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Hello Everyone,

I thought to start this new topic because it is so hard to find detail information about Citibank's high-end baking services. Citigold starts at $100,000 in all Citi accounts ($250,000 if you include Mortgage). See below for others. Let me first put-up some websites:

Citigold: https://web.da-us.citibank.com/cgi-bin/citifi/portal/ps/detail.do?M_M=S&BS_Id=Citigold

Smith Barney FMA: http://www.smithbarney.com/products_services/fma/

As we all know, Dolmar is the greatest expert on high-end banking. So, I asked him a few questions in another thread. His answers are very informative. So, I am posrting them below:

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1. What are the fee structure of Smith Barney for Citibank customers?

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Retail Smith Barney accounts have level $500k-999,999, $1 million to $5 million and $5 million up. Private bank Smith Barney accounts are all reserved which is the lowest level at Smith Barney $500k.

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2. Suppose someone has a Citigold accout with about $250K. Will his/her new Smith Barney account will receive any special treatment regarding fees and services?

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No Citigold has 2 levels. $0-$499,999 and $500k+. At $100k you get some waivers and then more waivers at $500k. Extra waivers at $500k are free out going wires, free any style checks, 6 monthly ATM rebates, and larger Safety Deposit box. Citigold will count loan balances towards both levels in Citigold but will not count mortgages towards $500k level.

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3. What are the "reserved" status?

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$500k-999,999 in a Smith Barney brokerage accounts. Smith Barney will not count any loans balances towards the requirements of any of there levels. Reserved Status pretty much waives any fee you think of except Citi Chairman Card. It has unlimited ATM Rebates too.

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4. What is the FMA account? What are the benifits and perks?

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FMA has no perks the perks are based on your level with Smith Barney. FMA is a sweep checking account that has either tax-free sweep options or tiered FDIC bank deposit program with the highest tier $1 million + in assets with Smith Barney currently paying 4.60%.

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5. What it takes to open a Private Banking account? What are the benifits and perks?

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$5 million in deposit or $10 million with commercial loans. They do not count mortgages towards the balance requirements. They waive every fee if you qualify. You will pay for nothing at all.

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6. Coming back to Citigold, is Citigold the highest tier banking in Citi or is there anything above it? Is there any tier in Citigold?

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Answered in Question #2

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7. Do Citigold customers get special rate above advertised rate for CD or Savings accounts? If yes, is it automatic [or, how (and who) to ask about them]?

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Once in a while they will run a Citigold in branch special CD but not too often. Personally I have only seen this type of special when they open a new branch.

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Please post your questions. It is quite interesting to learn how different the regular banking and high-end bankings are.

Thanks,
bandyopa

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Thanks dolmar, i dont buy any stocks, only bonds,cds and mutual funds so should i switch to smith barney also can you te... (more)

roc2020 (Oct. 21, 2008 @ 2:35p) |

Just so you know Smith Barney does not offer no load mutual funds either. They are full service brokerage firm.

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dolmar (Oct. 21, 2008 @ 7:28p) |

I was just notified of another CitiGold bene for holders of "Checking Plus" (overdraft protection)


We received this emai... (more)

LaJollaInvestor (Oct. 27, 2008 @ 1:03p) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.


slimcustomer said: The archived thread on Citigold - Is CitiGold worth it? & 2006 Private Banking / Private Client Discussion Thread for reference.

Thanks very much. Those threads are a bit old though. Citi merged CIS with Smith Barney and, as Dolmar pointed, Citigold has 2 tires now. Please keep on posting. I will speak with a Smith Barnet rep soon. Will post if I hear anything new.

bandyopa

In one of the threads, Dolmar mentioned that he got TY points for his accounts at Smith Barney in addition to the accounts at Citibank. I have just shifted over to Smith Barney and the only thing I see is that I can get points if I purchase items using my FMA debit card. Are they giving points in other ways also?

Thanks for compling these comments. They are great!

Link

pqiyulbos That is the link stating you get thank you points. It requires your FMA account be linked a Citigold account opened by your broker. As long as you are reserved or better there is no fee's what ever on Smith Barney side nor on the Citibank side and you will get 1200 TY for you FMA Account + you can still keep your bank based Citigold account for another 1200 points monthly for a total of 2400 TYP per month for free.

Hope that helps you and answers your questions.

Edit I think the reason you have to get a Citigold account is because maybe Citigroup is trying to show shareholders that there cross selling platform works which both old Ceo and current CEO has been taking heat on as many large institutional investors would like Citi to spin off Smith Barney as it is currently under valued because it is based on a Bank PE which is lower than Brokerage PE.

Personally I see no reason for anyone with a Reserved FMA or better to bother with a Citigold account as the benefits from Reserved status at Smith Barney are better than even Citigold $500k level.

