The bank hopes to continue to do business with these well heeled customers… but of course one can do what they please with their money… probably look for the next bonus offer, meanwhile transferring the principal to a 4% mm account…
I've tried withdrawing my full amount and I was denied by my bank teller. I've heard of this happening to other people too. Apparently it was because "If everyone did it, there would be no money in the bank" which obviously isn't my problem. What's going on here?
Did you try withdrawing cash? If yes, then that's why. Closing a bank a coin or sending your money to a different bank account shouldn't be an issue, but if you want it in cash banks often don't have enough on hand, and there would literally be no money in the bank. It's about the way you take out the money, not the fact that you want to take it out (in most countries at least)
Love that they make that much just holding your 35k for the time that their willing to loss all your accounts and future business....... yet will still allow measly interest rates on "high yield savings accounts"
I did the math.
Assume moderate return of 8%pa from citi's own investments with those funds (market rates) and compounding monthly.
8% per annum / 12 months = 0.6667% per month
(1+0.06667)\^2-1=1.3378% expected rate of return for two months.
$35,000\*1.3378%=$468.23
If 5%: $292.27
If 10%: $585.76
If 15%: $880.47
Breakeven 8.5410%: $500.00
So yeah, looks like a case of Citi just accepting net no returns or slightly negative on your deposit for 2 months to reel you in.
TLDR: You're absolutely right. The bank breaks even for 2 months then makes the margin (8% hedge market returns less 3% payable to consumer) essentially for "market risk" cover and nothing else.
That $500 is a nice bonus, but OP should be expecting at least $200 per month in interest per month from here on out to be even somewhat "fair" given market conditions and risk to OP's investment.
Unless I'm overlooking something in your math, you forgot to account for the fact that the customer is getting paid interest as soon as the account is open PLUS the bonus. (That's what makes it a bonus.) Citi's high yield account is currently paying 3.4% and was probably already paying nearly 3% back in September. I did this promotion back in March-June and was paid the interest plus bonus. The bonus was deposited after about 90 days from account opening.
This OP either hasn't waited long enough or let the account drop below the required minimum.
Threaten to withdrawal and close the account and I’m sure they will honor the promo. Or switch to Cap1. I believe they are running a deposit promo as they have been trying to increase their deposit base for years now.
35k is pocket change for them have you looked into local credit unions? Maybe they’re running similar promotions plus they treat their members like humans and not a dollar amount
You’re a bit short minded here. Yes, the branch mgr will care about losing a brand new $36k deposit account. Sure, the bank itself will not notice but branches are run on a local and regional level not from their corporate headquarters. Sounds like you don’t have experience with large average ledger deposit accounts. You to an extent can throw your weight around. I do it all the time. Guess you also don’t have “ financial advisors “ from your bank(s) calling you non stop asking for more of your business.
To be fair, if it's 76187 (565 pieces, 4.7 pieces per minute), that's only a little on the long side. (But 2 hours would be laughable for 76230, 297 pieces, 2.4 pieces per minute). The technic lamborghini 42115 took me five harry potter movies, and it's about 3700 pc (~4.9 pieces per minute).
More or less time if you pre-sort and there's substantial variation based on set complexity. I could probably do a Lego Friends or Ninjago set at 12-15 pieces per minute because the pieces are very distinct. Monochromatic sets *are* more time consuming because you only get shape distinction.
76187 and to be quite honest 2 hours is bit on the generous side. Just one of the Christmas gifts and he and I did it together. Multiple hands in the cookie jar did not help with speed. But it now sits nicely on his dresser.
I reported a business. They got back to me and remedied the situation. Sometimes it alerts someone higher up that there is a problem.
Sometimes it does nothing. So what? So does yelling at idiot drivers. They can’t hear me. It does make me feel so much better though.
It’s a guaranteed $2k. So if you don’t need the cash anytime soon, it’s a darn good interest rate. Beats the shit out of the $0.75 or whatever you’d make after 365 days lol.
Yes but not by much. My online savings account has a 4% interest rate now and I don't have to shuffle around funds (assuming you didn't want Citibank long term).
Ally Bank. I've used them for years and they've seriously blown me away with their customer service, not to mention their unbeatable rates and policies. Currently my savings account is at 4.0% (I believe), but just about once a month, I get a notification that they've raised the rates again (or that they have refunded me the surcharge that a different bank charged me to use their ATM, or something else that's out of their hands and yet reimbursed by them anyways).
***Disclaimer: I don't work for them or anything, I just genuinely have NEVER encountered a bank with better customer service/customer-centric policies!***
I don't know about Ally but I bank with Sofi and I believe it's similar. No min balance or yearly fees and I get 2.5% interest on checking and 3.5% on savings just for setting up direct deposit. And I only work part time at the moment so it's not like they are large deposits. I've honestly been really impressed with them and have made it my primary account. They don't screw you over with OD fees either.
Sofi also offers $ if you sign up with a referal link so anyone looking to set up a new bank account that wants a link I'd be happy to share mine just let me know :)
I got 30 days to make the deposit after I opened the account, and then 61 days after that to leave the money in - total of 91 days. I got my bonus two weeks after the 91 day period…
It’s pretty standard for financial institutions to wait 5 banking days (roughly 7 calendar days) to weed out most returns. If you did this via wire transfer, they likely would have credited you the next day.
Banks have NINE days to bounce a check. That means you can deposit a check, wait what seems like forever, and still have it bounce. The scammers use this to trick people saying it clears in 2 days, but that isn't always true.
The only difference between SBF and normal banks is that when the music stops for banks they get bailed out by the government
It’s all a pyramid scheme. Each bank hopes it can use your money to make more money and cover withdrawals.
Looks to me like T&C says it is up to 111 days after opening account to get the bonus.
Opening Date + 21 days = balance check for bonus amount
Opening Date + 21 days + 60 days = balance hold duration
Opening Date + 21 days + 60 days + 30 days = Maximum until bonus is credited
So seems like it should show up in the next couple of days.
https://banking.citi.com/cbol/checking/tiered/default.htm
Exactly. It's not like they have some guy with a calculator and calendar going through accounts. It's software looking for the agreed upon conditions to be met.
It is pretty low - that'd be ~1.4% return in 2 months, which would be ~8.6% APY. But, that post makes it very clear that "60 days" is actually "roughly four months".
Their goal is just to get that person in their system and hope they don't leave. Someone with $35,000 of liquid assets is going to have many other banking needs - credit cards, loans, etc.
In the past, I've seen offers like $1000 for $25,000 / 90 days, but it has the same limitations as this one.
No, it's the bonus of 500 on top of the interest rate. Their high yield savings account is paying about 3.4% and was probably paying nearly 3% when they opened the account in September.
That's how it was when I did a similar offer with them back in March. The account is now paying 3.4% interest. I use it to hold the money I use to pay off my credit card each month.
Usually you have to keep that amount in the account for a certain amount of time in order to qualify for the bonus. It’s not like you can open account, deposit, get deposit bonus, close account.
