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$200 Citibank Checking Account Promotion

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Citibank
Citibank has a new checking account bonus in which you can earn $200. The promotional code is MVS4. You can call Citibank's toll-free number 1-866-810-9043 to open the account. A reader left a comment about it, and I called and verified it. I'm not aware if there's a promotional webpage or pamphlet. Here are the details:
  • Open a Citibank checking account (EZ checking does not qualify) with a minimum of $100
  • First $100 earned after 3 months of direct deposit OR using online bill pay for 2 bills per month
  • Second $100 earned after 3 more months of direct deposit OR bill pay
  • Bonuses will be credited to account within 120 days of meeting qualifications
  • Must be a new Citibank customer with no previous Citibank checking or savings account
  • Expires February 29, 2008
  • Can be opened by phone (1-866-810-9043) or at a Citibank Financial Center (be sure to reference promo code MVS4)
  • The monthly fee for the Citibank checking will be waived as part of this promotion as long as direct deposit or bill pay usage is maintained.
  • Without direct deposit or bill pay usage, the following fees will be charged: $12.50/mo fee, $0.50/check and $1.50 for non-Citibank ATM withdrawals (fees can also be waived with a $6K balance)

Some important notes regarding Citibank checking accounts:
  • Hard credit pull is done in the application (can temporarily ding your credit score) Update 12/09/07: A reader reported being told that Citibank has a new policy in which they only do a ChexSystem check with no hard credit pull when there is no overdraft protection.
  • Restrictive online funds transfer service in which outgoing external transfers are limited to a daily limit of $2,000 (was $5K) and a monthly limit of $10,000
  • Several readers reported having their accounts closed by Citibank for unclear reasons before receiving bonuses.

I signed up for a similar $200 Citibank promo last year. I received the first $100 promptly, but I didn't automatically receive the second $100. I had to send them a bank mail message. They investigated and credited the second $100 in about a month. I know several readers haven't been as fortunate.

Thanks to the reader who mentioned this new promotion in the comments.

  Tags: Citibank, checking account

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Comments
19 Comments.
Comment #1 by Anonymous posted on
Anonymous
Where woild you find a person who has not an account already?

1
Comment #2 by Anonymous posted on
Anonymous
That's probably the idea :-)

1
Comment #3 by Anonymous posted on
Anonymous
I'm one who doesn't have one...And I don't want one.

1
Comment #4 by Anonymous posted on
Anonymous
I don't have a Citi account either. This $200 bonus looks good; might sign up tomorrow.

1
Comment #5 by Anonymous posted on
Anonymous
Avoid Citi. I signed up for a $200 bonus earlier this year and they switched my offer code and gave me Thank You points instead, even though my welcome book clearly showed the $200 code.

1
Comment #6 by Anonymous posted on
Anonymous
I called and asked for this offer, the rep told me that you must receive this offer code in mail in order to be eligible, and they can check it in their system with your name.

1
Comment #7 by Andrew01234 (anonymous) posted on
Andrew01234
I opened an account 6 months ago for the $50 promotion. I just received the $50 credit, I now wish it was $200. Better take advantage before it changes back to $50.

1
Comment #8 by glxpass (anonymous) posted on
glxpass
I just finished opening an account over the phone under this $200 promotion. The personal banker I talked with was very pleasant and helpful.

The personal banker said that due to a policy change a few months ago, Citibank will just use ChexSystems rather than a pulling a credit report with the ensuing hard inquiry. The one exception: if you get overdraft protection for the account. Because that involves a line of credit, that will result in a hard inquiry.

Once you open the account with $100, apparently there is no minimum, as long as you meet either the DD or the bill pay requirement.

This seems like a great way to get $200 and tie up a relatively small amount of money to do so.

Next week, my wife and I will go to our local branch and open an account for her, too!

1
Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad to read they ended the hard credit pulls at least for accounts without OD protection. I've updated the post with this.

Please keep us posted on how the bonuses go.

1
Comment #10 by glxpass (anonymous) posted on
glxpass
Nothing much to report on the bonus front. At the suggestion of the personal banker I talked to by phone, I went to my local branch to get the signature form and to take care of any remaining steps relating to getting the account set up. My mistake was allowing the branch office to fax the form. I didn't have the fax number handy and assumed they would know it. They didn't, made a guess, and the guess was wrong. While dealing with the confusion resulting from this mishap, the signature card came in the mail, along with account opening confirmation and documents. Eventually, the branch did fax my signed signature card to the proper destination. In the meantime, I received my debit card and the PIN. Next time, I'll get the form from the branch but fax the information myself.

Speaking of which, my wife and I went to that branch in order to get a checking account set up with her under this same promotion, since your post indicated that waa an alternative to applying over the phone. It turns out that the branch needs to supply an invitiation code as part of the application process. Since I didn't have one, the personal banker cancelled the application. We'll do this over the phone as I did for mine.

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Comment #11 by glxpass (anonymous) posted on
glxpass
Important: Multiple people applying for this account using promotional code MSV4 have been told that in fact EZ Checking does qualify for the promotion.

I didn't specify what kind of checking account to open, just that I wanted to use this promotional code, and EZ Checking is what I received. The promotional code shows in my welcome packet.

Finally, I emphasize that you shouldn't try to do this at a branch. When I tried, a direct-mail invitation code was required. This was after a 45 minute wait, with the personal banker constantly on the phone, asking about the details of the promotion.

Time to open over phone: 10 minutes.

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Comment #12 by Anonymous posted on
Anonymous
I just opened an account by phone tonight. I was connected immediately and after giving the rep the MVS4 code, he explained fully explained the offer to me.

I told him I had an existing Citibank savings account and he said the offer explicitly states that this was OK. In fact it made the process easier because he was able to get most of my info from that account. The account he opened for me was EZ Checking. There was no credit check since I'm an existing Citibank customer.

1
Comment #13 by Anonymous posted on
Anonymous
Tried to open an account using this deal today and they said that the promotion expired on February 8th and the February 29th date referred to the date by which the account had to be funded...

1
Comment #14 by Anonymous posted on
Anonymous
I opened an ez checking account today on the phone and they just said i had to go to a branch and credit my acct with a 100$ before 29 feb and i was good to go for the 200$ offer

1
Comment #15 by Anonymous posted on
Anonymous
I opened a checking account over the phone using this promotion on 2/23. For my initial funding, I was told I could use a credit card and was assured repeatedly that it would be treated as a purchase. I called on 2/24 and 2/25 again to confirm this and was re-assured again. The second and third phone calls was answered by CSR located in India!

1
Comment #16 by Anonymous posted on
Anonymous
Today my father tried to apply but he was told this offer only good for people who currently have a citi credit card and you also need to keep the promotion mailer as well. I don't have any account/credit card with Citi but the rep let me open my account last week. I have a bad feeling they probably will not give me the bonus even I follow the term and play the stupid game with them for another 10 months. They will use this credit card/mailer thing as an reason for not giving me the bonus.

1
Comment #17 by Anonymous posted on
Anonymous
I just opened a new account on March 5 2008 and they accepted the MVS4 promotion. So the promotion didn't expire! It's still going on

1
Comment #18 by Anonymous posted on
Anonymous
I just called the number listed and was told the MSV4 promo code expired Feb 29. the guy also told me there are always codes floating around, but they do their best to make sure the guys answering the phone at thecall center DON'T know them

1
Comment #19 by Anonymous posted on
Anonymous
Does anyone have a print copy of this offer? Like a JPG or PDF. Citibank says they now need proof.

1