Banks Selling Accounts To Other Banks

[brahmburgers]

my Citibank account has been non-functional for the past several days. When I tried online access - which ordinarily works well enough, it gave me "temporarily out of service" messages and little else.

When I called Citibank support, I was told my bank account had been sold to Wells Fargo bank. They'd given me no notice at any time - just sold the account, and (for them) that's the end of it.

Then I had a long phone conversation with a worker at Wells Fargo - and things sounded reasonably ok. Not so, in reality.

I couldn't log in to Wells Fargo - and a subsequent call to them said, 'sorry, there may be glitches." ....sort of thing.

Also found out my ATM is defunct, now that the account is at a different bank.

I don't mean to bellyache about my personal challenges, but would like to send a warning out to others: beware of banks. Some are as shifty as the gypsy selling watches in the back alley.

I've been turned off to Citibank for awhile now, but this is the icing on the cake.

[jcon]

whoa?!

so what happens in the end? you're money is no longer yours??? i hope it wasn't a large amount... that sucks.

I've never used Citi because I've never EVER met a Citi employee that I liked. Especially here in Thailand.

[haybilly]

my Citibank account has been non-functional for the past several days. When I tried online access - which ordinarily works well enough, it gave me "temporarily out of service" messages and little else.

When I called Citibank support, I was told my bank account had been sold to Wells Fargo bank. They'd given me no notice at any time - just sold the account, and (for them) that's the end of it.

Then I had a long phone conversation with a worker at Wells Fargo - and things sounded reasonably ok. Not so, in reality.

I couldn't log in to Wells Fargo - and a subsequent call to them said, 'sorry, there may be glitches." ....sort of thing.

Also found out my ATM is defunct, now that the account is at a different bank.

I don't mean to bellyache about my personal challenges, but would like to send a warning out to others: beware of banks. Some are as shifty as the gypsy selling watches in the back alley.

I've been turned off to Citibank for awhile now, but this is the icing on the cake.

Are you serious???--A bank can sell a depositor's account to a third party bank without so much as a "by your leave"--get outta here???

<deleted>--Citibank USA or Citibank Singapore??

[Jingthing]

What kind of account was it? Was it well funded, low balance, active, not active, etc.? I find that amazing if it was a regular bank account. However, for things like mortgages it is expected and usual to have your mortgage change hands at least once.

[brahmburgers]

I've been told my new bank (not of my choosing) Wells Fargo, that my balance amount is the same as it was with Citibank.

After I posted the OP, I found a letter in my mailbox (mailed 5 weeks ago) with a new Wells Fargo ATM card. The pin number had been mailed in a separate envelope. I had seen that separate envelope two weeks ago, and had chucked it in the waste bin, thinking it was junk mail soliciting something - 'cause I didn't know until today that Wells Fargo had been forced upon me.

And yes, the exact wording of the first sentence I heard regarding my call to US Citibank (asking why my account was stymied) was; "your account has been sold to Wells Fargo."

I'd heard of credit card accounts being sold from one company to another, but had never heard of savings/checking accounts being sold like that.

Am still trying to unravel the multiple glitches. Good thing I'm traveling to the States in 2 weeks (already planned the trip before this imbroglio) - because then I can walk in to the banks' offices and give them harangue - face to face.

[Gary A]

I am still able to use Citibank online so they must have kept my account. I have a good friend who has just returned from a trip to the US. I was complaining to him that Citibank was charging 3 percent for foreign ATM transactions. He went to his Citibank branch in California and was assured by the person he talked to that the fee was 2 percent. His first transaction when he got back here was a 3 percent fee. He emailed them and was told that the fee was indeed 3 percent and the teller had made a mistake telling him it was 2 percent. He is NOT happy and told me he is changing to Bank of America. I told him that he may be jumping out of the skillet into the fire. ??

I used Wells Fargo for a number of years before they started charging fees for EVERYTHING. I changed to Citibank and it appears there is no a lot of difference between them now.

[brahmburgers]

I got some added details re; the sale of my Citibank account to Wells Fargo bank.

Turns out all the Citibank accounts in a region of northern California (where I had my account) closed down - and supposedly, all those Citibank accounts were bought up by WF.

Am still trolling for a bank that I feel comfortable with: solvent, no usurious ATM fees, decent service attitude, and a bank that doesn't have a problem with me having a Thai address. Am open to any suggestions, thanks.

I looked at the Nationwide INternet Bank web site, but they seem to only deal with clients with UK addresses - is that so?

[glyph]

It seems that reading your mail in a timely manner would have been helpful. Too, I'm sure that you can move your (now) Wells Fargo account to a viable Citibank facility.

Edited September 22, 2008 by glyph

[nonthaburial]

Was in HK a couple of months ago looking for a bank to put foreign currencies. Went to Citibank with the South china Morning post under my arm, whilst waiting to be talked to, I noticed in the paper that Citibank were in trouble and were going tol shed thousands of jobs. I walked out and took my business to Standard Chartered.

Could this be one of the reasons that Wells Fargo are involved ??

[Jimjim]

Wells Fargo is one of the strongest banks right now according to some experts. Who knows what that means nowadays.

WAMU is a bank that doesn't nickel and dime you but they are in trouble right now. They are looking for a buyer. Don't know what will happen to them but I suspect they'll continue in one form or another. If they sell, however, they may sell to a more traditional bank that likes to add on all the fees.

Edit: Just talking about U.S. banks, as in Wells Fargo is one of the top strongest U.S. banks.

Edited September 22, 2008 by Jimjim

[Kf6vci]

I hear you. Both my U.S. accounts are likely to be bought as UB and WM are selling themselves.

WM is now charging $ 33 for paying items. and there were two duplicate posts, first of a $ 20.55 Paypal credit, then of a $ 16 check.

The result: a $ 66.00 overdraft fee.

You all better take note and leave $ 100 as a safety cushion in your accounts to avoid such issues.