What is the procedure to close an account at Citibank: Do you have an account at Citibank that you no longer need and don’t know what to do? If you decide to close the account for any reason (high bank fees, too high maintenance fees, or few branches nearby), you always have the option to do so.
How do I close an account at Citibank? Although you can visit a branch, there are alternative options, such as e-mailing the bank or using online banking and your mobile device.
We then present all the different ways you can cancel an account in Citibank, along with their requirements, advantages and disadvantages. Consequently, you can choose the option that best suits your pace of life and needs.
Why close an account at Citibank?
Citibank is a large and well-known bank in the United States. Despite the fact that it offers different financial instruments – such as credit cards, rewards cards and balance transfer cards – in addition to checking and savings accounts, it may not meet your expectations.
According to our research, consumers close Citibank accounts for the following reasons:
- Citibank account is not being used
- Customer service issues or complaints
- Not many branches nearby
- Have too many bank accounts
- Not enough tools to do online banking
- Savings account interest rates are too low
- Transaction fees for ATMs are too high
- Overdraft fees, transfer fees and check writing fees are excessive
- In order to avoid paying maintenance fees, a minimum balance is required too high
How to close an account at Citibank: Advice and recommendations
You may have decided to break up with Citi once and for all if you’ve found a bank that meets your needs more effectively – or if you simply no longer use your Citibank account. Oh, but wait! As an additional resource, we would like to offer you a couple of tips that could streamline the entire process, as well as your transition to a new institution:
1. Find a new bank account
If you would like to close your Citi account because of fees or low APY, you should find a bank that offers what you need. Take these factors into consideration:
- More branches and offices near your home
- More ATMs across the country
- Competitive APYs to help you grow your savings
- Competitive credit cards, loans, and other financial instruments that help you grow
- Fees, charges, commissions, and currency exchange rates that are free or affordable
- The ability to conduct everything from your mobile device is a significant improvement in online banking
When you know what you need, you should look for a bank that can deliver what Citibank lacks. Our list of the most profitable savings accounts in the USA is provided to inspire you. Surely, one of these accounts will meet your needs.
2. Maintain a minimum balance
You can use your debit card more (to cover daily expenses) or transfer funds to a bank account in your name. You can open that new checking account or savings account that you just opened or use the one you use most often.
Cash withdrawals are another option, but they are less recommended. Depositing cash into another bank account is another way to get the money. Even if you are not concerned with the security risks of carrying so much physical cash around, it is possible that you will be charged to use an ATM.
Also, keep in mind that you have the option of leaving the balance intact. A check will be issued to you by the bank after you have completed closing the account.
To begin with, check the balance of your Citibank account. If you’re planning to zero out your account, we recommend contacting your bank to find out if there are any penalties involved. The best thing to do would be to close your account on the same day to avoid being assessed a fine or penalty.
3. Change your bank account information for receiving funds
It would be a good idea to modify the bank information before closing this account if your employer deposits you there or if you have investments that report their benefits to Citi. You should also consider the bank account you registered for your refunds with the IRS! You don’t want to lose any of your income.
4. Change automatic payments
You may use your free time to switch scheduled payments to another bank if you have scheduled payments to your Citibank bank account. By using the Citi mobile app or online banking you can browse the list of affiliated providers. This is the best method for cancelling automatic debits.
5. Make sure there are no pending transactions
If a payment is still due, such as a check that has not cleared, you should wait for it to clear or contact the payee directly. Then you can close your Citibank account once all the numbers are correct.
What is the procedure for closing a Citibank account?
It’s pretty easy to close a Citi bank account. Closing the account online or at the branch is the fastest and most effective way to close the account. Remember that you can also contact the bank by phone or mail.
How to close a Citibank account by phone
To close your Citibank account over the phone, contact online banking support at 1-800-374-9700. The representative will assist you with closing your account. Don’t forget to have your account information handy:
- Debit card from Citibank
- Account number you wish to close
- With your American Social Security number
If you have a checking account, keep your check book near by, because you may need to provide the number of a check you haven’t used yet to verify your identity. You will also be asked for your date of birth, an address associated with your account, your phone number, and your full name.
The bank will proceed with closing the account once it has validated your identity. It usually takes 1-2 business days to fully close a bank account using this method.
Cancelling my Citi account over the phone has the following advantages:
- You can clarify your doubts with a bank representative
- The entire closing procedure is completely free
- If you don’t have Internet and don’t want to go to a branch, this is a convenient option
- You can get information in your language.
Cancelling my Citi account over the phone has the following disadvantages:
- You will be asked for more information than you would with other methods.
- You may not always have your check book or debit card handy to confirm your identity.
- Aside from the waiting time -which varies between 3-6 minutes- it will take you on average 30 minutes.
Closing a Citibank account online
Using the instant messaging service is one way to cancel your Citi account without leaving home. Here’s how:
Click “Contact us” on the official Citibank website. Select ” Sign On to Message Us ” from the list of options.
Look for the online chat symbol after you enter your User ID and password.
You can close your account by writing a message. To prove your identity, they will ask you for some information, such as your date of birth or the last four digits of your Social Security number.