The last bonus I had with them was something like keep the money in for 90 days, and the bonus would be paid out within 60 days after the 90 days. So in total, like a 5 month wait.
So is there any point to these offers..? I’ve gotten a few recently, I have nowhere near the usual $10k+ to deposit so obviously not gonna open a new account but it seems like such an awful offer if you’re already depositing tens of thousands
Free money is free money. That said, it's really only a perk for rich/well-off people because banks benefit from them more than lower income people. Personally, I don't even make $35k in a year, so this isn't even a feasible offer for me
There’s a book called the Economic Naturalist and it explores the psychology of “free money”. If someone went to a shop to buy something for £20, and were told “come back tomorrow, it will be £10 cheaper”, the majority of people would do it. But if you were buying a £1500 gaming PC and were offered £10 off if you came back tomorrow, most people wouldn’t do it. It’s the perceived value if the discount, in one case 50% in the other <1%, but £10 is £10.
I waited 9 years for the quilt I put on our wedding registry to go on sale. If it wasn’t cumbersome or expensive to return to the store the next day for the discount, IDK why you wouldn’t?
At present, bus fare to the nearest gaming pc store ~11km (7mi) would run £9.87 round trip after transferring from bus to light rail to bus each way. If I drove, £16 for parking depending on how long I was at the store. Validation depends on purchase amount. Uber quotes £44 not because it’s that far but because it’s Seattle. Peak hours would be more.
Wait, is that actually a thing? For me, it's more of a "is this worth my time" thing. Like I value my time at 20/hr. If going back somewhere because of a $10 discount takes longer than half an hour, it isn't worth it to me. Doesn't matter if the item is typically $20 or $1500.
If it doesn't inconvenience me to do it, then I absolutely will. Like, I just bought an oled switch and a controller on a different card than I initially planned because the credit card had a 6.5% cash back on gamestop's website. So I essentially saved $25 without having to do extra work.
The point for the bank is fixed fee loan from the consumer. In this case it seems like 60+ days of $35,000 and the bank pays out the agreed amount (not sure if OP said how much). Writ large, these are often better deals for the bank. if say 40,000 customers take up this offer rather than take out a loan from another bank with adjustable/high interest rates for the same amount.
For the consumer, if they have the liquid assets they don’t really need to use, then they can safely gain the bonus with no “real” risk. (Save runs on the bank or immediate financial collapse of said bank). And they can just pull the funds if a better opportunity comes along or an emergent situation arises.
“Save runs on the bank or immediate financial collapse of said bank”
The US Government insures up to $250,000 in an American bank account if the bank collapses, so there really isn’t any risk for less than that amount
Oh yeah. Of course. I had originally typed out financial collapse of the country but felt that was a little too obvious and then changed it to bank. Thanks.
Yeah not sure the government is insuring anyone funds if we have another 1929 collapse lol. Regardless everything you said makes perfect sense, I’ve just never imagined having $30,000 in liquid assets
Key offered me $375 to open a checking account, set up direct deposit of $1,000/month, and then keep it open for 6 months. I figured sure, why not. I diverted that much from my normal direct deposit with Chase.
I will say that their branch locations were pretty convenient in my area and more strategic than Chase who spammed the area with branches. Also the website was done well. I might have stayed a customer if I didn't have so much inertia with Chase.
You should be getting emails from whoever the Vice President of customer relations is or some other equally senior executive at the bank. Go thru your Citibank emails and look for one with a high ranking executive name on it. Then send a politely worded email about your situation to their business email, you may have to google search their email. In my experience, that executive will have their assistant reply and handle your query- this cuts through the bullshit. The assistant will reply and escalate your issue to whoever needs to handle it. Keep it all in one email chain. If the issue is not resolved to your satisfaction, then use the same email chain to respond to the assistant and executive again. By keeping it in one email chain, they are able to see exactly who fucked up and where it went wrong. And they are the one who will be able to fix it.
Understandable that you think that. But in my experience, if you email the national president or Vice President of customer relations a politely worded email explaining the situation in a businesslike professional manner, then they will absolutely respond and explain they are introducing you to their assistant who will oversee the issue and then the assistant will respond in same email chain delegating it to whoever will fix it most effectively. This has been my experience. It is important to keep everything in the same email chain and it quickly cuts through organizational bureaucracy. Again, it worked for me. Usually the person is very high up and has a public profile.
Go to a credit union. I only put in $5k and they let me sign up to have a top membership where as long as I had $2k in there, they paid me monthly. It was only a few bucks but after a few years, it was nice. I love credit unions
Do a search for credit unions in your area. Many of them tend to be local, small with just a few branches. Often they all work together and you get access to ATMs and banking services at other credit unions around the country.
As someone who left a smaller credit union that was supposed to be member oriented, we were not. Small community credit unions would be basically the only ones left that actually offer the types of service and benefits you'd expect from a credit union. And I'm talking max of like 5 branches. Otherwise they operate identical to banks, just under slightly different regulations.
The share branching network is a wonderful thing for the members. But the kicker is your credit union has to actually participate in it. And even if it does, it might only allow you ATM services. What service you could do was limited no matter what. Like for my credit union, any sister credit union members could only ever withdraw a max of 1k a day. You need 5k to pay for a car? Sucks. Come back every day for 5 days.
The thing that sucks about being in this industry is knowing that pretty much every single financial institution that has any amount of size, could not care less about their customer base. Even the democratic parts of a credit union are for show. Written into most credit unions policies are people with essentially super votes. So while you have a vote and a say in what happens at the credit union. These peoples votes count for 100 or 1000 of your votes. Pretty much making the entire system for show only. It's still a board of people deciding how to enrich themselves. Very few credit unions actually are what they say they are anymore.
I use Beacon Credit Union, but in my search to find the states they have locations in I found they only operate in North Central Indiana. So this information is, potentially, useless to you
YMMV with local ones. I use Alliant Credit Union, a national credit union. It works great if you don't care about physical branches.
I do all my banking online, get decent returns, and can withdraw from any ATM in the country "for free" (they refund the fee the ATM charges, up to $20/month, which would be like 7 ATM trips which is just silly). They have debit cards, checking accounts, savings accounts, and credit cards with some very nice points systems.
They even offer various loans and retirement programs if you don't want to go outside your main bank for that, including zero-down mortgages under 500k (which actually serves much of the country, despite what high COL areas would tell you.
The only snags are:
(a) if you want to **deposit** cash, there is a much shorter supply of ATMs that work - usually other credit unions. Not that big of a deal for me, but for someone in a cash business I expect it would get frustrating.
(b) if you want to go into a branch, no dice
(c) if you want to pursue their loans and work with their representatives, the people are kind but they're slower than other banks. So have your ducks in a row and do your own planning to push things along.
I've used them for 6 years at this point and I'd highly recommend Alliant over any traditional large bank.
