Update by user Oct 18, 2018
Dustin H. acknowledged, in our September 26, 2018 telephone conversation, that nothing in the Bank Secrecy Act of 1970, USA Patriot Act, federal regulations, the CONSENT ORDER #2012-052 signed by Citibank, N.A.
on April 4, 2012 and the Comptroller of the Currency on April 5, 2012, or the CONSENT ORDER FOR A CIVIL MONEY PENALTY #2017-104 ($70,000,000.00) signed by Citibank, N.A. on December 22, 2017 and accepted by the Comptroller of the Currency on December 27, 2017, requires or expects Citibank, N.A. to collect the requested information, "Net Worth of Entity" and "Annual Personal Income from Self-Employment" from me. He also indicated that the Citibank Know Your Customer Program "requires" I furnish this information as a condition to my accounts not being blocked or closed.
Citibank threatened and bullied me, which is undeniable and inexcusable, which is why I closed my accounts with them. Why would I want to do business with Citibank, N.A. when Citibank, N.A. clearly does not wish to continue to do business with me?
wrote to me, on September 28, 2018, and indicated, "As stated in our response letter dated September 21, 2018, while the questions we ask are not explicitly written in the regulations, I assure you that our KYC Program is in line with regulatory expectations." Citibank, N.A. is intentionally misrepresenting to its customers that federal regulations require or expect it to collect the requested information, "Net Worth of Entity" and "Annual Personal Income from Self-Employment," which they do not.
Original review posted by user Sep 18, 2018
On January 29, 2009, I opened an Interest Checking Account with $150.00 and Moneymarket Plus Account with $60,967.08 at this branch.
On September 17, 2018, UPS delivered a letter to me from Citi, dated September 12, 2018, requesting that I please contact them as soon as possible; "Important account information is needed by October 11, 2018. A recent review of your account found that some important information is either missing or out of date. It's critical that you contact us to verify and update your information as soon as possible. Please be aware that because this information is required, if we don't receive the needed information from you by October 11, 2018 your account may be blocked to prevent transactions. As a valued customer, we look forward to working with you to resolve this urgent request so as to prevent any adverse impacts to your account."
On September 17, 2018, I called 1-800-986-5706 and spoke with Jonathan, who requested a copy of my trust document (which I had provided to the branch on January 29, 2009), the "Net Worth of Entity," a "Beneficial Ownership Declaration form," "Source of Wealth provided for Self-Employment," and "Annual Personal Income from Self-employment." He told me that if I did not provide this information my accounts would be closed. He confirmed this with an e-mail.
On September 17, 2018, I visited the branch and met first with a personal banker and then the branch manager, who advised that if I did not provide this information my accounts would be closed.
On September 17, 2018, I wrote to Barbara J. Desoer, Chief Executive Officer, and requested that she provide me with the legal basis relied on by Citibank, N.A. for its request for my "Net Worth of Entity," "Source of Wealth," and "Annual Personal Income from Self-employment," required or my account may be blocked to prevent transactions.
On September 18, 2018, I received a call from Dustin Hassan, Financial Associate in the Executive Response Unit in San Antonio, Texas, who indicated that Citibank, N.A. is relying on the USA Patriot Act and Bank Secrecy Act of 1970 in its continued request for my "Net Worth of Entity," "Source of Wealth," and "Annual Personal Income" as a condition to continuing our relationship.
On September 18, 2018, I wrote to Dustin Hassan and requested that he please provide me with the specific language used in the USA Patriot Act and Bank Secrecy Act of 1970 to support their decision. I copied Barbara J. Desoer, Chief Executive Officer, and Rohan Weerasinghe, General Counsel and Corporate Secretary.
On September 18, 2018, I again wrote to Dustin Hassan, and enclosed copies of a Citi Trust or Estate Beneficial Ownership Verification, my California Driver License (front and back), and Schedule A of my revocable living trust. I indicated the source of my self-employment income, that the I do not believe the USA Patriot Act and Bank Secrecy Act of 1970 require me to provide Citibank with the amount of income I receive, and I do report all income to the Internal Revenue Service and Franchise Tax Board. I copied Barbara J. Desoer, Chief Executive Officer, and Rohan Weerasinghe, General Counsel and Corporate Secretary.
My Interest Checking Account now has a balance of $100.10 and Moneymarket Plus Account has a balance of $14,656.05.
After this unnecessary financial colonoscopy, if Citibank blocks or closes my accounts, we will be litigating.
Reason of review: Poor customer service.
Preferred solution: STOP SENDING LETTERS TO CUSTOMERS ASKING FOR UNNECESSARY INFORMATION.
Citibank Cons: Customer service.