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.