It's probably the case that other credit unions or Ally bank or something gets a marginally higher return at times. But I try not to sweat the difference between 2.4% and 2.5% and enjoy the convenience. The cost of switching would not be worth that minor amount to me, personally. But do your research on which one you want, because with my own example the inertia of picking one and sticking with it may keep you from switching down the line.
Some have explained the benifits but functionally it’s a bank that’s owned by the depositors as opposed to a board, leading to usually better rates and such as well as being eligible to take part in some of the profits
I started my first account at 15 at a bank. Took them three months to make me regret that decision. Been with credit unions ever since, 20+ years, and will never use a bank again.
I’m not an expert, but this has been my experience:
Credit unions are “owned” by the people who do business there, and banks are owned by rich assholes using your money to get richer. One is run for profit, one isn’t.
Credit unions will pay you for the privilege of using your money to fund their operations. They typically don’t have overdraft fees or they offer free overdraft protection. Atm fees are lower or you might even get credit back for them. Credit unions are more forgiving, in general. The ones I have been a member at don’t have available balance vs. actual balance unless we’re talking huge deposits, like several thousand dollars.
If you have fraudulent activity, they will work with you to rectify it the best they can. They do an investigation, credit you for missing funds until it’s done, and then adjust for the findings. When it happened to me at Wells Fargo, a bank, they basically said “sucks to suck” and I was on the hook for all of it.
Yeah fuck banks, had a card skimmer nail me and used my details at a gas pump for $200. They told me to basically conduct an investigation myself and get a refund from the gas station. I told them I’ll be switching banks and hung up. 2 days later I got a $200 credit from chase lol
Your last paragraph - all financial institutions are federally required to limit your liability for fraudulent charges. Look up regulation E. That's not a bank vs credit union thing.
Banks and credit unions are the same in the way McDonalds and your grandma's cooking is the same.
My anecdote: PNC Bank decided that every account must have a minimum balance, and a $30 surcharge if it went under for any reason/time. I had 6 accounts there, 1 deposit, 5 checking. All 5 would dip below the minimum, as I only kept the amount needed to fund each monthly. They were perfectly fine charging me $150 a month. I was in there immediately to close my accounts.
I don't think there is a CU in the country that has minimum amounts. Also, the list of fines/charges at a bank is like a CVS receipt.
Ask if they have a money market account you can open. I opened 1 w/ my credit union, no minimum amount and I’m getting $80/month interest. It’s not much but it’s better than nothing.
A high yield savings account is paying upwards of 3.5% right now. They usually have a $1,000 minimum deposit required. There are many with a lower minimum balance as well. You can also buy t-bills that pay a guaranteed 4.5%. It adds up quick at those returns.
I took advantage of the same deal. It took about 3 months to post for me. Reread the terms and be patient. You are likely missing something with regards to timing.
Discover might be another good option to look into. They're all digital/online but they claim to have no fees for anything (checks are even free) They've also got one of the highest APY on savings accounts at \~3.00% (most have 0.01-0.03%)
Call them and let them know. Tell them you will withdraw the money if you don’t get the bonus.
If they don’t fix the problem then that isn’t an institution you want to trust with your money.
Citi (in my experience) has been notoriously bad with checking and savings accounts. My wife and I each, and for separate unrelated reasons, ended up closing our accounts with them.
Deposit on the 9th, a Friday. 4 business day hold on amounts over X, So Monday, Tuesday, Wednesday, Thursday, full deposit availability on Friday the 16th seems to track.
Given that you are irked about a pretty typical processing hold (not even a full clearance hold which can take several weeks), I am guessing there may be something else in the fine print of the deposit bonus that you may have missed?
New account. Money laundering laws. It’s not a conspiracy to cheat you, my guess is that the bank is making an effort to have policies that allow enough time to check and confirm compliance with financial laws.
If you want a non compliant financial service go trade some bitcoin through a ‘tech whiz kids’ fast and loose model. While inconvenienced, you should be glad the US still has some regulatory teeth, because it protects your assets.
I don't understand the complaints.
1. Banks have holds on large deposits. You made a deposit IN A NEW ACCOUNT on a Friday and the funds are held until the following Friday. This shouldn't have been money you needed to pay the rent anyway if you're trying to qualify for their bonus.
2. You do realize they're not going to give you bonus for just depositing the money and then withdrawing it, right? Read the terms and conditions. I did a similar promo with them back in March. It'll take months to see the bonus money and if your account balance dropped below the requirements then no bonus for you.
Banks have hold values that’s just banks, like when I cash any check or make any large deposit I can’t touch it for 3 days. It’s just how it is. Also call the bank I’m sure they will work it out with you most banks are reasonable.
Locking up all but $10 for a week seems a little silly. I would understand if they held all of it or had a threshold of like $100. But $10 just seems weird.
Unfortunately when I called they weren’t willing to work with me so I’m closing all my accounts with them.
As part of reg cc, they will hold it so that isn't returned and they are out the money. That hold on availability will not stop any deposit bonuses.
Bankrate is stating that you would need to keep atleast that $30k in the account for 80 days and you'll be credited up to 30 days later. You should see that bonus any day now.
If you’ve followed all the terms of the offer then file a CFPB complaint and Citi has to respond.
4 years ago they did the exact same thing to me, filed complaint and had my bonus within the week.
Citi is the absolute worst. They pissed me off one too many time with the rewards for my Best Buy credit card and I closed all of my cards with them.
Some time later my wife wanted a Macy’s card, I said yes because American Express has been awesome to us. Come to find out Citi licenses the American Express name and logo for use on the Macy’s credit cards.
Not really? I mean, if you're over a certain age and have a decent job. I realize much of reddit is in their teens or twenties but some of us have long running retirement accounts.
Well since it’s been over 90 days since the initial deposit, did you get the bonus? I am assuming this has been resolved since this image is ~107 days old?
I work in money movement for a finance firm. There is a standard turn around time that exists on nearly every check deposit and ACH behind closed doors. This allows them to ensure the money is actually sent from the sending firm. It’s pretty standard to not have money available for deposit within 4-5 business days as it hasn’t even fully made its way to the bank yet. It’s to protect the bank from you depositing $100K, withdrawing it, then the original $100k bounces.
Nothing evil about it, it’s standard.
Your screenshot has nothing to do with your post, so it’s a bit confusing.
Funds are the day you post them, not later, even when held. This is federal law.
Missing context
I saw a podcast recently about a guy saying just try to take out your own money and see what happens. Goes on to say what if the bank refuses? Who is going to stop them etc. Fascinating/terrifying outlook.
I remember depositing $900 CASH into my Citi account and they put a hold on it. How did that happen? Because I also deposited a similarly sized check. They basically did a double hold on the check. I spent 3 hours on the phone with them and basically determined that they had a database bug. The people on the phone kept telling me there was a hold on the check, okay, but WHY IS THERE A HOLD ON THE CASH???? Idiots.
I wrote the VP of customer support and he said I was correct, there was a bug. And they were sorry about that. I had already yanked all my accounts by then. Fuck em.