Upon submitting your request, you will receive a security message in your email inbox. We’ll tell you how long the whole process will take in that communication, so don’t worry! A second confirmation email and SMS will be sent to you once your account has been fully closed.
Cancelling my Citi account online has the following advantages:
- Compared to closing by phone, this process is faster.
- It is also free.
- Within 6-12 hours, your account will be closed.
The cons of cancelling my Citi account over the phone:
- You will be asked for the same information as over the phone.
- The representative may not speak your language.
How to close a Citibank account by mail
Do you have the option of closing your bank account by mail? You can, although it sounds strange. The problem is that this option takes too long to complete (about 30 business days in the worst case scenario) and you will always wonder if you sent the communication to the wrong address.
It’s a problem that the Citibank website does not provide an address for account closures. Technically, you need to send your communication with all the details – such as how you want to receive the balance remaining in your account – to this address:
Citibank Client Services
US Service Centre
PO Box 769007
San Antonio, TX 78245-9966
However, you will see that there are other addresses available for Citigold clients, international clients, and so forth if you visit the Citi ” Connect by Mail ” page. You would also risk losing the request even if you sent it to the correct address if the bank required proof of identity.
What would we recommend? Closing your Citi bank account via the internet or telephone will be much less hassle – and easier. If you prefer, you can also visit a branch.
Cancelling my Citi account by mail has the following advantages:
- The communication will be acknowledged by a notice of receipt, in case you need it.
- It’s a good alternative if you can’t visit a branch and don’t mind waiting.
Cancellation of my Citi account by phone has the following disadvantages:
- Additional documents or proof may be requested by the bank.
- It may take up to 30 business days for the process to be completed.
- Other options are faster and easier than using the postal service.
- It is possible to send the communication to the wrong address. If that is the case, you will have to start over (and you will have wasted time).
How to close your Citibank account in person
By going directly to a physical branch, you can close a bank account in a classic way. It may be a good option for you if you wish to speak with a bank representative face-to-face and do not mind waiting in line.
It is very simple to complete the procedure. First, locate the closest Citi branch using Citi’s branch locator. Go when the branches are open:
- On Mondays through Thursdays, 9:00 a.m. to 5:00 p.m.
- On Fridays, from 9:00 a.m. to 6:00 p.m.
- On Saturdays, from 9:00 a.m. to 2:00 p.m.
Citibank is closed on US holidays. Plan ahead so you don’t miss the following:
- Christmas is on the 25th of December).
- New Year (1st of January)
- Martin Luther King Jr. Day (third Monday in January)
- Presidents’ Day (third Monday in February)
- Memorial Day (last Monday in May)
- Independence Day (July 4)
- Labour Day (first Monday in September)
- Columbus Day (second Monday in October)
- Veterans Day (November 11)
- Thanksgiving Day (fourth Thursday in November)
Don’t forget to bring a photo ID issued by your state or government, such as your driver’s license or passport. Your Social Security card and the debit card associated with the account may also be required.
Cancelling my Citi account in person has the following advantages:
- A representative will be able to answer all your questions.
- The balance of your account can be requested in the form of a check.
- There is no waiting time involved in this procedure.
- Since the bank has you face to face, it will not need to verify your identity.
Cancelling my Citi account in person has the following cons:
- The bank may provide you with forms to complete.
- Waiting for your turn will take half an hour or more if there are many people on the waiting list.
- It is also possible to close the account online, which is easier and faster.
How to close your Citibank account online
One of the most recommended ways to close your Citibank account is online. In essence, the process is a simplification of the instant messaging tool explained in this guide. In order to avoid mistakes, let’s go through the steps:
- Log in with your ID and password to access online banking.
- You can chat online.
- Inform the representative that you wish to close your account.
- Give them the relevant information, such as your account number.
- Make sure you answer security questions, such as the date of birth.
Prepared! Your Citi account will be closed within 6-12 hours.
Cancelling my Citi account online has the following advantages:
- There won’t be many questions, just security and identity verification questions.
- You won’t need to leave your house. Furthermore, there is no charge.
- There will be no waiting time. A Citi representative is always available for online chat.
My Citi account can be cancelled online, but here are some disadvantages:
- You cannot close your account immediately when you visit a branch. (It takes about 6-12 hours).
Keep Reading: Here are 19 banks that don’t use ChexSystems
What is the procedure for cancelling a Citibank credit card?
Paying off the entire balance of a Citibank credit card is the best way to cancel it permanently.
Paying off your entire balance due is the best way to cancel a Citibank credit card permanently. Make sure to eliminate any scheduled payments associated with the card and the automatic debit of the invoices associated with the card you wish to close.
As we have already mentioned in the previous section, Citibank credit cards can be completely deactivated using the following modalities. Our recommendation, however, is to do it as follows:
Citibank branches can be found in most cities. Do not forget to bring your credit card.
Online Citi card cancellation. To apply, log in to online banking and use the live chat tool.
Cancel your Citi card by phone. In this case, you should call the number on the back of your credit card. You can speak with a representative about cancelling the card.