Hey dolmar, dou you know off hand if a 401k balance with CitiStreet would qualify to get to 500k in assets with Citi?

WalStMonky said: Hey dolmar, dou you know off hand if a 401k balance with CitiStreet would qualify to get to 500k in assets with Citi?

I am pretty sure 401k do not count at Smith Barney because if you look at Citigold they exclude 401k but will count balances in IRA/Roths.

dolmar said: Link
Personally I see no reason for anyone with a Reserved FMA or better to bother with a Citigold account as the benefits from Reserved status at Smith Barney are better than even Citigold $500k level.


I did not realize you can get 2400 points per month by opening an FMA Card and second Citigold account through Smith Barney. When you get the Smith Barney FMA Card, do you automatically get the second 1200 Thank you points per month or do you have to open duplicate CDs, checking accounts and other qualifying Citi products to get the full second set of 1200 points per month?

Citi says Citigold gets you an exclusive 24/7 toll-free customer service number, priority processing on first mortgage and home equity applications, preferred interest rates on selected deposit products, waived fees, discounts on online outgoing wire transfers, foreign currency transactions and safe deposit box, preferred mortgage pricing that gives you $500 towards closing costs and preferred pricing for both home equity line of credit and Checking Plus® (variable rate) overdraft protection.

What benefits do you get through Reserved at Smith Barney that are better than Citigold? According to the Smith Barney website, Reserved only gets you Unlimited account fee waivers, Access to 24/7 Reserved Client Service Center, and Accelerated earning of reward points.

FMA cards can only issued against FMA accounts and not brokerage accounts from inside of the bank.

Reserved status gets you all the following waivers:

Fees Waived for Reserved Clients:
One of the most comprehensive fee waiver programs in the industry Account Fees
•Basic Account
• IRA, Simple IRA,
Educational Savings Account, 403(b)
•FMA®, Business FMA, FMA Plus
•Smith Barney Premier Pass Elite
• Women & Company® Membership
FMA check fees
•Returned Check
• Check Copies,
Stop/Bounce
• Wallet Checks, Wallet Reorder
•Duplicate Checks
• Executive and Corporate Checks
• Personal Deposit Tickets
FMA Card Fees
• Unlimited Outside ATM Fee Waivers*
•Free Card Replacement
•Expedited Shipping
•World Wallet®
Service Fees
Quicken® Download and Bill Pay
• Legal Transfers, Safekeeping & Safety Deposit Box
• Domestic & International Wires
•Dividend Reinvestment
*Up to $3.50 per transaction in the U.S.


FMA currently pays 4.07% in BDP vs Citigold Checking pays 1.98%. FMA was paying 5% back in Sept vs Citigold was still paying 1.98%. personally I have never taken a mortgage from Citibank as my mortgage broker has always been able to beat whatever Citibank offers me. Currently best rate Citibank has 5% 0 Point 15 year mortgage vs my mortgage broker can get today 4.75% 0 Point 15 year mortgage. And in the past spread was larger for example when I got my 7/1 Arm back in 2003 Chase gave me 3.125% vs Citi quoted me 4%.

Citigold Checking Plus rate is 17% so if you consider getting charged 17% for overdraft a special rate then good but FMA margin is Prime +1 for Reserved Clients with $1 million+ in assets currently margin rate is 7.5% so that is 9.5% lower. And for Reserved Clients with $500 but less than $1 million margin rate is prime +3 which is still 9.5% vs 17%.

I only have 1 of each product but my accounts are from Private Bank so I get consulted statements which include all my accounts including credit card, bank, brokerage, loan etc so they are all linked together and I am getting 2400 TYP per month. Not sure if the retail Smith Barney accounts allow for you to consolidate all your statements into 1 like the private bank does.

dolmar said:

Personally I see no reason for anyone with a Reserved FMA or better to bother with a Citigold account as the benefits from Reserved status at Smith Barney are better than even Citigold $500k level.


Accounting is the reason to have a separate checking and investment accounts. In our family we view and treat our investing accounts as savings (or capital account in business terms) and the checking account as operational. We also have accounts at ING for specific savings goals such as property tax and water bills (which are billed every quarter). I can understand the simplification of using just one account such as the FMA. It is very convenient to write checks off an investment account to easily pay for large ticket items.

So I went chat with the Smith Barney rep inbside a Citibank branch in Chicago downtown area on Friday. I have to say, I was not at all impressed with the person (and he is a second VP).

Anyway, he tells me that Smith Barney have decided to eliminate all discounts in brokarage commisions. This will be announced within a month or so. The new plan is to promote Smith Barney as a full service broker with high commisions. He tries to pitch me (very strongly) an "advisoty account" where the account holder pays $1000 or 1% of total assets per year as a net fee. All commissions and fees are waived. But this account is not self-serviced, and I have to call him each time I want to buy or sell something. He was supposed to email me the details, but, I haven't heard anything back yet. Doesn't look like an efficient banker.

