Citibank | Latest News, Photos & Videos (2024)

FAQs

What is going on with Citibank? ›

Citibank has been in trouble with regulators, and was fined $400 million by the Federal Reserve and the Office of the Comptroller of the Currency in 2021. The fine was for “unsafe and unsound banking practices,” which included sending around $900 million to the wrong recipients.

Reputation: Citibank has an F rating from the BBB, and over 500 complaints filed against their loans with the CFPB. It has an average user rating of 3.7/5 on WalletHub.

Hackers have stolen data from thousands of Citibank customers in the US, the bank has confirmed. The breach exposed the names of customers, account numbers and contact information. But other key data, such as date of birth and card security codes were not compromised, the bank said in a statement.

Yes, your Citi account will remain the same after the acquisition by Axis Bank. Citibank's consumer business in India will be transferred to Axis Bank, as of March 1, 2023.

Citibank has faced a number of challenges and controversies over the years, including accusations of predatory lending practices, involvement in the subprime mortgage crisis, and involvement in money laundering scandals.

Yes, all Citi bank accounts are FDIC insured (FDIC No. 7213) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Citibank's history is inextricable from that of the United States. “Citi,” as it is known, has embodied the best and the worst of America's banking industry.

The bottom line: Citi® offers more compelling savings accounts and CDs than Chase. Citi also makes it easier to waive monthly service fees on checking accounts. Chase and Citi are two notable national banks with branches widely available in the US.

The bottom line: Citi® offers more CD terms and pays higher interest rates on savings accounts than Wells Fargo. If you're searching for the best checking account, it may be a tight race between Citi and Wells Fargo.

In August 2020, Citibank mistakenly used its own money to repay a $900 million term loan it administered on behalf of Revlon that was held by multiple asset management groups.

Is Citibank under investigation? ›

Citibank was not spared either

Citigroup Global Markets Inc. became the latest bank to be added to the list of growing financial institutions under investigation by the U.S. Securities and Exchange Commission. The New York-based bank made the revelation during its annual filing.

Yes, your Citi account will remain the same after the acquisition by Axis Bank. "You can continue using your Citi account without any changes in account number, IFSC / MICR codes, debit card, chequebook, fees, and charges and continue to enjoy the many benefits of your account," Citibank said.

A bank can close your account without notice for any reason. But most of the time, banks close accounts when the account holder has violated terms in the account agreement. Account agreement violations could include inactivity for a prolonged period of time, repeated overdrafts or illegal activity.

In what has been the most challenging period for Wall Street layoffs since the financial crisis, Citigroup joins the list of banks announcing job cuts this year. These reductions highlight the belief among bank executives that they had overhired during the surge in dealmaking amid the pandemic.

Hackers were able to acquire over 350K customer's personal data from Citi's web application. Citi managed over 21M customers when the breach happened. This breach exposed just over 1% of the customer data.

You may have locked yourself out. If you tried to log in more than 3 times, using an incorrect Password, your account will be locked for security. You will need to reset your User ID and/or Password. For instructions on resetting your User ID and/or Password view our help guide.

CitiBank said it may temporarily freeze an account to investigate unusual activity and to safeguard clients' accounts, and they apologized.

In the country's rapidly transforming economic and banking landscape, Citibank was unable to garner a sufficient market share in the consumer banking sector, which it forayed into in 1985. As a result of this, the group decided to exit its retail business in India.