topic Re: Pretty p!$$3d at Citibank right now... in Personal Finance

Pretty p!$$3d at Citibank right now...

ptatohed — Sat, 23 Dec 2023 05:01:20 GMT

So, long story short.... About a year+ ago, I took Citi up on their offer: 'Deposit $75k, earn $1k'. It worked, got my $1k, great, thanks. Then, so that I was not a total jerk and pulled my $76k immediately, I went ahead and bought a 1-year CD from them with the $76k, at 4.XX%. Fast forward to today, my 1-yr CD matures at $79k, ready to pull my money (move it to Sallie Mae with a higher HYSA and/or better/higher CD options). Well, 1.) They have a max transfer out of $25k per day. But, 2.) More infuriatingly, they have a max of $50k transfer out per 30 days. So,..... I need to wait until Jan 17 apparently to get the rest of MY money. Strangely, they very easily allowed me to transfer the original full $75k in to Citi, in one day/one shot but, when I am ready to transfer out my money from Citi, it takes 1+ months. 8@$+@rd$.

Re: Pretty p!$$3d at Citibank right now...

CreditCuriosity — Fri, 22 Dec 2023 11:35:51 GMT

Ya that would p!ss me off as well

Re: Pretty p!$$3d at Citibank right now...

JoeRockhead — Fri, 22 Dec 2023 12:00:53 GMT

Yes, this is absurd. Sorry you're dealing with it, but greatly appreciate the information!

Re: Pretty p!$$3d at Citibank right now...

CreditCuriosity — Fri, 22 Dec 2023 12:03:16 GMT

Just curious can you set up a pull since they will only allow you to push so much to drain the rest?

Re: Pretty p!$$3d at Citibank right now...

markbeiser — Fri, 22 Dec 2023 13:12:23 GMT

First world problems!😜

Re: Pretty p!$$3d at Citibank right now...

pizzadude — Fri, 22 Dec 2023 15:04:22 GMT

Frustrating for sure -- Is it possible to go into a branch and withdraw in physical check form for deposit at your new bank?

That's how we had to do it in the olden times, before them fancy ACH / Interweb transactions

Re: Pretty p!$$3d at Citibank right now...

Kforce — Fri, 22 Dec 2023 18:43:45 GMT

Understand the frustration.

The problem is that most institutions have similar limits in place.

One Bank that I have has 5k/day and 10k/month for push payments.

(However can pull whatever the pull institution will allow)

Another with 10k/day & 100k/month (push).

(However can pull whatever the pull institution will allow)

Then Barclay's has 250k/day (push).

(I just push)

If you have a bank that has a decent per/day & per month ACH limit, "Pull from them".

The pull will kill a few day but you can get your money in a week or as suggested have them

send a check in the mail or start a wire transfer.

Re: Pretty p!$$3d at Citibank right now...

ptatohed — Sat, 23 Dec 2023 04:59:14 GMT

Thanks all. I will try a 'pull', thank you.

Re: Pretty p!$$3d at Citibank right now...

AndySoCal — Sat, 23 Dec 2023 19:50:54 GMT

@ptatohedIf I remember right you are a Vanguard customer from another post. Their money market is paying 5.30% right now. You could move the money there if you want to.

Re: Pretty p!$$3d at Citibank right now...

ptatohed — Tue, 02 Jan 2024 04:35:03 GMT

Thanks everyone for the input and advice. I have tried twice now to get the money from Citibank via a "push" from Chase, with no luck. Pretty bummed but I will just wait until Jan 17 and, lesson learned, no more investing/banking with Citibank.

Re: Pretty p!$$3d at Citibank right now...

CreditCuriosity — Tue, 02 Jan 2024 04:51:09 GMT

That is nuts.. Guess the actuaries at Citi put those rules in place to offset loses on bonuses. Still crazy as it is your $. I can see possibly an early termination fee or something.

Re: Pretty p!$$3d at Citibank right now...

Pppoolboy — Tue, 09 Jan 2024 07:53:05 GMT

@ptatohed wrote:
Thanks everyone for the input and advice. I have tried twice now to get the money from Citibank via a "push" from Chase, with no luck. Pretty bummed but I will just wait until Jan 17 and, lesson learned, no more investing/banking with Citibank.

you mean "pull"

Re: Pretty p!$$3d at Citibank right now...

ptatohed — Tue, 09 Jan 2024 08:24:27 GMT

@Pppoolboy wrote:
@ptatohed wrote:
Thanks everyone for the input and advice. I have tried twice now to get the money from Citibank via a "push" from Chase, with no luck. Pretty bummed but I will just wait until Jan 17 and, lesson learned, no more investing/banking with Citibank.

you mean "pull"

Yes, thank you, pull.

Re: Pretty p!$$3d at Citibank right now...

Spotsy — Sat, 27 Jan 2024 17:22:33 GMT

It sounds/looks like you were using the ACH transfer method to move the money...those limits, albeit a pain, are there for your protection. You may want to dig a little bit on their site and try the 'Transfer via Wire' option. If you are a CitiGold client I believe those are free, else may cost $25...and you should have much much higher limits....in the millions. You will still need to go through a fraud check ( for your first wire they will call you and ask a million questions) but it should still process the same day.

hope this helps.

Re: Pretty p!$$3d at Citibank right now...

Anonymalous — Sat, 27 Jan 2024 18:32:49 GMT

@ptatohed wrote:
So, long story short.... About a year+ ago, I took Citi up on their offer: 'Deposit $75k, earn $1k'. It worked, got my $1k, great, thanks. Then, so that I was not a total jerk and pulled my $76k immediately, I went ahead and bought a 1-year CD from them with the $76k, at 4.XX%. Fast forward to today, my 1-yr CD matures at $79k, ready to pull my money (move it to Sallie Mae with a higher HYSA and/or better/higher CD options). Well, 1.) They have a max transfer out of $25k per day. But, 2.) More infuriatingly, they have a max of $50k transfer out per 30 days. So,..... I need to wait until Jan 17 apparently to get the rest of MY money. Strangely, they very easily allowed me to transfer the original full $75k in to Citi, in one day/one shot but, when I am ready to transfer out my money from Citi, it takes 1+ months. 8@$+@rd$.

FYI, that's a really high ACH limit. Most banks are a fraction of that. It sometimes varies with the assets you have with the bank and the length of the relationship (new accounts are often severely restricted), but it's not uncommon for banks to have daily limits of $5,000 or less, and some can be as low as $1,000. This is largely a fraud-preventation measure. If you regularly move around signficant amounts of money, either use wires as @Spotsy mentioned, or find a bank with very liberal ACH transfer limits like Ally, Marcus, Cap1, or a brokerage account. In general, it's very useful to have a "hub" account. That's a bank account very high limits, which allows a good number of external accounts to be linked, and which isn't too sensitive about people moving money around (Chase can be a pain, for instance), which is used to push and pull money between various accounts.

Re: Pretty p!$$3d at Citibank right now...

ptatohed — Sun, 28 Jan 2024 01:22:20 GMT

Thanks guys, I appreciate the info. Obviously, 1+ month later now, I have transferred the rest of the citi money to Chase. I guess the main thing that bothered/confused me is why I can transfer $75k all at once from Chase to citi, but not the other way around. Also, we transfer amounts that large to and from Chase and Sallie Mae a lot with no issues.

I think I am done with citi as far as banking. I never got my $100 referral bonus from when I provided my sister my referral link, and then the issue of not being able to transfer out more than $25k/day / $50k/month. I have thought about Citigold for the $200/year subscription cash back but..... nah.