Boca Raton, Florida
Not resolved
1 comment

Citibank has introduced a new verification service for Business Accounts, meant to better 'Know Your Customer'

Using the US Government as reason, they want to update information - which is OK

After you answer an extensive questionnaire on the phone, you are supposed to pass more information, through encrypted e-mails

I have had difficulties in proceeding in this way and send 3 e-mails notifying them of my problem

The result: my account was blocked without any direct notification

I just found out when payments were no accepted and returned to me

Citibank will not take any responsibility for this - will not pay for late fees and business headaches

Their explanation: update needed for old accounts

This specific account was open 2 years ago, and no changes happened since then

Conclusion: I will close my personal account and my 2 Business accounts that I have with Citi

Citibank KYC = they really know how to kill their customers

Reason of review: Damaged or defective.

Monetary Loss: $1000.

Preferred solution: Full refund.

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"know your customer" was a U.S. Government aborted project some years back.

Never, ever answer questions on the telephone or use e-mail ; your security is badly compromised. Don't do anything that you can't read, examine, and reject if need be.

Get it in writing and if necessary, respond the same way. Otherwise, wad it up and throw it in the can like a used Kleenex.

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