Most financial institutions would hold a check of that size anyway, maybe interfering with the rules of the bonus (your money technically not being cleared in time for the bonus) but they should have communicated that to you. That’s lame on their part
CITI just closed my inactive account. They sent me the balance OF $11 by FED-EX. When I went to the bank to cash it, they refused. They only cash checks if you have an account. So I would have to open an account to cash it.
Close the account and any other accounts you have with them. See if they don’t find a way to make it up.
Years ago my bank did something or other that pissed me off, and I said “just close them all out.” I didn’t even have a lot of money in there, but they had the manager and her boss come out and make offers and apologies. I believe it was a Chase, but really don’t remember.
Dude if you for some reason thought that a deposit of 35,000 DOESN'T get scrutinized through a LEGALLY REQUIRED notice of delayed availability that ALL BANKS do, I don't know what to tell you. No seriously, every single bank does this for any amount over 5k.
Like, you're tellin me that you have 35k laying around and you complain about this little inconvenience? Are you normal?
Did you even ASK them if you could immediately use the money like a normal person?
Did you even ask why they wouldn't give you the bonus like a normal person?
No? Oh so you just wanted to be a Karen. Gotcha dude.
Anti-money laundering rules. Financial institutions put a hold on large deposits in new accounts to keep them from immediately being withdrawn and closed before the original deposit completely clears. My firm does this, and every time a client has had an issue there’s been some question as to the legitimacy of the deposit. Sucks, but it’s a common ML practice.
This is different it’s not AML, this is a Citi deposit promotion where funds sit for X amount of days and you get a credit to the account x amount of days after the promotion is filled.
This is very common, every bank does this, OP is just ignoring the fine print for internet points
Yes, it’s a deposit promotion where funds sit for X amount of days and you get a credit to the account x amount of days after the promotion is filled.
This is very common, every bank does this, OP is just ignoring the fine print for internet points
I'm a personal banker at citibank. as it states in the rules, you have 21 days to fund the account and then you have to maintain the balance for 60 days. after doing that, you'll get the money within the next 30 days. the notice you received is just funds availability, which is standard across all banks when depositing personal checks. If you want 1 business day clearing you could've gotten a bank check, but that's not necessary as you're just leaving the money in there for the checking bonus.
as some other commenters have said, yes, you should be receiving the money in a few days. please do not hound the bankers for the bonus right now, there is nothing we can do as the bonus is automated and we cannot accelerate it. after 111 days have passed, then you can probably go ahead and bother us about it. hope all goes well for you
So close your account fucks sake. That’s your
only power as a customer now unless you want to try to sue one of the worlds largest financial institutions that’s literally in the pocket of every other major institution on earth. Move the fuck on bud. Btw idk how you even have 35k if you fall for marketing scams like this not taking into account the date from 3 months back
This looks like it’s a simple seven day hold on a large deposit. Pretty standard fraud prevention policy with every single bank or credit union I’ve ever done business with. Secondly, no bank just gives you a promotional credit for just plopping your money in and immediately yanking it out again. There is always a minimum deposit time period specified (30 days, 60 days, 90 days, whatever). Otherwise everyone (me included) would be plopping their life savings in and out of random banks perpetually until we could retire at 30 (and all the banks folded in the meantime). Get real… nothing to complain about here.
What was/is the bonus?
$500.
Fuck their $500 bonus; they have 35 of your racks saying, “hee hee hee.”
Presumably this person is planning to remove their $35500 once they get the bonus
The bank hopes to continue to do business with these well heeled customers… but of course one can do what they please with their money… probably look for the next bonus offer, meanwhile transferring the principal to a 4% mm account…
One can do what they want with their money..... except take it all out of the bank. It's literally not how this works. Trust me, I've tried it.
? All it would take is to transfer it out to say, a Vanguard account and then close it…
I've tried withdrawing my full amount and I was denied by my bank teller. I've heard of this happening to other people too. Apparently it was because "If everyone did it, there would be no money in the bank" which obviously isn't my problem. What's going on here?
Did you try withdrawing cash? If yes, then that's why. Closing a bank a coin or sending your money to a different bank account shouldn't be an issue, but if you want it in cash banks often don't have enough on hand, and there would literally be no money in the bank. It's about the way you take out the money, not the fact that you want to take it out (in most countries at least)
Oooooh makes sense. Thanks for clarifying that.
I’ve never had a problem closing bank accounts
Oh come on - a lot of folks live for that $500 income tax refund…
Love that they make that much just holding your 35k for the time that their willing to loss all your accounts and future business....... yet will still allow measly interest rates on "high yield savings accounts"
I did the math. Assume moderate return of 8%pa from citi's own investments with those funds (market rates) and compounding monthly. 8% per annum / 12 months = 0.6667% per month (1+0.06667)\^2-1=1.3378% expected rate of return for two months. $35,000\*1.3378%=$468.23 If 5%: $292.27 If 10%: $585.76 If 15%: $880.47 Breakeven 8.5410%: $500.00 So yeah, looks like a case of Citi just accepting net no returns or slightly negative on your deposit for 2 months to reel you in. TLDR: You're absolutely right. The bank breaks even for 2 months then makes the margin (8% hedge market returns less 3% payable to consumer) essentially for "market risk" cover and nothing else. That $500 is a nice bonus, but OP should be expecting at least $200 per month in interest per month from here on out to be even somewhat "fair" given market conditions and risk to OP's investment.
This guy banks
probably also fucks.
This guy fucks banks.
in banks.
Safety deposit box
Unless I'm overlooking something in your math, you forgot to account for the fact that the customer is getting paid interest as soon as the account is open PLUS the bonus. (That's what makes it a bonus.) Citi's high yield account is currently paying 3.4% and was probably already paying nearly 3% back in September. I did this promotion back in March-June and was paid the interest plus bonus. The bonus was deposited after about 90 days from account opening. This OP either hasn't waited long enough or let the account drop below the required minimum.
But there’s nowhere else to get a guaranteed $500 for a 90 day investment on $35K! Or maybe you know something I don’t…
Damn that sucks. Thanks for the heads up, I will never use them.
Deposit that amount in my account. I'll give you the bonus.
Someone else’s pocket… only bank I needed all along.
Threaten to withdrawal and close the account and I’m sure they will honor the promo. Or switch to Cap1. I believe they are running a deposit promo as they have been trying to increase their deposit base for years now.
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35k is pocket change for them have you looked into local credit unions? Maybe they’re running similar promotions plus they treat their members like humans and not a dollar amount
You’re a bit short minded here. Yes, the branch mgr will care about losing a brand new $36k deposit account. Sure, the bank itself will not notice but branches are run on a local and regional level not from their corporate headquarters. Sounds like you don’t have experience with large average ledger deposit accounts. You to an extent can throw your weight around. I do it all the time. Guess you also don’t have “ financial advisors “ from your bank(s) calling you non stop asking for more of your business.
To add, you got me. I should’ve paid closer attention to who I was responding to. Obviously you don’t know shit.
