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4% Secured Cd Maturity

Wednesday, January 19, 2011 - 6:02 PMCitibank (SD)
One of my 18 month -4% secured cd's is maturing in feb. '11 and I am starting the closing  / cashing out issue.

I did the 25k max. and would MAYBE consider renewing, but am told the max now is only 5k.

I have not yet receive THEIR maturity notice,  I will send out today my hand written request to close the cd and the account connected to it one day after maturity. 

I have not used the credit card connected to this cd and am not concerned with any issues it will have on my credit score by closing it. 

I will keep you posted as to my progress.  Hoping for a smooth transaction.  They took my check without any issues 18 month ago - now it's my turn.

This regard CITIBANK  /  CITICARD.
8
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
1. Wednesday, January 19, 2011 - 9:48 PM
What is the issue here? Do you want to renew the CD or cash it out?
1
ShorebreakShorebreak2,699 posts since
Apr 6, 2010
Rep Points: 14,632
2. Wednesday, January 19, 2011 - 9:52 PM
shorebreak -- you work for a bank ???  understand english ?  What does the thread state   ---  CASHING OUT.
3
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
3. Wednesday, January 19, 2011 - 10:05 PM
UPDATE;     I sent a secure email to citi asking how far in advance of a cd maturty date that they send out maturity notices /instructions.    I received a reply stating that I would receive an answer BY MAIL IN 10 -15 DAYS.    This is not looking good already.   and I have another one coming due in march.
3
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
4. Wednesday, January 19, 2011 - 10:57 PM
This is the link to the original post , if it helps anybody

 

http://www.depositaccounts.com/bl...tibank.htm
3
RicochetRicochet135 posts since
Jan 19, 2010
Rep Points: 367
5. Thursday, January 20, 2011 - 6:46 PM
A bit of an aside;  just looked at their site.  The CD rate is now 1%:

The minimum deposit is $200. As of February 1, 2010, the interest rate on your CD will be 1% with an Annual Percentage Yield (APY) of 1%.

 
3
larkinlarkin65 posts since
Jun 18, 2010
Rep Points: 295
6. Wednesday, January 26, 2011 - 4:19 PM
another update ;  --not good.   I have two of these cd's. Seperate account numbers. Different maturity dates.   I logged on to my accounts and see one of them has a 'ALERT' stating my account has been closed.   There is a link to a letter from CITI saying how they recieved my request to close the account and that they tried to contact me. This letter is dated 1/26 ---today.  NO missed  calls on my contact number the past 2 days -from anyone.  No call recieved from Citi--I would remember.

The account I wrote reqesting to be closed is not the one they closed.  AND the date I requested closure is over two weeks from today. I have a copy of the letter I sent.

 

So they closed the wrong account --- on the wrong date.  

I called and got to talk to a person --NOT in the USA(I asked) -- asking WHY the account was closed.  His reply -- I will receive a letter by mail explaining the reason.  He also stated a call was made to me. I told him that was not true. 

 

Now I will try to find out who to file a complaint(s) with. Not that it will do any good.
3
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
7. Saturday, January 29, 2011 - 1:48 PM
HELP - I have one of these CDs maturing in 4/11.  I just called Citi about getting my money back, and was told things completely different from what others have posted.

Accoring to a supervisor in Nevada,

- first I must convert from a secured to non-secured credit card, which takes FORTY FIVE (45) DAYS

- after the 45 days, Citi will mail me a check for the CD principal and interest after NINETY (90) DAYS

- the CD will continue earning interest at the original rate until the check is mailed

The supervisor told me our conversation was recorded but I am VERY skeptical about his instructions.  Has Citi told anybody else similar procedures for closing their CDs?
1
jcb194jcb1943 posts since
Jan 29, 2011
Rep Points: 4
8. Saturday, January 29, 2011 - 5:53 PM
#7 poster ----  If you don't need the card -- just cancel it. Who wants to have anything to do with citi - --NO ME !!

