Americans May Want To Rethink Doing Business With Citibank

The overwhelming majority of Americans rely on banks as places to save, store, and access their money as needed. Some people even have multiple bank accounts that are used for various purposes.

Today, the largest banks across the country include Chase, Wells Fargo, Bank of America and Citibank. Most people don’t think twice about opening accounts with these establishments in order to ensure the protection of their money.

However, in the case of Citibank, Americans’ funds may be far less protected than they know. Writer Will Saletan recently blew the lid on Citibank, revealing important information that every banker deserves to know.

The Dark Truth About Citibank
This week, Saletan warned that folks who do business with Citibank are liable to having the bank block off access to their funds for extended time periods.

Even if Citibank customers show up to a branch in person with valid photo ID, they still may not be able to access their funds for weeks on end.

According to the writer, Citibank even sent out an email that alleges they’re within their rights to hold onto customers’ money. Apparently, Saletan was made aware of this after his son was blocked from accessing his funds in a Citibank account for over six weeks.

Citibank admittedly doesn’t see any problems with this. The establishment claims “without cause,” for “any reason,” and “at any time,” customers can have their accounts shut down.

Furthermore, Citibank says it will only return funds that are “deemed” to belong to the account holder. Saletan warns this is a roundabout way for the bank to potentially never give back the money placed in individual accounts.

It Gets Worse
Naturally, as Saletan’s posts about Citibank gained traction, many people questioned why the bank would take such drastic measures.

According to the writer, Citibank has yet to explain what reasons would prompt it to abruptly close accounts like this. The only explanation coming from the institution is that it’s within its rights to block customers from their accounts at any moment.

Naturally, this can be very dangerous for people who have all their funds in a Citibank account and need the money to pay rent, medical bills, utility bills, or other urgent expenses.

Considering Citibank’s willingness to freeze accounts without notice (and potentially never return the funds in those accounts), Americans may do well to bank elsewhere.