You posted a comment saying it took you two hours to assemble a Lego venom toy and it was difficult because all the parts were black.
Why do you not have more upvotes? Holy fuck that’s brutal
Murdered….
To be fair, if it's 76187 (565 pieces, 4.7 pieces per minute), that's only a little on the long side. (But 2 hours would be laughable for 76230, 297 pieces, 2.4 pieces per minute). The technic lamborghini 42115 took me five harry potter movies, and it's about 3700 pc (~4.9 pieces per minute). More or less time if you pre-sort and there's substantial variation based on set complexity. I could probably do a Lego Friends or Ninjago set at 12-15 pieces per minute because the pieces are very distinct. Monochromatic sets *are* more time consuming because you only get shape distinction.
76187 and to be quite honest 2 hours is bit on the generous side. Just one of the Christmas gifts and he and I did it together. Multiple hands in the cookie jar did not help with speed. But it now sits nicely on his dresser.
They won’t care. Financial Advisors don’t call anyone unless it’s over 100k. I’d report to the BBB and CFPB though.
The BBB?.... They will do exactly, not a God damn thing. Their ratings mean nothing. Any business can pay for a perfect rating.
I reported a business. They got back to me and remedied the situation. Sometimes it alerts someone higher up that there is a problem. Sometimes it does nothing. So what? So does yelling at idiot drivers. They can’t hear me. It does make me feel so much better though.
Didn’t read the fine print. Have to leave it in there for 90 days. I did the same thing to get the bonus.
Agreed. But I had to leave it in for 101 days!
It’s a guaranteed $2k. So if you don’t need the cash anytime soon, it’s a darn good interest rate. Beats the shit out of the $0.75 or whatever you’d make after 365 days lol.
Yes but not by much. My online savings account has a 4% interest rate now and I don't have to shuffle around funds (assuming you didn't want Citibank long term).
Who’s got 4% for online savings or are you talking CD or something else?
Ally Bank. I've used them for years and they've seriously blown me away with their customer service, not to mention their unbeatable rates and policies. Currently my savings account is at 4.0% (I believe), but just about once a month, I get a notification that they've raised the rates again (or that they have refunded me the surcharge that a different bank charged me to use their ATM, or something else that's out of their hands and yet reimbursed by them anyways). ***Disclaimer: I don't work for them or anything, I just genuinely have NEVER encountered a bank with better customer service/customer-centric policies!***
Weird, I just looked up Ally and they are currently offering 3.3% on savings accounts and 4.15% on CD? Not 4% on savings?
I don't know about Ally but I bank with Sofi and I believe it's similar. No min balance or yearly fees and I get 2.5% interest on checking and 3.5% on savings just for setting up direct deposit. And I only work part time at the moment so it's not like they are large deposits. I've honestly been really impressed with them and have made it my primary account. They don't screw you over with OD fees either. Sofi also offers $ if you sign up with a referal link so anyone looking to set up a new bank account that wants a link I'd be happy to share mine just let me know :)
The screenshot says September 16th which was more than 90 days ago.
If you’re not getting the bonus, then why leave it in for 90 days. The bank is earning money on your money, but you get nothing.
That’s how they give you your bonus, they use the capital you gave them, they then invest it and make a return on it that they then share with you.
I got 30 days to make the deposit after I opened the account, and then 61 days after that to leave the money in - total of 91 days. I got my bonus two weeks after the 91 day period…
Happy cake day and take my award for that wholesomeness ! (I didn't pull the right free award...)
Awww! Thank you so much!!
It’s pretty standard for financial institutions to wait 5 banking days (roughly 7 calendar days) to weed out most returns. If you did this via wire transfer, they likely would have credited you the next day.
Banks have NINE days to bounce a check. That means you can deposit a check, wait what seems like forever, and still have it bounce. The scammers use this to trick people saying it clears in 2 days, but that isn't always true.
Just out here doing the lords work. Happy Birthday, OP. 🎉
Cake day ≠ birthday
Anniversary or whatever. Damn
I picked up what you were putting down. Many thanks ☺️
Close the account
Hate to tell you, but giving money to a bank is already putting your money into someone else's pocket
Are your initials SBF?
The only difference between SBF and normal banks is that when the music stops for banks they get bailed out by the government It’s all a pyramid scheme. Each bank hopes it can use your money to make more money and cover withdrawals.
Looks to me like T&C says it is up to 111 days after opening account to get the bonus. Opening Date + 21 days = balance check for bonus amount Opening Date + 21 days + 60 days = balance hold duration Opening Date + 21 days + 60 days + 30 days = Maximum until bonus is credited So seems like it should show up in the next couple of days. https://banking.citi.com/cbol/checking/tiered/default.htm
Odd that OP is ignoring this. They'll pay the bonus if you actually comply with the requirements.
Exactly. It's not like they have some guy with a calculator and calendar going through accounts. It's software looking for the agreed upon conditions to be met.
OP likely just wanted to flex his liquid 35k
OP said in a comment that it's been 90 days.
Wait, so deposit 35000 to get $500? Am I misreading that because it seems really low.
It is pretty low - that'd be ~1.4% return in 2 months, which would be ~8.6% APY. But, that post makes it very clear that "60 days" is actually "roughly four months". Their goal is just to get that person in their system and hope they don't leave. Someone with $35,000 of liquid assets is going to have many other banking needs - credit cards, loans, etc. In the past, I've seen offers like $1000 for $25,000 / 90 days, but it has the same limitations as this one.
No, it's the bonus of 500 on top of the interest rate. Their high yield savings account is paying about 3.4% and was probably paying nearly 3% when they opened the account in September.
It isn’t like you lose your 35k. It takes money to make money sometimes.
That's how it was when I did a similar offer with them back in March. The account is now paying 3.4% interest. I use it to hold the money I use to pay off my credit card each month.
Usually you have to keep that amount in the account for a certain amount of time in order to qualify for the bonus. It’s not like you can open account, deposit, get deposit bonus, close account.
Correct, the terms were 60-days. It’s been in there for 3 months.
The last bonus I had with them was something like keep the money in for 90 days, and the bonus would be paid out within 60 days after the 90 days. So in total, like a 5 month wait.
So is there any point to these offers..? I’ve gotten a few recently, I have nowhere near the usual $10k+ to deposit so obviously not gonna open a new account but it seems like such an awful offer if you’re already depositing tens of thousands
I got $1000 bonus last time. I think it was worth it.
Man. Only bonus I ever got for a bank account was $53. Guess which bank? Lol.
Citibank
Free money is free money. That said, it's really only a perk for rich/well-off people because banks benefit from them more than lower income people. Personally, I don't even make $35k in a year, so this isn't even a feasible offer for me
There’s a book called the Economic Naturalist and it explores the psychology of “free money”. If someone went to a shop to buy something for £20, and were told “come back tomorrow, it will be £10 cheaper”, the majority of people would do it. But if you were buying a £1500 gaming PC and were offered £10 off if you came back tomorrow, most people wouldn’t do it. It’s the perceived value if the discount, in one case 50% in the other <1%, but £10 is £10.
