX/year>. At no time was I informed that the rate that the representative quoted could change, and I entered into the renewal on the basis of a 4.65 % rate. 

On XX/XX/year>, I called in to check in on the status of my CD that was being renewed because I did not see any update on my account. The rep I spoke with said it would update in a few days after my grace period, but she saw my CD renewal. 

On XX/XX/year>, I noticed my CD rate was incorrectly reflected at 3.75 % because I was quoted 4.65 %. The representative said that my CD renewal was processed on XX/XX/year>, and that per the notes from the initial representative I spoke with, my CD should have been renewed on XX/XX/year>, the date of maturity, when the rate was 4.65 %. It is unacceptable for a trade to be processed 2 days after the date it was supposed to be effective, and which is an operational error that should be rectified. 

The representative agreed and said that she would submit an investigation and it shouldn't be an issue for it to be updated and that I would hear back in XXXX weeks. At this time, had I known that the 4.65 % rate wouldn't be honored, I would have chosen not to hold up my funds in a 6 month CD and would have removed my money, because I was still within my grace period. 

I have had subsequent calls to the Citigold number checking in on status, opening cases and escalating cases on XX/XX/year>, XX/XX/year>, XX/XX/year>, XX/XX/year>, XX/XX/year> and XX/XX/year>, with no satisfactory resolution, and no updates that have been provided via mail or email. 

At the time of the original complaint, my Citi relationship manager was XXXX XXXX. He reached out to me and we spoke on XX/XX/year>, and said he would work on the complaint and have the rate updated and any amounts that were previously owed would be something he would manually update on his end. On XX/XX/year>, I received a voicemail from XXXX indicating that he was still working on it. I have reached out via email to XXXX on XX/XX/year>, and XX/XX/year> asking for an update and received no reply. 

I noticed that my relationship manager changed to XXXX XXXX, and I reached out on XX/XX/year>, XX/XX/year>, XX/XX/year> via email and received no response. 

I have asked to change my relationship manager to someone who is more responsive, and have not received a response. 

I was quoted a rate that was not honored. I have reached out and followed up multiple times, and have received no response. This is unacceptable and a misleading banking practice, and needs to be investigated. 

I would like the 4.65 % rate I was quoted to be honored on my CD, and any rate difference I received for the duration of the 6 month CD to be repaid in full.

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