I couldn't get any information about FMA or Chairman's card from him. He even didn't know that Chairman's card is now American Express branded (he thought it was a Master Card).

Anyway, Dolmar Hi! questions for you:

1. Is there any difference between the Smith Barney repts inside Citibank brances and at a Smith Barney location?

2. Suppose I open a FMA account. Do I get any discount on brokarage commision?

3. What are the difference between FMA and Citigold if I don't use the brokarage?

Thanks,
bandyopa

pqiyulbos said: dolmar said:

Personally I see no reason for anyone with a Reserved FMA or better to bother with a Citigold account as the benefits from Reserved status at Smith Barney are better than even Citigold $500k level.


Accounting is the reason to have a separate checking and investment accounts. In our family we view and treat our investing accounts as savings (or capital account in business terms) and the checking account as operational. We also have accounts at ING for specific savings goals such as property tax and water bills (which are billed every quarter). I can understand the simplification of using just one account such as the FMA. It is very convenient to write checks off an investment account to easily pay for large ticket items.


Again I still do not understand your point? I personally have 3 FMA Plus accounts. I use 1 solely for investments, 1 for my IRA and one solely as a checking account. All 3 FMA accounts are linked to all my Citibank Bank accounts. I can make instant transfers online, at any ATM machine, via teller or over phone. I have 1 ATM card which see all the accounts.

bandyopa said: 1. Is there any difference between the Smith Barney repts inside Citibank brances and at a Smith Barney location?

Pretty much every broker has the title VP. Not kidding my broker assistant has title VP printed on her card. While my broker title is "Senior Cash Management trader and marketer". I almost never talk to broker assigned to my account as he normally only handles fortune 100 clients cash management. He once told me normally he is trading blocks of $5-10 million of cash management bonds. So being a VP means nothing at Citigroup. Normally all brokers when they first get there licensee work in bank branches or discount brokerage firms. No millionaire is going to trust someone who been a broker 1 day with millions of dollars. The better brokers at Smith Barney, Merill, Morgan, Goldman, Bear etc won't even talk to you unless you been referred to them and have a couple of million investable dollar.

$250k brokerage account is not even a large account at some of the discount brokers today. Vanguard, Schwab, Fidelity, TD Ameritrade all require $500k+ for thier highest level. Sorry not trying to be rude about it either.

bandyopa said: 2. Suppose I open a FMA account. Do I get any discount on brokarage commision?

First off I stated before and I will state it again FMA accounts are only offered via Private Bank or Retail SB branches(than means from brokers out side of the bank). You need $500k min just to waive the fee's for an FMA account there is no way you are getting any discounts from anyone at Smith Barney if you barely qualify for fee waivers at Smith Barney. Smith Barney is full service brokerage firm. They do not offer self service discount trading option at all. Personally I mostly buy bonds so Citigroup is a good fit for me as they are largest bond underwriter in the world. Few stocks/mutual funds I have bought I buy via my MRA account at BOA.

bandyopa said: 3. What are the difference between FMA and Citigold if I don't use the brokarage?

$500k min balance requirement to waive the fees vs $100k. Tiered interest rate with highest tier requiring $1 million + in assets at Citigroup but paying 4.18% FDIC. And no broker will open an FMA account so you can use it as checking account only as servicing your account will not be worth there time. FMA accounts require everything be done by the broker. Unlike Citigold account can be serviced by anyone at the bank.

The rates on the Bank Deposit program with an FMA account are tiered:
Tier 1 3.62%
Tier 2 2.00%
Tier 3 1.75%
Tier 4 0.40%
http://www.smithbarney.com/research/investment_ideas/rate_monitor/

Does Smith Barney consider the amount in your FMA account only when deciding what Tier you fall into, or do they look at your entire balance in all Smith Barney accounts?

To get 1200 points for the FMA account, do you need to make any minimum transactions with the FMA card? Or, is it an automatic 1200 points with reserved status whether you use the FMA card or not?

Thoreau,

The tiers are based on your aggregate holdings (SB calls this consolidation relationship).
Tier 1- $1M+
Tier 2- $500k to $1M
Tier 3- $250k to $500k
Tier 4- less thank 250k

I hope this helps.

In the archived thread "Is CitiGold worth it?", dcyahoo said, "My wife and I each get 1200 ThankYou points every month because of CitiGold."

Can someone clarify the best way to structure accounts to maximize TY points for me and my wife? Our $200K mortgage is with Citi, so I'm thinking we may have an easy way to rack up 2400 points a month by committing only $50K to Citi deposit accounts. My plan is to open a joint savings account and then open (and link) 2 individual checking accounts (one for me, one for the wife) to double our monthly TY points. Will this work?