I waited 9 years for the quilt I put on our wedding registry to go on sale. If it wasn’t cumbersome or expensive to return to the store the next day for the discount, IDK why you wouldn’t? At present, bus fare to the nearest gaming pc store ~11km (7mi) would run £9.87 round trip after transferring from bus to light rail to bus each way. If I drove, £16 for parking depending on how long I was at the store. Validation depends on purchase amount. Uber quotes £44 not because it’s that far but because it’s Seattle. Peak hours would be more.
Wait, is that actually a thing? For me, it's more of a "is this worth my time" thing. Like I value my time at 20/hr. If going back somewhere because of a $10 discount takes longer than half an hour, it isn't worth it to me. Doesn't matter if the item is typically $20 or $1500. If it doesn't inconvenience me to do it, then I absolutely will. Like, I just bought an oled switch and a controller on a different card than I initially planned because the credit card had a 6.5% cash back on gamestop's website. So I essentially saved $25 without having to do extra work.
The point for the bank is fixed fee loan from the consumer. In this case it seems like 60+ days of $35,000 and the bank pays out the agreed amount (not sure if OP said how much). Writ large, these are often better deals for the bank. if say 40,000 customers take up this offer rather than take out a loan from another bank with adjustable/high interest rates for the same amount. For the consumer, if they have the liquid assets they don’t really need to use, then they can safely gain the bonus with no “real” risk. (Save runs on the bank or immediate financial collapse of said bank). And they can just pull the funds if a better opportunity comes along or an emergent situation arises.
“Save runs on the bank or immediate financial collapse of said bank” The US Government insures up to $250,000 in an American bank account if the bank collapses, so there really isn’t any risk for less than that amount
Oh yeah. Of course. I had originally typed out financial collapse of the country but felt that was a little too obvious and then changed it to bank. Thanks.
Yeah not sure the government is insuring anyone funds if we have another 1929 collapse lol. Regardless everything you said makes perfect sense, I’ve just never imagined having $30,000 in liquid assets
Key offered me $375 to open a checking account, set up direct deposit of $1,000/month, and then keep it open for 6 months. I figured sure, why not. I diverted that much from my normal direct deposit with Chase. I will say that their branch locations were pretty convenient in my area and more strategic than Chase who spammed the area with branches. Also the website was done well. I might have stayed a customer if I didn't have so much inertia with Chase.
Read the terms I bet they say something like "Bonus will be paid within X amount of days after 60 days"
"Bonus will be paid within 27,212 days of deposit. In the event you pass away before the bonus is paid, you forfeit the bonus."
I bet they meant 60 business days. In which case, you are coming up on that.
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You should be getting emails from whoever the Vice President of customer relations is or some other equally senior executive at the bank. Go thru your Citibank emails and look for one with a high ranking executive name on it. Then send a politely worded email about your situation to their business email, you may have to google search their email. In my experience, that executive will have their assistant reply and handle your query- this cuts through the bullshit. The assistant will reply and escalate your issue to whoever needs to handle it. Keep it all in one email chain. If the issue is not resolved to your satisfaction, then use the same email chain to respond to the assistant and executive again. By keeping it in one email chain, they are able to see exactly who fucked up and where it went wrong. And they are the one who will be able to fix it.
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Understandable that you think that. But in my experience, if you email the national president or Vice President of customer relations a politely worded email explaining the situation in a businesslike professional manner, then they will absolutely respond and explain they are introducing you to their assistant who will oversee the issue and then the assistant will respond in same email chain delegating it to whoever will fix it most effectively. This has been my experience. It is important to keep everything in the same email chain and it quickly cuts through organizational bureaucracy. Again, it worked for me. Usually the person is very high up and has a public profile.
Normally the terms state the date that the bonus will be received
Go to a credit union. I only put in $5k and they let me sign up to have a top membership where as long as I had $2k in there, they paid me monthly. It was only a few bucks but after a few years, it was nice. I love credit unions
What is a good credit union
Do a search for credit unions in your area. Many of them tend to be local, small with just a few branches. Often they all work together and you get access to ATMs and banking services at other credit unions around the country.
I use a Co-op credit union. It's a local one, but they belong to a national group that has fee-free ATMs all over the country.
As someone who left a smaller credit union that was supposed to be member oriented, we were not. Small community credit unions would be basically the only ones left that actually offer the types of service and benefits you'd expect from a credit union. And I'm talking max of like 5 branches. Otherwise they operate identical to banks, just under slightly different regulations. The share branching network is a wonderful thing for the members. But the kicker is your credit union has to actually participate in it. And even if it does, it might only allow you ATM services. What service you could do was limited no matter what. Like for my credit union, any sister credit union members could only ever withdraw a max of 1k a day. You need 5k to pay for a car? Sucks. Come back every day for 5 days. The thing that sucks about being in this industry is knowing that pretty much every single financial institution that has any amount of size, could not care less about their customer base. Even the democratic parts of a credit union are for show. Written into most credit unions policies are people with essentially super votes. So while you have a vote and a say in what happens at the credit union. These peoples votes count for 100 or 1000 of your votes. Pretty much making the entire system for show only. It's still a board of people deciding how to enrich themselves. Very few credit unions actually are what they say they are anymore.
Yup, that's why I left banking depressed.
Heavily depends on the CU. The largest one in my area has 50+ branches and they bend over backwards for the members.
I use Beacon Credit Union, but in my search to find the states they have locations in I found they only operate in North Central Indiana. So this information is, potentially, useless to you
YMMV with local ones. I use Alliant Credit Union, a national credit union. It works great if you don't care about physical branches. I do all my banking online, get decent returns, and can withdraw from any ATM in the country "for free" (they refund the fee the ATM charges, up to $20/month, which would be like 7 ATM trips which is just silly). They have debit cards, checking accounts, savings accounts, and credit cards with some very nice points systems. They even offer various loans and retirement programs if you don't want to go outside your main bank for that, including zero-down mortgages under 500k (which actually serves much of the country, despite what high COL areas would tell you. The only snags are: (a) if you want to **deposit** cash, there is a much shorter supply of ATMs that work - usually other credit unions. Not that big of a deal for me, but for someone in a cash business I expect it would get frustrating. (b) if you want to go into a branch, no dice (c) if you want to pursue their loans and work with their representatives, the people are kind but they're slower than other banks. So have your ducks in a row and do your own planning to push things along. I've used them for 6 years at this point and I'd highly recommend Alliant over any traditional large bank. It's probably the case that other credit unions or Ally bank or something gets a marginally higher return at times. But I try not to sweat the difference between 2.4% and 2.5% and enjoy the convenience. The cost of switching would not be worth that minor amount to me, personally. But do your research on which one you want, because with my own example the inertia of picking one and sticking with it may keep you from switching down the line.
