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I signed up for a Citibank checking account promotion back in Sept. 2016 for $400 promotional credit if you deposited $15K and kept it in for 30 days and waited another 90 for payout. It has been 91 days after meeting all requirements and no payout yet I have been calling CS in Philippines today and that was about useless. Then I called a local branch guy in Illinois and told him about the promotion I had and what was going on. I did not even have to give him my account # and he knew what the problems was and what was going on. He proceeded to tell me that he has dealt with a lot of people over the last few weeks with the same issue as I am having. Apparently Citi is struggling to pay this $400 promotion out on time and is paying it out about 3-4 weeks after the day it was promised. When I signed up for this promotion I made sure to print all the "fine print" out and I have it sitting right in front of me right now looking at it. Citi did not keep there end of the contract/promotion up. Is there any legal recourse?

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rated:
You probably can't sue them, so you'll have to settle for arbitration. You'd win, and they'll have to pay you the $400. Of course they've already basically told you your $400 is coming, but will be 3-4 weeks late. So you're going to get paid, just not at 90 days exactly. Oh and if you want to see how far Citi is willing to go check this thread out:

https://www.fatwallet.com/forums/finance/1537658

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You could file a complaint with the CFPB.

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Say they end up paying you a month late. Assuming the Citi account is paying you 0% interest, and you could have the $ in another FDIC-insured account with similar liquidity options that paid 1% interest, you're looking at $15000*0.01/12=$12.50 in damages.

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cestmoi123 said:   Say they end up paying you a month late. Assuming the Citi account is paying you 0% interest, and you could have the $ in another FDIC-insured account with similar liquidity options that paid 1% interest, you're looking at $15000*0.01/12=$12.50 in damages.
  Exactly. Pick your battles wisely. If you are getting the $400, just a few weeks later than promised, just move along.
The effort is not worth it. Besides, there is the risk of getting black-listed.

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cestmoi123 said:   Say they end up paying you a month late. Assuming the Citi account is paying you 0% interest, and you could have the $ in another FDIC-insured account with similar liquidity options that paid 1% interest, you're looking at $15000*0.01/12=$12.50 in damages.
  Actually it's less than that since you could have reduced balance to10K after the 30 days w/o fees/penalty so maybe $8.34

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It's not worth doing anything at this point.

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Just be happy if you get the bonus with citi. There are reports of lots of people never receiving the bonus after following all steps

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I just checked my Citi Bank and there it sits, $15K. I opened the acct in Oct and figured I would receive the bonus $400 around 1/23/17.
Op said, he was told to expect bonus, 3-4 weeks late. Guess nothing to do, at this point. Just wait.

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pattyB said:   Op said, he was told to expect bonus, 3-4 weeks late. Guess nothing to do, at this point. Just wait.
  A few guys on DoC said they had to file with CFPB.  I won't wait an additional month after the due date,
then possibly be told they need even more time to investigate the issue after that..  Nope, not happening   

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pattyB said:   I just checked my Citi Bank and there it sits, $15K. I opened the acct in Oct and figured I would receive the bonus $400 around 1/23/17.
Op said, he was told to expect bonus, 3-4 weeks late. Guess nothing to do, at this point. Just wait.

  As noted by a previous poster, you can move 5k out and maintain only 10k to avoid fees.

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I'm in the same boat as you OP. I'm told I should wait until late Feb to get the bonus. I'm not too convinced I'll automatically get the bonus. Let's hope I don't have to CFPB them.

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If you're going to file with CFPB, I'd do it now before they get shut down.

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kaneohe said:   
cestmoi123 said:   Say they end up paying you a month late. Assuming the Citi account is paying you 0% interest, and you could have the $ in another FDIC-insured account with similar liquidity options that paid 1% interest, you're looking at $15000*0.01/12=$12.50 in damages.
  Actually it's less than that since you could have reduced balance to10K after the 30 days w/o fees/penalty so maybe $8.34

  
It's not quite that clear cut. What if the OP needs the money right now. He would either have to close the account or leave a very small balance in there, having a monthly fee charged.  It is still a hassle.

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I verified my $400.00 qualifications on line chat after two months at $15,000.00. The on line chat rep verified if was ok to stay above $10,000, but drop below $15,000.00. He indicated the bonus would be paid at the end of the six months required deposit period. For me, that would be March 2017.
I am not too concerned as the remaining $10,000. is close to my BT remainder due in September 2017..

