Warning regards Citibank

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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Posted: Sat, 21/02/2009 - 15:41

I don't know how concerned I should be. Citibank have lost some of my money in a BACS transfer a month ago. They have been telling me the money would be back in my account within 14 days. I called today and they do not have any supervisors working at all. I have sent 15 messages through their bank messaging over the past week and not got one reply. I also called the customer service desk and got a busy signal which either implies they have reduced the number of staff or got a lot of unhappy customers.

I just thought I would share my concerns as if I got this service from a small company I would think they are about to go under. However my head is still a bit messed up about how to trust banks . I have grown up thinking banks would always be there and were the safest place to put my cash.

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Citbank Update

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 25/02/2009 - 14:32

It has now been over a month since Citibank stole my money , I have sent messages every day and so far received 4 back over the past month saying they are investigating. For the first 3 weeks they said I had to wait 14 working days. Now I think they are just using delaying tactics. Has anyone got advice on what to do next? i have emptied out the remainder of my savings.

Also I am in England for a week and want to know if Barclays is likely to let me open an account with them. Has anyone had any experience or got any other suggestions for a safe-ish bank in the UK?


Update

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 25/02/2009 - 22:41

FYI Citibank have now credited my account, pending investigation, but this was not a pleasant experience and I thought it was going to be another KSF. Slow website, skeleton customer service and money not going where it should be going.


Citi Bank Nigerian acuused in $27m Scam

  • Dougie
  • 22/10/08 31/05/09
  • unspecified
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  • Wed, 25/02/2009 - 15:55

Local paper in NiGERIA reads,
US authorities have accused a Nigerain of conspiring with some people in 6 countries to defraud an American Bank, CitiBank of 27 million dollars in one month.( NAN ) QUOTED THE New York Times as saying that the Nigerian allegedly created official looking documents that convinced Citbank in Newyork to transfer the money in two dozen transactions last October. They say that the money has been recovered and the man arrested.


Barclays Wealth, Knightsbridge Branch

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
  • Offline
  • Wed, 25/02/2009 - 15:55

Barclays onshore said no but suggested an account with Barclays Wealth Knightsbridge Branch, London which I have been assured will be covered by UK DCS. (0207 114 7000) www.barclayswealth.com
I insisted that I do not want any of my money to be in the IoM, hence the London branch and have been given guarantees that as such it is "safe".
Downside is telephone banking and administration, bank cards , PIN etc are issued from IoM.

Have not actually put any money in it yet so cannot comment any further. Took all necessary paperwork into Barclays Branch in UK which they certified and rang through to Knightsbridge Branch who told me to insist on account being opened there. Only offering 2% interest on minimum £10K in High Interest Savings Account

Hope this is of some help and that you get sorted with Citibank, best of luck.


Citibank

  • Sailor
  • 06/11/08 31/05/09
  • a depositor
  • Offline
  • Wed, 25/02/2009 - 14:16

Reminds me of our old bank dodging around at least two weeks before that black screen appeared. They were called Kaupthing Singer and Friedlander IOM. Been with them for years before the ice.
Stranded Sailor. A nice American lady brought round a loaf of bread for us this morning. One wonders if that Deemster is even conscious of the plight of some of us.


This in the Independent (Citibank)

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 24/02/2009 - 13:42

US to expand stake in troubled Citigroup

  • Anonymous
  • Offline

Be concerned

  • glen07
  • 21/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 23/02/2009 - 00:19

Friend in banking muttered something about Citibank which didn't sound good so maybe better be safe than sorry. This is just personal opinion, not finanical advice.


I got out

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
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  • Sun, 22/02/2009 - 20:55

I moved my money from Citibank several weeks ago. Once bitten.........


Citibank

  • poppytwo
  • 06/11/08 31/05/09
  • a depositor
  • Offline
  • Sun, 22/02/2009 - 17:10

If it was me if I had any concerns I would get my money out straight away. Jump up and down scream and shout do whatever is necessary but withdaw the cash. I saw the warning signs re Kaupthing IOM on 15 Sept and didn't do enough screaming and shouting. In your case I hope I am wrong but better to be safe than sorry.


I agree

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
  • Offline
  • Sun, 22/02/2009 - 17:11

Better to be pro active than reactive as we now all know to our cost.


Seconded.

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
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  • Sun, 22/02/2009 - 18:47

To see Citibank go under is un-thinkable, however, I thought the same about KSF and their 'triple AAA' rating and 'enough money to last a year' stature.
I too saw all the signs and was reassured by the bumph.
Time to bail out and sleep easy. Once bitten.....


thanks to the DAG

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 23/02/2009 - 04:12

I just wish there had been a forum like this in september when I transferred a lot of my savings into KSF prior to emmigrating. Whether it would have made much difference back then I'm not sure. If my luck is anything to go by Citi will probably be next, I had money in Northern Rock when that went under, KSF and now Citi. I feel like the bank under my mattress is the safest at the moment. I just wonder how many others feel the same way. if they are its not good as the Governments just keep filing the holes with tax payers money instead of giving confidence in the banks.


Yes, citibank is considered to have problems...

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Sat, 21/02/2009 - 20:03

Going to what I consider one of the best financial blogs on the web

we get this small mention about citi today

http://www.nakedcapitalism.com/2009/02/citi-stock-being-heavily-sold-by....

Links under the article include this one which is a practical guide for Americans.

http://www.savingtoinvest.com/2009/02/what-would-happen-to-my-money-if.html

My guess is if you google on citi right now you'll find plenty of talk.

The site has a particular interest in investment banking, that being Yves Smith's work, she has a degree in Economics from Harvard etc.

If you get to the site, hang about and explore, there's some very good stuff. You want to understand the polemic about bankers bad behaviour, and find the details, this is probably a good, but not a lightweight, site to start with.

As for what you do about your account with Citi, I couldn't possibly comment.