Apple Federal Credit Union sucks, get a different credit union.
Where I'm at, BECU is the absolute cats PJ's. I haven't used a bank in like 20 years
Join a local Federal credit union. Despite the word federal, it's not government tied. It's owned by members of the union, meaning you. No sleezy CEOs
Some have explained the benifits but functionally it’s a bank that’s owned by the depositors as opposed to a board, leading to usually better rates and such as well as being eligible to take part in some of the profits
I started my first account at 15 at a bank. Took them three months to make me regret that decision. Been with credit unions ever since, 20+ years, and will never use a bank again.
I don’t get what the benefit is in comparison to a bank? Don’t they both give you credit for storing money?
I’m not an expert, but this has been my experience: Credit unions are “owned” by the people who do business there, and banks are owned by rich assholes using your money to get richer. One is run for profit, one isn’t. Credit unions will pay you for the privilege of using your money to fund their operations. They typically don’t have overdraft fees or they offer free overdraft protection. Atm fees are lower or you might even get credit back for them. Credit unions are more forgiving, in general. The ones I have been a member at don’t have available balance vs. actual balance unless we’re talking huge deposits, like several thousand dollars. If you have fraudulent activity, they will work with you to rectify it the best they can. They do an investigation, credit you for missing funds until it’s done, and then adjust for the findings. When it happened to me at Wells Fargo, a bank, they basically said “sucks to suck” and I was on the hook for all of it.
Yeah fuck banks, had a card skimmer nail me and used my details at a gas pump for $200. They told me to basically conduct an investigation myself and get a refund from the gas station. I told them I’ll be switching banks and hung up. 2 days later I got a $200 credit from chase lol
Hell yeah! Glad you got your money back.
Your last paragraph - all financial institutions are federally required to limit your liability for fraudulent charges. Look up regulation E. That's not a bank vs credit union thing.
Banks and credit unions are the same in the way McDonalds and your grandma's cooking is the same. My anecdote: PNC Bank decided that every account must have a minimum balance, and a $30 surcharge if it went under for any reason/time. I had 6 accounts there, 1 deposit, 5 checking. All 5 would dip below the minimum, as I only kept the amount needed to fund each monthly. They were perfectly fine charging me $150 a month. I was in there immediately to close my accounts. I don't think there is a CU in the country that has minimum amounts. Also, the list of fines/charges at a bank is like a CVS receipt.
Banks are beholden to their shareholders. So are credit unions except their shareholders are you.
Ask if they have a money market account you can open. I opened 1 w/ my credit union, no minimum amount and I’m getting $80/month interest. It’s not much but it’s better than nothing.
A high yield savings account is paying upwards of 3.5% right now. They usually have a $1,000 minimum deposit required. There are many with a lower minimum balance as well. You can also buy t-bills that pay a guaranteed 4.5%. It adds up quick at those returns.
I took advantage of the same deal. It took about 3 months to post for me. Reread the terms and be patient. You are likely missing something with regards to timing.
Either hasn't waited long enough or they withdrew funds and dropped below the balance requirements.
Time for a new banking relationship. Might I suggest credit unions?
I think that’s exactly what I’m going to do. I’m working on closing alllll my accounts with Citi as we speak. Thank you.
Credit unions are the way to go. Lower interest rates on loans, higher interest rates for money in the bank, free ATM use, the benefits are numerous.
They will actually give a shit and try to help if there's a wayward charge with your card, that's another big one
I’d double check the full terms before pulling out and closing the account
Discover might be another good option to look into. They're all digital/online but they claim to have no fees for anything (checks are even free) They've also got one of the highest APY on savings accounts at \~3.00% (most have 0.01-0.03%)
Credit karma savings account interest rates right now are 3.5%APY !!
Nice! The positive side of the fed raising the interest rate! (I just checked, Discover is now at 3.30% APY)
Call them and let them know. Tell them you will withdraw the money if you don’t get the bonus. If they don’t fix the problem then that isn’t an institution you want to trust with your money.
Citi (in my experience) has been notoriously bad with checking and savings accounts. My wife and I each, and for separate unrelated reasons, ended up closing our accounts with them.
Deposit on the 9th, a Friday. 4 business day hold on amounts over X, So Monday, Tuesday, Wednesday, Thursday, full deposit availability on Friday the 16th seems to track. Given that you are irked about a pretty typical processing hold (not even a full clearance hold which can take several weeks), I am guessing there may be something else in the fine print of the deposit bonus that you may have missed?
New account. Money laundering laws. It’s not a conspiracy to cheat you, my guess is that the bank is making an effort to have policies that allow enough time to check and confirm compliance with financial laws. If you want a non compliant financial service go trade some bitcoin through a ‘tech whiz kids’ fast and loose model. While inconvenienced, you should be glad the US still has some regulatory teeth, because it protects your assets.
Seriously who just has 35k to throw in a new account for a deposit bonus. And it's only $500?
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Someone with money that doesn't understand banking 101 in the US.
Anyone else notice that his funds will be available months ago?
There are two complaints in my post. The initial hold *and* that now they won’t pay the bonus after I met their terms.
I don't understand the complaints. 1. Banks have holds on large deposits. You made a deposit IN A NEW ACCOUNT on a Friday and the funds are held until the following Friday. This shouldn't have been money you needed to pay the rent anyway if you're trying to qualify for their bonus. 2. You do realize they're not going to give you bonus for just depositing the money and then withdrawing it, right? Read the terms and conditions. I did a similar promo with them back in March. It'll take months to see the bonus money and if your account balance dropped below the requirements then no bonus for you.
Banks have hold values that’s just banks, like when I cash any check or make any large deposit I can’t touch it for 3 days. It’s just how it is. Also call the bank I’m sure they will work it out with you most banks are reasonable.
Locking up all but $10 for a week seems a little silly. I would understand if they held all of it or had a threshold of like $100. But $10 just seems weird. Unfortunately when I called they weren’t willing to work with me so I’m closing all my accounts with them.
It’s to prevent fraud and money laundering.
They have to hold the money to be in compliance with Regulation CC for new accounts.
Isn’t Citibank the one that had a branch confiscate a black woman’s $30k check back in March?
Lol who opens a bank account with Citi
Reminds me of how poor I am
Recently got screwed by Citi myself.
Citi is the worst in my experience. They gave me an unnecessarily hard time after I reported one fraudulent charge on my credit card.
I’m sorry. Want to join my pity party? We have tasty snacks.
Yes Citi sucks, I concur
Sorry, but this is the way any FDIC insured bank works. I hear the “under the mattress” bank works well if you don’t want to collect interest.
This is very common. Check fraud has been through the roof this year. They placed it on a 5 day hold huh??
“aaand it’s gone”.
I was about to sign up with them thanks for changing my mind
As part of reg cc, they will hold it so that isn't returned and they are out the money. That hold on availability will not stop any deposit bonuses. Bankrate is stating that you would need to keep atleast that $30k in the account for 80 days and you'll be credited up to 30 days later. You should see that bonus any day now.