Each checking account is it's own "package". As such, you would need to open two checking accounts, two savings accounts (one linked to each checking account). Likewise, the mortgage would only count on ONE checking package. Each checking account will need to have it's own direct deposit, etc.

andrewli said: Each checking account is it's own "package". As such, you would need to open two checking accounts, two savings accounts (one linked to each checking account). Likewise, the mortgage would only count on ONE checking package. Each checking account will need to have it's own direct deposit, etc.

Thanks for the quick reply. So maybe we can get by with $100K in deposits?

Me: $200K mortgage, $50K Savings+Checking to qualify for CitiGold.
Wife: $50K Savings+Checking PLUS my linked $50K in deposits to qualify for CitiGold.

Yep, that looks like it will work. Just make sure your banker setups the "Household Relationships" properly in the computer and it will combined all of your balances + her balances in order to come up with the total balance in the household. (Worst comes to worst, if you get hit with a fee, call the banker up and they can fix it then and credit you).

It sometimes takes 1 full statement cycle for the household relationship to be fully updated.

Keep in mind that the number of services that 'qualify' are based on the checking account, as I mentioned previously, so under the below situation, you would have 300 points/month (Checking, Savings, Debit Card, Mortgage) and the other would get 150 points/month (Checking, Savings, Debit Card). You can play with the calculator here: https://web.da-us.citibank.com/popups/rrcalc/calc.html

lhendricks92 said: andrewli said: Each checking account is it's own "package". As such, you would need to open two checking accounts, two savings accounts (one linked to each checking account). Likewise, the mortgage would only count on ONE checking package. Each checking account will need to have it's own direct deposit, etc.

Thanks for the quick reply. So maybe we can get by with $100K in deposits?

Me: $200K mortgage, $50K Savings+Checking to qualify for CitiGold.
Wife: $50K Savings+Checking PLUS my linked $50K in deposits to qualify for CitiGold.


Does not quite work that way. All you need to do is household all the accounts ie Citi households based on address so as long as the mailing address match then the accounts can be household and all accounts within the household balance will count towards the balance requirement.

So for example if 1 account qualifies for Citigold then the rest of the accounts in the household will qualify for the same package level without having to maintain any balance requirement at all or if husband package has the $200k mortgage and wife accounts has $50k in cash then both accounts will qualify for Citigold and neither will be subject to any fee's at all but the balances in all those products inside of all accounts in the household will count towards the balance requirements of whatever package you pick.

Also beware of it mortgages can only be linked to accounts titled the same way as the mortgage. So if the mortgage is in both your names then it can only be linked to a joint account. My understand is Citi is cracking down aggressively on Thank You network abusive as officially policy is you can only get points on 1 account per person. So my guess is if you open a joint account and then 2 individual accounts you are better off only registering the individual accounts for Thank You points and not the joint account as it very possible if you register the joint account + 2 individual accounts you might only get monthly Banking TYP in 1 account.

Credit cards, savings accounts, brokerage accounts, lines of credit, mortgages, HELOC, overdraft line of credit, ect can only be linked to 1 checking so you would need to have/use 7 products per account.

1 more thing certain benefits of Citigold require cash/brokerage balances per account and mortgage and household balances do not count towards them.

Examples are all of the benefits at the $500k level which included free outgoing wires, ATM rebates etc. Also Quicken Direct Connect and Quicken Bill Pay require min of $100k in assets for the $9.99 Banking fee to be waived and $250k in assets for Quicken Investment download fee of $4.99 to be waived.

Does not quite work that way. All you need to do is household all the accounts ie Citi households based on address so as long as the mailing address match then the accounts can be household and all accounts within the household balance will count towards the balance requirement.

So for example if 1 account qualifies for Citigold then the rest of the accounts in the household will qualify for the same package level without having to maintain any balance requirement at all or if husband package has the $200k mortgage and wife accounts has $50k in cash then both accounts will qualify for Citigold and neither will be subject to any fee's at all but the balances in all those products inside of all accounts in the household will count towards the balance requirements of whatever package you pick.

Also beware of it mortgages can only be linked to accounts titled the same way as the mortgage. So if the mortgage is in both your names then it can only be linked to a joint account. My understand is Citi is cracking down aggressively on Thank You network abusive as officially policy is you can only get points on 1 account per person. So my guess is if you open a joint account and then 2 individual accounts you are better off only registering the individual accounts for Thank You points and not the joint account as it very possible if you register the joint account + 2 individual accounts you might only get monthly Banking TYP in 1 account.

Credit cards, savings accounts, brokerage accounts, lines of credit, mortgages, HELOC, overdraft line of credit, ect can only be linked to 1 checking so you would need to have/use 7 products per account.



