My Citicorp CitiBank Online Banking Account Review: Citi Saving, Checking
Citigroup Inc (Citigroup) is a global diversified financial banking services company. As one of the Top 5 largest bank in USA, Citigroup has faced various challenges for the past 3 years of economic deep recession. Citigroup was formed from one of the world's largest mergers in banking history by combining financial conglomerate Travelers Group and the banking giant Citicorp in 1998. Citigroup endured huge financial losses during the global financial crisis of 2008 and was rescued by US Government in November 2008 in a massive bailout under TARP fund. Recently, Citigroup paid back the financial support to USA government. As of February 1 2011, Citigroup has a market capitalization of 141.77 billion. The current headquarter is located at New York City, NY USA.
As the top financial services in the world, Citigroup provides consumers, corporations, governments and institutions with wide selection of financial products and services. Recently, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries around the world. Citigroup operates through three primary business segments: Citicorp, Citi Holdings, and Corporate / other.
Citicorp consists of main banking operations for consumers and businesses. Citicorp includes Securities and Banking, Regional Consumer Banking, and Transaction Services. Citi Holdings consists of businesses and assets that the company no longer considers part of its core business, including its Local Consumer Lending, Brokerage and Asset Management, and Special Asset Pool units. Its Corporate and Other segment includes global staff functions and other corporate expenses.
Products & Services
For Citibank, NA, there are five main divisions such as:
1. Banking Department
Citibank offers various banking products such as online banking with Bill Pay, Checking Account, Saving & Money Markets account, Retirement IRAs & Rollovers, Certificates of Deposits (CDs), Mobile Banking and more. You can access Citi Bank by going to website www.citibank.com
2. Credit Cards
Citi has a very comprehensive credit card selection either Visa branded credit card or MasterCard branded credit cards. Four of most popular credit cards offered by Citi are Citi Platinum Select MasterCard credit card (value credit card), Citi Dividend Platinum Select Visa credit card (mainly for college student), Citi Platinum Select AAdvantage World MasterCard credit card (for travel conscious consumer), and Citi Forward Visa card (for rewards point). To access the website, you will need to go to www.citicards.com
3. Lines & Loans
If you need any home loans or personal loans, Citi offers various lines of credit or loans services such as Home Equity Line of Credit (HELOC), Home Equity Loan, Mortgage loans, and Personal loans with Overdraft protection, Student loans and more.
4. Business Banking
Whether you are small business or medium business or large business, Citi also offers business banking services such as business banking checking account, business saving account, Business Credit Cards, and CitiBusiness Online.
5. Investing Services
For investing, Citi offers Citi Personal Wealth Management.
Online Checking & Saving
Citibank Online Checking Accounts
There are 3 types of checking accounts such as
- Basic Checking Account – No minimum opening deposit, unlimited check writing, $8 monthly fee will be waived with 5 qualifying transactions
- The Citibank Account - $100 minimum opening deposit, $20 monthly fee will be waived with $6,000 combined average balance
- Citigold Interest Checking - Premier account relationship, $500 minimum opening deposit, Need $50,000 combined average balance to waive $30 monthly fee, earn interest
Citibank Online Saving Accounts
Most popular Citibank Online Saving Accounts:
- Day-to-Day Savings Account – No checking account required, $100 minimum initial deposit, $500 balance to avoid monthly fee
- Citibank Savings Plus Account - $100 minimum initial deposit, can create custom Auto Save
- Ultimate Savings Account – offers competitive interest rate, earn reward with ThankYou Points, $25,000 min initial deposit
- Citibank Premier Money Market Account - $1,000 minimum initial deposit, additional interest with qualifying transaction such as direct deposit, bill payments and purchases
Online and Mobile Banking
Similar to any Online Banking service, Citi Bank doesn’t charge a fee to use online banking (i.e. it is free). To access your Citibank online banking, you will need:
- Laptop or desktop or tablet computer with online capability
- The supported Operating System (OS) are: Windows 2000, XP, Vista system and Macintosh using OS X or higher
- The supported web browsers are: Microsoft Internet Explorer 6.0 and higher, Firefox 1 and higher, America Online 7 or higher, and Safari 3.0 and higher.
- Support 128 bit ssl security encryption protection
- You have Online User ID and password to do any e-financial transaction
- Go to Citi website such as www.citibank.com or creditcards.citi.com (credit cards)
Online Banking Transactions
By using Citibank online banking and mobile banking, customers can access various banking and financial activities such as:
- Access Citibank account balance online with ease 24/7
- Sign up for free Citi mobile banking to access Citi Mobile Apps & Citi Text Banking using iPhone, iPod touch and Android devices.
- Make payments to anyone in the US anytime using free online bill payment
- Check account balance, pay bills, and transfer funds using mobile banking
- Get an account updates within seconds by just text a short command such as BAL using Citi Text Banking
- Get any account updates or account alerts for your Citibank and linked Citi credit card accounts delivered to your mobile phone or email
- Receive your monthly online bank statements through email instead of regular mail
- Move money or transfer money within the US or abroad account either within Citi account or non-Citi accounts
- Sending money to other people using Popmoney (Pay Other People = POP) directly from your Citibank account.
- Put your savings plan on auto pilot by scheduling recurring transfer from checking account to saving accounts using Auto Save feature
- Protects your account against any unauthorized transfer or suspicious activity in your deposit accounts such as checking or saving
- Get access to 24/7 customer support by sending a message online
Advantages & Disadvantages
Pros of Citibank account:
- Convenience with various local branches and International present around the world
- Large variety of services and products such as credit cards or saving account
- Offer an online financial services with great features such as Bill Pay or Transfer Balance
- Offer Mobile banking option such as Citi Mobile and Citi Text Banking
- Offer Citi ThankYou Rewards
- Provide some decent reward credit cards such as Citibank Dividend Credit Card (5%)
- Well known for promotional 0% APR for purchase or balance transfer for new credit card customer
- Offer some promotional $200 gift card for opening Citibank checking account (Limited times)
Cons of Citibank account:
- Customer service is lacking due to big institution
- Higher fees on certain products
- Interest rate on saving accounts and CDs are very low compare to other online banks
Other Customers’ complaints:
- One customer has an issue with increasing interest rate on credit card from 8% to 30%
- Has issue with Citibank customer service
- Excessive international or foreign fee charges
- Issue with miscommunication for new ATM cards address
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