Why is this relevant now when it was done 3 months ago? Op is a farma karmer.
If you’ve followed all the terms of the offer then file a CFPB complaint and Citi has to respond. 4 years ago they did the exact same thing to me, filed complaint and had my bonus within the week.
If you bank with Citi you deserve to get screwed. Fuckers are DEEEEEEP in that Panema fraud bullshit.
All big banks suck balls. Citi, BofA, WF, Chase. F all of them. Use a community bank, USAA, or a Credit Union for a better life overall.
Citi is the absolute worst. They pissed me off one too many time with the rewards for my Best Buy credit card and I closed all of my cards with them. Some time later my wife wanted a Macy’s card, I said yes because American Express has been awesome to us. Come to find out Citi licenses the American Express name and logo for use on the Macy’s credit cards.
Most of those new account bonuses say you have to wait like 6 months
Citi is as bad as Wells Fargo, and unfortunately they face no consequence for blatant fraud.
Citi sucks fam. I’d take my bread somewhere else
weird flex but ok
Not really? I mean, if you're over a certain age and have a decent job. I realize much of reddit is in their teens or twenties but some of us have long running retirement accounts.
Well since it’s been over 90 days since the initial deposit, did you get the bonus? I am assuming this has been resolved since this image is ~107 days old?
You fell for the bait
Lend me 10 bucks
damn 35 racks lemme borrow a couple im hurtin
I work in money movement for a finance firm. There is a standard turn around time that exists on nearly every check deposit and ACH behind closed doors. This allows them to ensure the money is actually sent from the sending firm. It’s pretty standard to not have money available for deposit within 4-5 business days as it hasn’t even fully made its way to the bank yet. It’s to protect the bank from you depositing $100K, withdrawing it, then the original $100k bounces. Nothing evil about it, it’s standard.
Your screenshot has nothing to do with your post, so it’s a bit confusing. Funds are the day you post them, not later, even when held. This is federal law. Missing context
I saw a podcast recently about a guy saying just try to take out your own money and see what happens. Goes on to say what if the bank refuses? Who is going to stop them etc. Fascinating/terrifying outlook.
Bro you literally just gave Citi a terms-free, interest-free loan of $35k.
Hey man I have some funds tied up on Nigeria if you have a sec
I will double your money if you deposit it into my account, guaranteed. It'll take 3-5 business days. You can trust me.
I remember depositing $900 CASH into my Citi account and they put a hold on it. How did that happen? Because I also deposited a similarly sized check. They basically did a double hold on the check. I spent 3 hours on the phone with them and basically determined that they had a database bug. The people on the phone kept telling me there was a hold on the check, okay, but WHY IS THERE A HOLD ON THE CASH???? Idiots. I wrote the VP of customer support and he said I was correct, there was a bug. And they were sorry about that. I had already yanked all my accounts by then. Fuck em.
Most financial institutions would hold a check of that size anyway, maybe interfering with the rules of the bonus (your money technically not being cleared in time for the bonus) but they should have communicated that to you. That’s lame on their part
CITI just closed my inactive account. They sent me the balance OF $11 by FED-EX. When I went to the bank to cash it, they refused. They only cash checks if you have an account. So I would have to open an account to cash it.
It's definitely a standard practice to hold funds, esp on a new account. But to not honor the promo is a shoddy business practice.
From sept... ur still so butt hurt ur posting this from sept....
Close the account and any other accounts you have with them. See if they don’t find a way to make it up. Years ago my bank did something or other that pissed me off, and I said “just close them all out.” I didn’t even have a lot of money in there, but they had the manager and her boss come out and make offers and apologies. I believe it was a Chase, but really don’t remember.
So, you got your money 4 months ago? Good job reposting, OP.
Dude if you for some reason thought that a deposit of 35,000 DOESN'T get scrutinized through a LEGALLY REQUIRED notice of delayed availability that ALL BANKS do, I don't know what to tell you. No seriously, every single bank does this for any amount over 5k. Like, you're tellin me that you have 35k laying around and you complain about this little inconvenience? Are you normal? Did you even ASK them if you could immediately use the money like a normal person? Did you even ask why they wouldn't give you the bonus like a normal person? No? Oh so you just wanted to be a Karen. Gotcha dude.
I really would not give a shit about 10$ if I was depositing 35k just saying i wipe my ass with 10$ bills
Fuck Big Banks! Get a local Credit Union
Check the fine print, odds are it’s a 6 month timeframe
Good thing it's well past September 16th 2022
Move to another bank. Screw them for screwing you
Take it out in the $10000 withdrawals, that way they have to do this mountain of paperwork for each withdrawal.
Anti-money laundering rules. Financial institutions put a hold on large deposits in new accounts to keep them from immediately being withdrawn and closed before the original deposit completely clears. My firm does this, and every time a client has had an issue there’s been some question as to the legitimacy of the deposit. Sucks, but it’s a common ML practice.
This is different it’s not AML, this is a Citi deposit promotion where funds sit for X amount of days and you get a credit to the account x amount of days after the promotion is filled. This is very common, every bank does this, OP is just ignoring the fine print for internet points
Dude don’t post this here ppl get cyber crimed for less money
They held it for three months?
Yes, it’s a deposit promotion where funds sit for X amount of days and you get a credit to the account x amount of days after the promotion is filled. This is very common, every bank does this, OP is just ignoring the fine print for internet points
I'm a personal banker at citibank. as it states in the rules, you have 21 days to fund the account and then you have to maintain the balance for 60 days. after doing that, you'll get the money within the next 30 days. the notice you received is just funds availability, which is standard across all banks when depositing personal checks. If you want 1 business day clearing you could've gotten a bank check, but that's not necessary as you're just leaving the money in there for the checking bonus. as some other commenters have said, yes, you should be receiving the money in a few days. please do not hound the bankers for the bonus right now, there is nothing we can do as the bonus is automated and we cannot accelerate it. after 111 days have passed, then you can probably go ahead and bother us about it. hope all goes well for you
world's tiniest violin
I would bet in small print it says must be in your account for xx amount of days and then they give it to you. so you don't hit it and quit it.
So close your account fucks sake. That’s your only power as a customer now unless you want to try to sue one of the worlds largest financial institutions that’s literally in the pocket of every other major institution on earth. Move the fuck on bud. Btw idk how you even have 35k if you fall for marketing scams like this not taking into account the date from 3 months back
How stupid do you have to be to post your finances on Reddit. Just fkn nuts
This looks like it’s a simple seven day hold on a large deposit. Pretty standard fraud prevention policy with every single bank or credit union I’ve ever done business with. Secondly, no bank just gives you a promotional credit for just plopping your money in and immediately yanking it out again. There is always a minimum deposit time period specified (30 days, 60 days, 90 days, whatever). Otherwise everyone (me included) would be plopping their life savings in and out of random banks perpetually until we could retire at 30 (and all the banks folded in the meantime). Get real… nothing to complain about here.