 Keeps earning interest - ?? good luck with that !!   I would demand your money ASAP.   I will not deposit any amount of money ever again with citi   ---  they could have a 10% cd  and I would not do it. 

I am still waiting for the promised  "maturity notice letter"  that is suppose to inform me of my options. I have my 1st cd due on less than 2 weeks.  and the 2nd in march. 

 

 

GOOD LUCK TO ALL WHO HAVE ONE OF THESE CD's. 
1
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
9. Sunday, January 30, 2011 - 6:53 PM
update ;     Apparently someone at citi who could tell one account number from another has received my request(I sent two) to close my citicard account and the cd connected with it.  In my request , I specified the account to be closed on 02/11/2011. They WILL NOT close a account on a date you specify --the will close it the day they receive notice from account owner.  

I received a email notice informing me there was a document I needed to read in my secure document part of my online account.    The document / letter stated they have closed my credit card account and it can not be reopened. The cd connected to this account has been closed and if it has been closed before maturity I will be charged a penalty of 30 days simple interest.  IF the account was closed within 30 days of maturity , the interest penalty will be waived.

There will be 20 day waiting period to make sure any charges on the card are accounted for.  I must allow 4-6 weeks for the check to arrive.

so , as I understand this latest letter ---- my account has been closed before maturity , but within 30 days of maturity so there should not be any interest penalty.  Whatever -I just want my check --which should be arriving in 4-6 weeks after the 20 day waiting period.  sometime end of march at the earliest to mid april. 
1
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
10. Sunday, January 30, 2011 - 10:09 PM
I just want my check --which should be arriving in 4-6 weeks after the 20 day waiting period. sometime end of march at the earliest to mid april.

So Citi effectively knocked that 4% deal down to 3.6% with a nebulous 48-62 day delay to final payout.  Still a far cry better than they offer today but underhanded if not prominently stipulated before the fact.
2
CraigPDCraigPD94 posts since
Jun 12, 2010
Rep Points: 336
11. Monday, January 31, 2011 - 2:15 AM
What bothers me about this whole is Citi's inability or unwilligness to transfer the matured CD into a checking or savings account.  C'mon Citi, it's 2011, not 1998, it shouldn't be a problem.

The 4.07% APY seemed like a good idea at the time but between the two $29 yearly fees and this vague and arbitrary holding period probably not worth the effort.  20/20 Hindsight is a wonderful thing.
2
larkinlarkin65 posts since
Jun 18, 2010
Rep Points: 295
12. Monday, January 31, 2011 - 9:57 AM
# 11-larkin ;  "transfer to checking or savings"   After dealing with citi the past 10 days regarding my accounts, I doubt they could transfer funds from one account to another.   You hit it right " inability or unwillingess " . I think it is a combination of both.                                                                                                                                 Who would want to keep their money with citi ?   I just want it out of their hands and into mine  --which I will then deposit with my LOCAL credit union or bank.
1
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
13. Tuesday, February 1, 2011 - 8:49 AM
another twist in this merry-go-round;   Received a letter today (postmarked 01/28/11) telling me my secured credit card no longer will need the cd as the 'secured' part. I will be re-issued a new card and the funds in the cd will be sent to me within 10 days of maturity date.   

I have not activated either one of the two cards I applied for. I have had them for 16 & 17 months.

NOBODY at citi know what the other person is doing.   I hope I get two checks from the same account. There is NO POSSIBLE WAY they would ever discover the error --NO WAY !   

it should be re-named  " circusbank" 

 

It will be interesting to see what is going to happen with account #2 in march.
1
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
14. Saturday, February 5, 2011 - 12:51 PM
Update to my previous posting (#7) about closing the CD.  I called Citi again a few days later and was told ANOTHER story, although more consistent with what others have posted than with what they told me on my earlier call.

