Finally, an impartial review.
Written: Oct 22 '07
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Product Rating:
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Pros: Citigold
Cons: Direct Bank/India support, poor procedures/processing methods
The Bottom Line: Make up your own mind about Citi.
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| revelated's Full Review: Citibank |
Instead of wasting your time with extended stories, I'm going to give you what you really came for - the facts, about Citibank. Separated into four parts: Deposit Accounts, Credit Accounts, Customer Service, and Procedures.
** DEPOSIT ACCOUNTS
If you open an account on the website, you WILL get a "hard" credit check. If you go in the branch or call, they do a "soft" inquiry. Bottom line, just go to a branch and sign up. It'll be a lot faster and more efficiently done. The rates on these accounts is great, as long as you pick the right checking (Interest Checking) and Savings (Ultimate Money).
** CREDIT ACCOUNTS
CitiBank has some of the hardest credit criteria of any bank. Evident by the fact that you can't even get a secured card if you have ever filed bankruptcy. HOWEVER...If you join CitiGold (more on that later), you get pre-approved (more on that later) for stuff every now and then. Once you get the product they're good accounts, it's getting past the criteria that's an issue. Plus, the way Citi processes these application (more on that later) is so mundane as to be counterproductive.
** CUSTOMER SERVICE
Oh my...Citi has the WORST customer service you will ever experience. The way it works is, they have two "tiers" of relationship: One is the "regular" customer. In this tier, you'll get a rep in an India call center anytime you need to reach someone over the phone. You can ask for an American rep and they'll do it, but this is tedious to have to keep doing this every time. The India reps are clearly reading from scripts and don't understand what it is you need. You WILL have serious complications with this level of service.
Second tier is the "premium" customer. You can be premium by joining one of three account types: Private Bank, CitiGold, or Business class. As a consumer, CitiGold is the best deal; you can maintain a minimum 100,000 monthly balance (not happening) or, after 6 months, pay $25/month. That's not bad, even though it shouldn't cost anything. All of these premium account types are well worth it, because you get a dedicated number that gets you directly to an American rep with little-to-no wait time, and you get the top level of service.
** PROCEDURES
This is Citi's biggest issue. ALL of their internal procedures are absolutely horrible. As an auditor I'd have a field day evaluating them. Deposit accounts are opened efficiently in a branch, but the website will disqualify you against procedures for something as small as a middle name discrepancy. Loans/line of credit require 5 separate departments to fulfill. Citi will send pre-approval letters to you, KNOW you receive it (meaning the address is valid) yet require address verification docs. Citi will call you, reach you, yet still require phone verification docs. They will do everything in their power NOT to extend you credit, even when you were already pre-approved.
Here's how it works.
- Customer calls into "New Accounts".
- "New Accounts" accepts the information from the customer (even if you already have an account which they should be able to pull up)
- "New Accounts" does an initial credit pull and tells you you're "conditionally" approved, or denied. The system returns terms which may or may not be final.
- The application is routed to "Direct Bank" - the India reps, for those who are Citi customers.
- "Direct Bank" reviews the application. It takes about 5 business days (ludicrous), and determines if additional information is needed (which should be determined up front).
- "Direct Bank" makes ONE call to the customer to let them know to call back (they don't tell you what's wrong, they force you to call them back to find out). If the customer doesn't call in, they send a letter that says "several tries" (even though there was one call).
- "Branch Services" is the department that determines if something is needed or not, but they don't give a reason. They just arbitrarily require things. Even though it was a PRE-APPROVAL.
- "Credit Center" is the department that underwrites the loan when all information has been submitted.
All of that is not including Citigold customer service who, of course, can't help you regarding status.
So, there you have it. Make your own mind up.
Recommended:
No
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Epinions.com ID:
revelated
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Reviews written: 14
Trusted by: 0 members
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