Consumer complaint received 2023-04-27 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: CITIBANK, N.A.
State: CA

Complaint narrative:
In 2022 I executed an electronic transfer of {$150000.00} to Citi to open a 6 month fixed rate CD. 

Just prior to the maturity date of XXXX XX/XX/2022 ( notice attached ) I made a telephone request to close the account and return my funds, now totally {$150000.00}. The customer service representative stated that was greater than the amount that could be transferred electronically. They offered options including wire transfers with substantial fees or mailing a physical check. I elected the physical check option. Because I was assigned to a US Embassy I had a US mailing address but was aware the letters could take 2-4 weeks to arrive. 

In early XXXX I contacted customer service again because I had not received the check. The representative had no advice other than patience. I indicated I was ending my assignment and moving back to the US in XXXX and that if I had not received the check by that time would ask them to cancel it and mail a new check to my new US address for faster delivery. 

On XXXX XXXX, the last day I had access to my embassy address, I made that request over the phone to another customer service representative, who confirmed they had my new address and would mail a new check. 

In XXXX I still had not received either the new check or the original check despite other mail being forwarded by the post office. 

On XXXX XXXX after additional calls to customer service, the representative stated that although there was a note on file regarding my XXXX request for a new check he could not find the " ticket '' submission that would be necessary for that action to occur. He then submitted that ticket. Shortly after I received first an electronic notice ( attached ) that an inquiry had been opened, with a paper copy arriving by US mail several days later. Oddly that letter omitted contact information for their customer service department. 

On XXXX XXXX I received an electronic letter ( attached ) stating that Citi had now cancelled the original check and had enclosed a new cashiers check for the amount owed. 

When that letter and check had not arrived by XXXX XXXX, I called customer service again. The representative stated that the check had been generated on XXXX XXXX and mailed, but to expect XXXX business days for delivery. They confirmed the letter and check should have been sent via normal US mail. They had no explanation for the difference between 10-15 days and the normal 3-5 days for a first class letter within the US. That 3-5 days is a typical delivery time for other paper letters they have mailed me. 

Given continued increases in CD rates, the amount of money I have now lost due to Citi failing to return my funds after over 4 months nearly equals the amount of interest earned on the account. I have been told the check would be mailed three times. The first has not arrived after 4 months. The second time the customer service representative failed to take action, effectively lying to me. In the third case the time elapsed has already exceeded normal mailing times. It appears Citi is willfully refusing to return my funds in a timely manner and I suspect they are financially profitting from this action.

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