Dolmar, hmmmm...this is interesting benefit of Citigold. Let me clarify. So if I have a citigold account then EVERYONE in my household qualifies for a citigold account (even without meeting the 100K limit), including my brother and sister? If that's true, then everyone in my household is getting citigold!

somdave2005 said: Dolmar, hmmmm...this is interesting benefit of Citigold. Let me clarify. So if I have a citigold account then EVERYONE in my household qualifies for a citigold account (even without meeting the 100K limit), including my brother and sister? If that's true, then everyone in my household is getting citigold!

If you all have the same mailing address yes except like I pointed out above certain benefits are based on assets in the account. The basic features and benefits and monthly service fee would be waived. Officially everyone is supposed to live at the same address but I do not think Citi enforces that policy as my brother lives in another state and only uses Citi branches out of state and they have never said a word to use. And our private banker is one who told we could do this from day 1.

For example everyone in my family has the mailing address of our office. Note some have there statement setup for online delivery only so no paper statement is mailed to our office address but officially there mailing address is our office. There accounts are not subject to any balance requirements based on the total balance in the household except if they were to activate Quicken Bill Pay, Quicken Direct Connect or Quicken investment on there accounts then they would need to meet the balance requirements to get those waivers otherwise they would get charged for those services. The reason explained to us for that is some services cost Citi real dollars. They contract all there Quicken services from Checkfree and uses Checkfree servers so they are forced to pay Checkfree a per account fee to service those accounts. ATM rebates work the same way as they pay other bank that fee for you. So they are not going to loose money on accounts which do not have min balance requirement to get those services fee waived. If you read fee schedule on Citi web page Quicken Access, ATM Rebates, outgoing Wires, Custom Check Orders have a * next to them and state requirement for those benefits and that they are based on the account size. Where under balance requirement it states minimum household balance to avoid monthly service. Those subtle difference were on purpose and not by accident.

So for example my brother has a Citi account which he keep like $1k in only to use there ATM's and mainly banks with BOA as he is heavily invested in equities and did not want to pay full service commission. He has no Quicken services active on his account nor does he get ATM rebates from Citi even tho our household balance is well over $1 million in assets with Citi but he still has a Citigold account, get free AA Visa Card, Free PPE, Free Diners Club, Free standard Citigold checkbooks, free cashier checks, etc which are all the basic Citigold benefits. He also gets free Thank You Points each month.

Wow that is awesome...Dolmar you're a citibank guru! Everyone in my family is going to get hooked up with Citigold now! - Dave

dolmar said: If you all have the same mailing address yes except like I pointed out above certain benefits are based on assets in the account. The basic features and benefits and monthly service fee would be waived. Officially everyone is supposed to live at the same address but I do not think Citi enforces that policy as my brother lives in another state and only uses Citi branches out of state and they have never said a word to use. And our private banker is one who told we could do this from day 1.

For example everyone in my family has the mailing address of our office. Note some have there statement setup for online delivery only so no paper statement is mailed to our office address but officially there mailing address is our office. There accounts are not subject to any balance requirements based on the total balance in the household except if they were to activate Quicken Bill Pay, Quicken Direct Connect or Quicken investment on there accounts then they would need to meet the balance requirements to get those waivers otherwise they would get charged for those services. The reason explained to us for that is some services cost Citi real dollars. They contract all there Quicken services from Checkfree and uses Checkfree servers so they are forced to pay Checkfree a per account fee to service those accounts. ATM rebates work the same way as they pay other bank that fee for you. So they are not going to loose money on accounts which do not have min balance requirement to get those services fee waived. If you read fee schedule on Citi web page Quicken Access, ATM Rebates, outgoing Wires, Custom Check Orders have a * next to them and state requirement for those benefits and that they are based on the account size. Where under balance requirement it states minimum household balance to avoid monthly service. Those subtle difference were on purpose and not by accident.

So for example my brother has a Citi account which he keep like $1k in only to use there ATM's and mainly banks with BOA as he is heavily invested in equities and did not want to pay full service commission. He has no Quicken services active on his account nor does he get ATM rebates from Citi even tho our household balance is well over $1 million in assets with Citi but he still has a Citigold account, get free AA Visa Card, Free PPE, Free Diners Club, Free standard Citigold checkbooks, free cashier checks, etc which are all the basic Citigold benefits. He also gets free Thank You Points each month.

somdave2005 said: Wow that is awesome...Dolmar you're a citibank guru! Everyone in my family is going to get hooked up with Citigold now! - Dave

One other thing you might want to be aware of not sure if you care or not. Personally we do not care as the number displayed on our statement includes all of our business accounts, including lockboxes and impound accounts and everyone personal accounts so it very hard to figure out other people balances in the household but on everyone statements under "Fee's and Rates Detail" it will display "Your Combined Household Balance is XXXX" and "Your Combined Account Balance is XXXXX" so it might be possible for other people in the household to figure out your balance. While they will not know to penny what you have if everyone else in the household keeps a small balance except you then they will know more or less what you have in your account. Hope that makes sense to you.

