Forum Thread

Can I fight Citi for withholding $50k for two months without my consent?

1,398 278 April 3, 2018 at 08:52 PM
Deal
Score
0
1,428 Views

Thread Details

0 Deal Score
1,428 Views
Long story short, Citi withheld my $50k for two months from Dec 1st week to Feb 1st week when stocks/gold jumped 7%. The $50K was withdrawn from my chase but never deposited into Citi.

They basically denied having funds with them and i spent over 24 hours on phone with customer service over those two months. They blamed it on the third party called finserv for not returning my funds. They blamed name mismatch for not getting the funds into Citi account("A B C" in chase vs "B C" in Citi) so they tried to send back to Chase. But I had closed chase account by that time as soon as I saw that Citi withdrew funds. So funds neither were in chase nor Citi accounts for 2 months. Finally Citi send me a check.

Even though I got back my money, that was a lot of mental torture with sleepless nights. I had called local attorney and he said in his opinion it's not worth fighting for and he said to look for someone else.

What do you guys think?

8 Comments

1

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Aug 2008
L99: Slicker than Ice
6,450 Posts
1,767 Reputation
Our community has rated this post as helpful. If you agree, why not rep slapshot136?
#2
Quote from RandomSDNeo
:
Even though I got back my money, that was a lot of mental torture with sleepless nights. I had called local attorney and he said in his opinion it's not worth fighting for and he said to look for someone else.

What do you guys think?
I think
  1. your attorney is right, this isn't worth fighting
  2. you shouldn't bother saying "XXX went up Y% in the last Z time period", everyone would be an expert investor if they had invested correctly in according to that logic
  3. you probably shouldn't have closed your account before making sure that your money showed up, and at the amounts involved (and not just amounts, but stress that it caused you do to the hiccup), you should have confirmed with both banks before transferring the funds
Reply Helpful Comment? 3 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2012
L6: Expert
1,398 Posts
278 Reputation
Original Poster
#3
Quote from slapshot136
:
I think
  1. your attorney is right, this isn't worth fighting
  2. you shouldn't bother saying "XXX went up Y% in the last Z time period", everyone would be an expert investor if they had invested correctly in according to that logic
  3. you probably shouldn't have closed your account before making sure that your money showed up, and at the amounts involved (and not just amounts, but stress that it caused you do to the hiccup), you should have confirmed with both banks before transferring the funds
Thanks for the reply. For #2, I am pointing this out coz around the same time I in fact put my other funds into stocks and they indeed went up 7%. Although, the market crashed from then on.
For #3, I closed it coz Citi sent me email saying "Your initial deposit has been posted to your new Citibank account". So with this email and the fact that funds have been withdrawn from chase made me realize funds are in fact going to Citi. Citi should not have emailed me if it still didn't get the funds.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Feb 2006
L8: Grand Teacher
3,048 Posts
617 Reputation
Pro
#4
Regarding "A B C" in chase vs "B C" in Citi, do you mean you used a different first name? Or do you mean you left out your middle name for the other account? Always try to use the same name for all your bank accounts, make sure it matches your ID. Also if the money was meant for trading, couldn't you have deposited it into your broker account directly instead of going through Citi?
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2014
L3: Novice
113 Posts
26 Reputation
#5
Quote from RandomSDNeo
:
Thanks for the reply. For #2, I am pointing this out coz around the same time I in fact put my other funds into stocks and they indeed went up 7%. Although, the market crashed from then on.

Your argument is moot because your original intention was to put the funds in a checking/savings account bearing .01% interest. Had you intended otherwise, you would have invested it with your other funds. Ipso facto your money earned .01% by your choice.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Apr 2006
World dominator and rebel
37,707 Posts
4,037 Reputation
#6
Also agree with Attorney. I doubt you would be able to substantiate any damages, and probably there wasn't any intent from the bank, so...
Reply Helpful Comment? 0 0
As Tony Schwartz, who co-wrote The Art of the Deal with Trump, said in 2016, "Something I saw early on [with] Trump: most negative things he says about others are actually describing him. Read his tweets with that in mind."
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2012
L3: Novice
230 Posts
42 Reputation
#7
Read your account aggreement, if you have arbitration, file for it just to cost them money. You almost always have a small claims option, but you'll have to prove losses. Either way it's likely you'll get some offer to settle just before either is scheduled to be heard.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2004
L3: Novice
113 Posts
27 Reputation
#8
What? You were using different first names in a large $$ transfer between different banks?

I'm surprised Chase didn't open back up your closed account and stuff the money back in there.

Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Sep 2007
California
1,415 Posts
183 Reputation
#9
I agree, I would have also advised you that this was easily predictable dealing with a large corporate bank.
Reply Helpful Comment? 0 0
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Copyright 1999 - 2018. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard