Citi’s a ginormous company, and a whole lot of people and businesses bank with them. And right about now, that whole lot of people and businesses may want to reconsider.
Holy crap. If you're banking with @citi, I *strongly* encourage you to change banks as quickly as you can. https://t.co/zoSvuNIUTI
— Eric H. (@ericinva) September 27, 2022
Yeah, um, that’s an understatement. We’re not exactly huge fans of The Bulwark’s Will Saletan, but he’s got a thread that’s definitely worth your time — and, potentially, your money.
Check it out:
Several weeks ago, I learned that @Citibank locks some customers out of their accounts and refuses to release their money even if they show up with ID.
This week, @Citi sent an email explicitly affirming its right to do this "without cause."
Your money is not safe at @Citi. 1/8
— Will Saletan (@saletan) September 27, 2022
I wasn't aware of this policy till it happened to my son. I told the story below.
Six weeks after they locked his account, he still can't get his money.
He can handle it. But what about people who can't? Could they be evicted or lose their utilities? 2/8 https://t.co/JLyzomvAuZ
— Will Saletan (@saletan) September 27, 2022
After @Citi refused to restore access, even with in-person ID, we explained the story in writing to customer service.
They repeated that the money wouldn't be returned for 30-60 days.
Think about people who can't pay rent or bills because @Citi is sitting on their money. 3/8
— Will Saletan (@saletan) September 27, 2022
So we contacted @CFPB. And on Thursday @Citi sent a defiant reply: "Citi reserves the right to close an account at any time and for any reason, with or without cause."
Translation: They can lock you out when they feel like it. And this isn't an idle threat. They just did it. 4/8 pic.twitter.com/ZnFEhGCwoV
— Will Saletan (@saletan) September 27, 2022
This is insane. Genuinely, legitimately, certifiably insane.
In the email, @Citi repeats that the closure will take 30-60 days. That's from Sept. 4, when they officially closed the account. They locked it on Aug. 16.
So at a minimum, they're withholding the customer's money for 49 days. And reserving the right to keep it for 30 more. 5/8
— Will Saletan (@saletan) September 27, 2022
Then comes the kicker: The money will be returned only if "we deem any funds as belonging to you."
This is in reply to a @CFPB complaint and a report explaining that the client showed up in person with ID.@Citi, in response, reserves the right *never* to return the money. 6/8 pic.twitter.com/IKqHEchfz4
— Will Saletan (@saletan) September 27, 2022
Pardon our French, but what in the ever-loving f**k is that?
Summary:
1. @Citi reserves the right to close your account "without cause" and keep your money for 1-2 months.
2. This just happened to us. So it's not an idle threat.
3. Showing up with ID won't protect you.
4. @Citi also reserves the right *never* to release your money. 7/8
— Will Saletan (@saletan) September 27, 2022
I don't know how many other folks this has happened to. Some people, replying to the earlier thread, described similar incidents.
But based on our experience and @Citi's defiant response, even to @CFPB, I advise you not to rely on access to any funds you put in @Citibank. /end
— Will Saletan (@saletan) September 27, 2022
Citi apparently believes that they’re entitled to their customers’ money on the grounds that Citi says so.
Fortunately my relationship with Citi is perpetually owing them money. They can feel free to lock themselves out of getting paid by me anytime. https://t.co/6IHFWUkhKC
— Small Metal Owl (@SmallMetalOwl) September 27, 2022
All snark aside, this is straight-up terrifying.
Citibank believes that your money doesn't belong to you. This thread could've been written by Kafka. https://t.co/abLH6NmN6a
— Craic Yehuda (@indoeuropa) September 27, 2022
I’ve been a @Citibank customer for years and I find this extremely concerning. Amplifying accordingly. https://t.co/Wtgm2OihvT
— Noam Blum (@neontaster) September 27, 2022
Read it. Share it. And watch your back.
This actually shocking. Beware https://t.co/9iLX0cFJQt
— Fusilli Spock (@awstar11) September 27, 2022
People have been using 'terrifying' a lot lately. This thread is actually terrifying. https://t.co/k7zH05Tg3s
— Charlie Newman (@cnewmango) September 27, 2022
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