The "Household Balance" is used for monthly service fee and basic Citigold Benefits and "Account Balance" is used for the premium benefits like ATM rebates, Wire Fee's, Custom Check Orders, and Quicken Monthly Services fee's.

dolmar said: Link

pqiyulbos That is the link stating you get thank you points. It requires your FMA account be linked a Citigold account opened by your broker. As long as you are reserved or better there is no fee's what ever on Smith Barney side nor on the Citibank side and you will get 1200 TY for you FMA Account + you can still keep your bank based Citigold account for another 1200 points monthly for a total of 2400 TYP per month for free.

Hope that helps you and answers your questions.


Are you sure about this? I have an FMA account with an FMA card, and a Citigold account, and I'm not getting these points. I do get the 1200 TYP/mo from the Citigold account, but none from the FMA account.

I do have my FMA card linked to my TYP account and when I use it (which is not often; I use my DC card for most spending) I get 1 TYP/$1 spent but that's all I get from SB.

I followed that link but it doesn't say anything about getting TYP each month -- just for FMA card purchases.

Maybe what you mention is only for reserved clients?

I have a Reserved Smith Barney account and opened a FMA account with an FMA card based on Dolmar's info, but I am not getting an extra 1200 TY points a month for the FMA account. I only get TY points for FMA card activity. For example, last month I used the FMA card once for a small purchase and was credited 3 TY points. I do get the TY points for my Citi relationship at the CitiGold level. Maybe Dolmar has a special deal for a higher level of service than Reserved.

Thoreau said: I have a Reserved Smith Barney account and opened a FMA account with an FMA card based on Dolmar's info, but I am not getting an extra 1200 TY points a month for the FMA account. I only get TY points for FMA card activity. For example, last month I used the FMA card once for a small purchase and was credited 3 TY points. I do get the TY points for my Citi relationship at the CitiGold level. Maybe Dolmar has a special deal for a higher level of service than Reserved.

I guess you guys misunderstood my post or I was unclear. You would end up with 2 Citigold accounts. 1 opened by your broker and 1 opened by Bank. Not sure if the order the accounts are opened in makes a difference or not. The points are coming from Citigold ie 1200 from Citigold account opened via your broker and another 1200 points via the account opened at the bank.

I have Citigroup PB accounts. I had for years a Citigold account issued via Bank channel(Citigroup PB opened it for me via my local branch and my checks are issued out of CA and address of the local branch is printed on my checks and that is where I have 2 large safety deposit boxes. The reason Citigroup PB open Citigold accounts is because all FMA accounts are issued out of N.J. and some people will not accept out of state checks plus when you make deposit into an out of state account it takes longer to clear the check. Which is why Citigroup PB issues everyone who lives outside of N.J. both FMA and Citigold accounts). Then I have Smith Barney FMA accounts(who checks are issued via Citibank N.J.). Then last year in May Smith Barney started opening Citigold accounts for clients. So my broker opened a 2nd Citigold accounts which was opened by Smith Barney and issued out of N.J. just like my Smith Barney FMA accounts. That new Citigold account is linked is to FMA accounts. I get 1200 TYP on my old CA based Citigold account which is not linked to my FMA accounts and I get 1200 TYP on the N.J. Citigold account which was opened by Smith Barney. I have the same Helco, CD and Flex Select account linked to both Citigold account. Each Citigold account has it own Checking Plus account, debt card, does 2 $1 bill payments and direct deposit going into it.

The Citigold account coded out of Citibank in CA says Citibank on it. The ATM card for the N.J. Citigold says Citi Smith Barney. Citibank CA ATM card only see's my CA Citibank bank accounts. My Smith Barney FMA cards only see my 3 different FMA Accounts(I use 1 FMA as a Checking account as BDP and old T-Bill sweep paid higher interest than Citigold, 1 FMA as a brokerage account and the last FMA is my IRA). My Citi Smith Barney ATM see only N.J. Bank Accounts + FMA accounts. My Citi PB ATM sees all my accounts in CA and N.J. including the 3 Smith Barney FMA accounts.

So just to make sure you understand. If you open a Citigold account via a Smith Barney broker it will be domiciled out of N.J. No matter what sate you live in and that N.J. Account will be independent of any Citigold account you open via a local branch. Thus you can earn 1200 TYP via each Citigold account. I assume the only people who will be unable to do this is people who live in N.J. as they might not be able to open 2 N.J. Citigold accounts and get points on both accounts.

Thanks Dolmar. I was wondering the same thing, but I have been stuck in Ph.D. defense hell and have not been able to ask the group.

