Citibank KYC - Kill your Customer
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.
Comments
"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.