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I've noticed this sort of attitude, and general fretting / overanxiety about these deals a lot more lately. And I think it's going to kill them off in time.

Every time a financial deal with a bonus comes up, you've got people immediately and repeatedly calling the bank 24/7 to check if the promo was applied, if they're eligible, to get a temporary debit card because they can't wait 2 days for it to be mailed. Then when it comes time for the bonus, everyone starts calling if the bonus is 1 hour late, or trying to squeeze out a slightly better deal if one came about since they applied....

It's bad enough that these financial institutions are probably caught by surprise by how many applications they get (and bonuses they have to Dish out), but now they also have to deal with a massive influx of customer service requests (which costs them money, believe it or not). Only to then have to deal with a massive influx of account cancellations once the bonuses hit. I wish people would just chill out and let the money come to them.

So OP, I guess my advice to you would be to chill out.

end rant.

p.s. get off my lawn

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My response is different from I think everyone in this thread but one person.

It's Citi. They have a history of doing this exact thing. "We can't pay out your bonus yet because we're having trouble with our systems." "We can't get our system to deposit miles into your AAdvantage account." This isn't a small bank that was caught off guard by a promotion. Citi is literally constantly running these promotions.

My advice to you OP would be to immediately send a secure message asking for the status. State in the secure message that you met the requirements on X, the bonus should have been paid on Y, and you would like to confirm that you will be receiving the bonus and that you met all requirements. You want to get them to say "you will get the bonus, we just need more time." Keep on them until you get that response and do it all by secure message so you have a record (and save each pdf as you receive it).

At 120 days send them another secure message asking where your bonus is, and when it will be deposited. Depending on how they respond, you should consider filing a complaint with the CFPB (or as hpmax mentioned, maybe it will have to be the OCC ). But you should specifically state in whatever complaint you file that you received that "confirmation" letter.

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TJME said:   I signed up for a Citibank checking account promotion back in Sept. 2016 for $400 promotional credit
 I am having similar issues. 

Citibank now tells me that they need a "Notarized" W9 form (Request for Taxpayer Identification Number and Certification) after all of this information was provided on the standard application forms just like any other bank application.
(I am a US citizen fully living in US)

 

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TJME said:   I signed up for a Citibank checking account promotion back in Sept. 2016 for $400 promotional credit if you deposited $15K and kept it in for 30 days and waited another 90 for payout. It has been 91 days after meeting all requirements and no payout yet I have been calling CS in Philippines today and that was about useless. Then I called a local branch guy in Illinois and told him about the promotion I had and what was going on. I did not even have to give him my account # and he knew what the problems was and what was going on. He proceeded to tell me that he has dealt with a lot of people over the last few weeks with the same issue as I am having. Apparently Citi is struggling to pay this $400 promotion out on time and is paying it out about 3-4 weeks after the day it was promised. When I signed up for this promotion I made sure to print all the "fine print" out and I have it sitting right in front of me right now looking at it. Citi did not keep there end of the contract/promotion up. Is there any legal recourse?
  This may or may not apply to your situation, but often banks operate under statement cycles, and even though they quote a timeframe in calendar days they're just converting statement cycles (3 statement cycles = 90 days).  They flag a qualification as having been met when it actually cycles on a statement - so while you may have reached 30 days on October 15, you're noted as meeting the qualification when your statement cycles 10/31.  Then count out 3 more statement cycles for the payout to be approved.  Then another week or two for the payment transaction to be processed. 

Point being, maybe they could phrase the language a bit better, but the day you think it's promised isnt necessarily the day they're telling you it'll be received.  There can be some "the check is in the mail"-type variance.

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iago said:   
TJME said:   I signed up for a Citibank checking account promotion back in Sept. 2016 for $400 promotional credit
 I am having similar issues. 

Citibank now tells me that they need a "Notarized" W9 form (Request for Taxpayer Identification Number and Certification) after all of this information was provided on the standard application forms just like any other bank application.
(I am a US citizen fully living in US)

 

  
I also received notification from Citi this afternoon that I need to fill out a W9 for them. Fortunately, that haven't asked for it to be notarized. Yet.

This after filing 3 CFPB complaints. Details at https://www.fatwallet.com/forums/finance/1530843

I supplied my SSN at account opening, and I also had an active Citibank checking account from 2005-2010, but that doesn't seem to matter to these clowns.

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I signed up for the $400.00 bonus checking account offer on October 31st. I funded it a couple of days later. I was paid the $400.00 bonus February 7th.
The checking statement posts about the 21st of each month..

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