BTW I passed my defense. Now I have to find a job in this mess.

pqiyulbos said: Thanks Dolmar. I was wondering the same thing, but I have been stuck in Ph.D. defense hell and have not been able to ask the group.

BTW I passed my defense. Now I have to find a job in this mess.


No problem at all. I know at times my posts can be confusing so hopefully that post is clear now. In my original posted I linked the web page from Smith Barney which had the details on how to get free Citigold account and monthly Thank You Points. The part I was unclear on was that I was getting 1200 TYP prior to May from Citibank because of an existing Citigold account and I opened new Smith Barney issued Citigold account to get another 1200 TYP which got linked to my FMA accounts.

Hi Dolmar,

What is the curent broker commission range for a $500,000 SB account (opened at a SB location outside of Citibank)? Are these numbers negotiable? What if I open the account inside a Citibank brach (replacement of the old CIS)?

Seperate Note:
Did anyone notice that Citibank Online's Citigold page (when you log-in) had a new interface yesterday (May 1)? They changed it back to the old interface today (May 2). Plus, my Citibank Mobile is dead from May 1 as well. Probably there is a new version of the application.

Thanks,
Tintin

Old CIS accounts have the grandfathered $24.99 online stock trades. All accounts opened after March 1 2007 weather opened at the bank or outside of the bank are full service accounts.

You will not get any breaks at all on trading commission with $500k opened via any Smith Barney channcel. $500k is the minimum amount required to waive most fee at Smith Barney branches located outside of the bank and you need $1 million for the highest tier of BDP and that amount is being raised to $10 million on June 2.

Now if you have $10 million or $20 million I am sure you can get a discount on online brokerage trades.

bandyopa said:
Seperate Note:
Did anyone notice that Citibank Online's Citigold page (when you log-in) had a new interface yesterday (May 1)? They changed it back to the old interface today (May 2). Plus, my Citibank Mobile is dead from May 1 as well. Probably there is a new version of the application.


I noticed the new version yesterday early morning (May 1 between around 7 to 9 AM ET), but after then, I was only able to get the old one. They have been advertising the new layout for quite some time on the hpmepage.

I did notice that they changed the domain from that web.da-us.citibank.com to online.citibank.com with the new format, but that has since been changed to reflect the old format again.

(Maybe it was a limited run to see how many people called in with bugs?)

dolmar said: The Citigold account coded out of Citibank in CA says Citibank on it. The ATM card for the N.J. Citigold says Citi Smith Barney. Citibank CA ATM card only see's my CA Citibank bank accounts. My Smith Barney FMA cards only see my 3 different FMA Accounts(I use 1 FMA as a Checking account as BDP and old T-Bill sweep paid higher interest than Citigold, 1 FMA as a brokerage account and the last FMA is my IRA). My Citi Smith Barney ATM see only N.J. Bank Accounts + FMA accounts. My Citi PB ATM sees all my accounts in CA and N.J. including the 3 Smith Barney FMA accounts.

So just to make sure you understand. If you open a Citigold account via a Smith Barney broker it will be domiciled out of N.J. No matter what sate you live in and that N.J. Account will be independent of any Citigold account you open via a local branch. Thus you can earn 1200 TYP via each Citigold account. I assume the only people who will be unable to do this is people who live in N.J. as they might not be able to open 2 N.J. Citigold accounts and get points on both accounts.


Thanks for the clarification, Dolmar. I see from your link, now, the section at the bottom about opening a Citigold account. I didn't realize you could open two Citigold accounts. Out of curiosity, o you use the 2nd, SB-opened Citigold account for anything other than earning 1200 TYP/mo? Is it useful for anything once you have the 1st Citigold account?

I currently have one Citigold account, opened through a branch, and two SB accounts. I had the SB accounts first. Didn't realize my SB broker could open the account for me so I just walked into a Citi branch one day and asked for one. I had them linked up a few months later by sending some paperwork to my SB broker along with a canceled check.

I've got an SB FMA card that only "sees" my SB accounts, and one Citi ATM card which sees all my Citigold accounts and my SB accounts. Interestingly enough, my Citi ATM doesn't say "Citi Smith Barney" on it like yours, it just says "Citibank Banking Card." It is a funky transparent gold color, though, which I like showing off to all my friends who have blue ATM cards.

Obviously I don't have a PB card because I don't have $2MM (yet). Sounds kind of like a super-ATM card that transcends normal banking relationships to link everything you have.

I wonder if I could ask my SB broker to open a second Citigold account for me...

[edit] typo

thok I do not use either of my Citigold accounts really except for making deposits as I get no holds on any deposits I make on my CA based Citigold account which PB opened for me. So what I do is make all deposits into CA Citigold account and then ask the teller to move the money to my FMA account which pays a higher rate. I only carry the PB ATM Card and 1 FMA card with me. The reason for that is because I use my Citi PB ATM card at the bank. And I use FMA card at ATM's because I use 1 FMA account as a checking account and on non Citi ATM machines my Citi PB card only see my Ca Citigold account and my UMA account which I keep no money in either.