According to a supervisor in Maryland,

- at my maturity date (4/11) my secured card will change to a non-secured card automatically
- after this, Citi will mail me a check for the CD principal and interest after a few weeks
- the CD will earn interest until the maturity date, but not in the weeks until I receive the check

UNLIKE my earlier call, this supervisor agreed to give me her ID and send me everything in writing by snail mail.  Who thinks Citi will actually send me anything?
2
jcb194jcb1943 posts since
Jan 29, 2011
Rep Points: 4
15. Saturday, February 5, 2011 - 2:13 PM
I went to a Citi branch and asked CSR there to call the department that deals with secured CC.  The info I was given was similar to the one given to jcb194 except for one minor difference: the secured CC will change to non-secured if there had been no negative info posted. 

I think that asking them to cancel the card before it's converted and CD is closed will just disrupt the process.
3
mariafaltermariafalter57 posts since
Jun 6, 2010
Rep Points: 222
16. Saturday, February 5, 2011 - 2:58 PM
#15  -- I believe you are right about cancelling the card wil disrupt the process.  BUT - no one I spoke with could give me the correct information.  If I had known that they would change the card to a non-secured one and mail me my funds from the cd , I would not have needed to worry.    I will wait for them on my second account and see if it goes any smoother.  There should be a single person assigned to your account and things would go SOOOOO much smoother.   I STILL say "get your money out and keep it out of citi".
1
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
17. Wednesday, February 16, 2011 - 6:01 PM
jcb194 / mariafalter,

How do I get the process started (i.e. converting to a non-secured card)?  Just go to a Citi branch and tell them to close the CD at maturity?
1
gnowkgnowk2 posts since
Feb 16, 2011
Rep Points: 3
18. Thursday, February 17, 2011 - 10:50 AM
gnowk -   I received a letter stating they would do this automatically.  Be patient --(I jumped the gun) you should receive a letter that citi sends out. I got mine 12 days prior to maturity.  It may depend on several factors whether they will convert your card to a non-secured card --just my thinking.  ????

 

also--a update----I received a check today for my cd and interest.  Received within 10 days of maturity. I am VERY surprised.  One letter stated this would happen   -- and another letter states I will be waiting 4-6 weeks AFTER a 20 day waiting period.  so..........I am still confused , but relieved  -  a little ---I have one more cd to cash out in a few weeks.

 

My opinion is that citi could cut their staff by huge numbers --- 8 out of 10 people I had contact with could NOT answer my simple questions.  but , hey --they have a job and are getting a paycheck from citi -so good for them !
2
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
19. Tuesday, March 1, 2011 - 3:26 PM
another update --- my #2 cd /card----I have received a letter today --3 weeks prior to maturity--stating my citicard will no longer need the cd as security . A new card will be issued and the cd balance will be sent to me within 10 days of maturity.  

 

I have never activated either of the two secured cards I received.  
1
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
20. Saturday, March 5, 2011 - 3:18 PM
Thanks diamondx.

Got my letter in the mail today.  3 weeks prior to maturity as well.  Same content as your 2nd letter.
2
gnowkgnowk2 posts since
Feb 16, 2011
Rep Points: 3
21. Friday, March 25, 2011 - 12:47 PM
Check #2  from cd # 2 received within 4 days of matuity date.   wow !   

 

   It seems the less questions I ask , the smoother things go   ---reason being NO ONE can answer the questions.

 

 

Good Luck to all who are waiting for thier checks.  
3
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 170
22. Friday, April 29, 2011 - 4:47 PM
Sorry for taking so long to update the forum about my experience with closing the CD.  In previous posts (#7 and #14) I reported how one person at Citi told me one process, and then later another person at Citi told me a completely different process.

It turns out the process to the close the CD actually went according to the second person at Citi.  First of all, I did get a letter confirming what the supervisor told me.  So I didn't take any action, and Citi sent me a notice a few weeks before maturity.  Less than two weeks after maturity I received a check for the principal and interest. 

So the CD ultimately worked out (although currently there aren't many good prospects for reinvestment).  Like others on the forum have said, it seems the best thing to do is nothing when closing these CDs.
1
jcb194jcb1943 posts since
Jan 29, 2011
Rep Points: 4
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