It is important to remember that cancelling a credit card can negatively impact your credit score. When making a final decision, keep this in mind.
Alternatives to Closing an Account at Citibank
Do not worry if you are not 100% sure about cancelling your Citi credit card or closing your bank account! Many people, like you, are looking for ways to keep their financial products active. There are some of them to help you keep your credit score up and others to save time. Below are a few options you can choose from:
Request a change of account or credit card
Citibank is regarded as one of the largest and most important banks in the United States. The bank has one of the country’s most diverse portfolios of accounts and credit cards. You may want to change your savings account APY at the bank or receive more rewards when using your credit card if it doesn’t meet your needs.
Citibank might have a bank account or credit card that meets your expectations, whether it offers more interest on your money or lower surcharges and fees than what you pay now.
Please contact Citibank if you would like to change your product. Citi’s customer service phone number or a Citi branch are both available for this. According to your profile, the sales representative will provide you with several options from which to choose.
Keep your account or credit card open
If you have a Citi credit card that’s debt-free and annuity-free – or perhaps a savings account that offers a high APY and no fees – you may want to keep it open. Use your credit or debit card when you feel ready, and keep it in a safe place.
You can maintain a good credit score if you keep an account open, especially if you’re talking about a credit card. Furthermore, you never know when you will need it.
Other savings options
If you have a savings account with Citibank but are not satisfied with the interest rate, compare it with other accounts on the financial market. You may not realize that your bank is giving you APY that is good.
If you want to earn more on your savings, you can open a mutual fund, a certificate of deposit, a money market account, or a maximum yield account within the same bank. As you can see, there are numerous alternatives available to you.
Citibank frequently asked questions about closing an account or card
Check out these frequently asked questions before you decide to close your Citibank account. If you have enough information on the topic, you will be able to make a wise decision:
How does closing my Citi bank account affect my credit score?
Not directly, at least. If you cancel your Citibank account, your credit score will be negatively affected by following reasons:
Yes, you need to open an account with special conditions to complete the closing. Banks sometimes request difficult conditions to open accounts, such as a linked line of credit for all their customers, benefits and rewards that are different from the average, or higher cashback. Your credit score won’t be affected directly by closing your Citibank account, but what you do to get a better offer might.
For example, closing your Citibank account with a negative balance may lower your credit score. You may be left with a negative balance if your Citi account had some pending payments before closing. In this case, there will be unpaid fees, penalties, and charges that could appear on your credit report if not paid.
When I cancel a credit card, what happens to my credit score?
Can you cancel a credit card without causing harm? Your credit score could be affected if the account you wish to close is linked to a credit card. What are the reasons? The following are some of them:
Reduction of credit history
By having one of the oldest Citi credit cards, you may be able to shorten the length of your credit history. With a weight of 15%, this factor has a significant impact on your credit score.
Reduced credit availability
When you apply for loans and similar instruments, banks and credit unions consider your credit history. You will have $2,000 less in this section, if, for example, your Citi credit card limit is $2,000 .
Credit/debt ratio increases
At present, the debt/credit ratio is calculated by dividing your total debts by your total available credit. You can calculate the percentage of credit you use by multiplying this factor by 100; a calculation that can tell the bank if your income is high enough to cover your expenses or if, on the contrary, you spend more than you earn.
A debt-to-credit ratio of 30% is ideal. Your credit will be negatively impacted if you close your Citi card! What should you do to prevent this? Definitely. You can cancel the Citibank credit card by paying off a large portion of your debt.
Can I reopen a Citibank account that has been closed?
No, unfortunately. Closed accounts, like credit cards, cannot be accessed. You can request the opening of the same type of account you previously had in this case. You’ll receive a different account number and debit/credit card, but you’ll still benefit from the same features.
When I close my Citibank account, what happens to my points and rewards?
It is only possible to keep your points and rewards when closing an account or credit card with Citi if you maintain other accounts or cards with Citi. If this occurs, the points will automatically be transferred to the accounts that remain active. It is recommended that you redeem your Citibank cards or accounts before closing if you do not have another one. That way, you won’t lose anything.
When a Citibank account is closed, how much does it cost?
Nothing technically. Charges and fees may apply, however. Your particular circumstances will determine this. Consumers may be penalized for early closing top-performing accounts. If this is the case for you, you will be required to pay the fine.
You may also have to pay to cancel your Citibank account if the following factors apply:
A minimum balance must be maintained at all times to avoid penalties and fees.
Not disabling automatic account payments prior to closing the account.
Returning the account closure transfer as a result of the user’s mistake.
Is the Citibank mobile app capable of closing my account?
No, unfortunately. Citi Mobile allows you to manage your accounts from your mobile device 24×7. With your account, you can access a summary of transactions, pay your bills, make transfers, check the balance owing on your credit card, affiliate suppliers, schedule automatic payments, activate notifications about physical or online purchases, and even block a lost or stolen credit card.
We recommend any of the other options listed in this guide if you want to cancel your credit card.
It’s time to decide whether or not to leave Citibank or reconsider your decision now that you know all you need to know about closing Citibank accounts. We hope our tips will help you make the transition as easy and fast for you as possible.