My CA based Citigold ATM card only says Citigold and is gold. My NJ Citigold ATM card says Citi Smith Barney and is gold too. PB ATM card is Black and says Citigroup on it. And my Smith Barney ATM card says Smith Barney FMA.

My broker asked me to open the 2nd Citigold account for some bonus she was going to get for opening Citigold accounts and cross selling Citibank to her clients. I basically use both Citigold accounts just to get Thank You points. And once in a blue moon I use my Ca Citigold account to write a check if person does not want an out of state check.

Oh, bummer, if I'd known my broker would've gotten a bonus for it, I would have opened the Citigold account through him. Better that the acct opening bonus go to someone who actually does things for me than some "personal banker" at a Citi branch. Oh well, it's done now.

Probably can't have a second Citigold account anyway; I only have enough funds to cover the minimum balance requirement on one account at the moment.

No-one has ever complained to me about a non-local check. I also keep a checking account with a few thou in it at a local "community bank" just in case, though. I ACH to it when necessary.

Never tried using any of my ATM cards at a non-Citi ATM. I'm so conditioned from my Wachovia days of high fees that I don't even use free ATMs any more. I did use it once at a Citi branded ATM at a 7-11, though, which showed up on my statement as a "non-Citi ATM withdrawal."

I always found it a bit odd that my FMA checks are issued out of "Englewood Cliffs, NJ," but I guess all FMA accounts are that way from your description. I don't use checking on my FMA account because I like to balance my checkbook by hand and I can never figure out exactly how much cash is in my FMA account at any one time. I use my Citigold account as my transactional account.

thok said: I always found it a bit odd that my FMA checks are issued out of "Englewood Cliffs, NJ," but I guess all FMA accounts are that way from your description. I don't use checking on my FMA account because I like to balance my checkbook by hand and I can never figure out exactly how much cash is in my FMA account at any one time. I use my Citigold account as my transactional account.

That is why I have 3 FMA accounts. 1 that I use solely as a brokerage accounts. 1 for IRA and last one I use solely as a checking account as the highest tier of BDP pays a higher interest rate than Citigold account. I do not get charged for anything anyways. No monthly fee's, all ATM fee's get rebated etc.

Yeah... that makes sense. A separate FMA account for checking would keep things simpler; the only things you've got posting to the account then would be your checks and your interest payments.

I still pay $100/year for my FMA account, so not really interested in having a second FMA just to simplify my checkbook.

I have a second non-FMA account with SB that I use for my IRA. That one costs me $50/year. I'm considering upgrading my FMA account to an FMA Plus account because that one gives you a few extra features. Cost-wise it ends up being a wash because even though the FMA fee increases to $150/year, the FMA Plus includes two free IRA accounts which would remove the $50/year fee from that.

When I leave my current job I'll need that second IRA to hold my Roth contributions, so at that point the FMA Plus definitely makes sense. Maybe by then I'll have reached reserved status (my goal is six years) which would make either FMA or FMA Plus free.

thok Dumb question why bother with an FMA account? You know if you would have opened your accounts via a broker in the bank. The brokerage account and IRA would be free. No yearly fee, no monthly fee as long as you qualify for Citigold.

Just seems like your flushing $150 a year down the drain. You can get everything via bank based broker except FMA account and access to outside money managers. FMA is worthless unless you are in the highest tier anyways and using it as checking account otherwise it has no real benefits over standard brokerage account offered via bank channel. Min amount required to use an outside money manager is $1 million so again if you are paying for the FMA fee you have much less than that amount anyways so I personally do not understand the point of having an FMA account over standard brokerage accounts offered via the bank.

FMA account for people under $500k($1 million to get full benefits) is pointless as many of the services Citigold gives you for free you end up getting charged via Smith Barney until you reach the $500k or $1 million threshold depending on the benefit in question vs Citigold gives all the $500k Smith Barney benefits at $100k and about 1/2 of the $1 million benefits too and few they do not give only require $500k and not $1 million.

Skipping 12 Messages...
I was just notified of another CitiGold bene for holders of "Checking Plus" (overdraft protection)


We received this email from CitiGold CS:

Thank you for your message regarding the changes to our overdraft protection services. We recently sent a notification to all of our clients indicating that effective November 7, 2008 we will charge an overdraft protection transfer fee of $10 each day we cover an overdraft by transferring money from your Checking Plus account, your Checking Plus (variable rate) account, or your Safety Check contributing account. We would like to confirm that, as a Citigold client, you will not be subject to the $10 overdraft protection transfer fee. As a Citigold client, the only significant change you should be aware of is that any overdraft protection transfers will now be rounded to the next $100 increment.



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