Jump to content

Will this action give Citi carte blanche to dip into my checking account at will?


Flashman
 Share

Recommended Posts

 

I am looking into the possibility of paying my CC online rather than on the blower.  However, being the sort that reads terms and conditions thoroughly before agreeing to them, I was wondering if anyone could comment on what Citi asks cardholders to agree to before they submit their checking account information:

 

Quote

By checking this box, I confirm that I have read and agree to the Terms and Conditions and agree to participate in Online Bill Payment. I authorize Citibank, N.A. to initiate an electronic payment from my bank account indicated above, and authorize my bank to honor the withdrawal. This authority is for the account(s) noted above and is to remain in effect until cancelled in writing by Citibank, N.A., my financial institution, or me [emphasis mine]. I also understand that if an email address is on record, I will receive an electronic Online Bill Payment confirmation notice that can be printed as evidence of my authorization for electronic funds transfer from my bank account.

 

The idea behind attaching my checking account information to my cc account online is to give Citi only the ability to process one-time payments that I contact Citi to authorise before they go through.  The passage I have emphasised has me concerned because I do not understand why I cannot revoke Citi's authority to take funds from my account with a simple phone call as opposed to having to write them a letter that may take days for them to receive and process.

 

My two questions are:

 

Am I mistaken in thinking that my agreeing to the above will give Citi the ability to dip into my checking account at will vs. only when I instruct them to do so via their website?

 

and

 

Has anyone had problems in the past with Citi making unauthorised withdrawals from their checking account despite only signing up for one-time payment?

 

 

 

 

 

 

 

 

 

Link to comment
Share on other sites


It seems like there might be room for Citi to make that agreement language more restrictive, in favor of greater security for the payer/account holder.

 

Nevertheless, I've been paying my Citi statements online for about 25 years and have never suffered an unexpected/unauthorized account debit.

Link to comment
Share on other sites

After the jaw-dropping ways in which Citibank repeatedly mistreated me, I, Sidewinder, am famously the most virulently anti-Citibank CB'er in the history of everything in whole omigod entire known universe.

 

AND EVEN I am here to tell you that Citibank is not going to just dip into your checking account when they feel like ordering a bunch of Uber Eats or some new golf clubs.

 

So yes; yes, you are mistaken in thinking that your agreeing to the above will give Citi the ability to dip into your checking account at will vs. only when you instruct them to do so.

 

 

 

 

Edited by Sidewinder
Link to comment
Share on other sites

On 6/17/2022 at 5:50 PM, Sidewinder said:

After the jaw-dropping ways in which Citibank repeatedly mistreated me,

 

Is there a thread you could direct me to where you have written about this?

 

I ask because, while I cannot say I hate Citi, I cannot say they are my favourite CC firm, either.  I would be interested to hear what you have to say about them, as this may serve as the impetus for me to find a different 2% everyday spend card.

 

 

Link to comment
Share on other sites

10 hours ago, Flashman said:

 

Is there a thread you could direct me to where you have written about this?

 

I ask because, while I cannot say I hate Citi, I cannot say they are my favourite CC firm, either.  I would be interested to hear what you have to say about them, as this may serve as the impetus for me to find a different 2% everyday spend card.

 

 

 

https://www.fnbo.com/personal-banking/credit-cards/

 

Link to comment
Share on other sites

1 hour ago, Sidewinder said:

I meant to add in the above post that FNBO isn't merely the issuer of a solid 2% unlimited cash back card (they are), but also that I specifically endorse them.  I've had their Rewards Visa for a while now (that one's invitation-only tho) and am overall quite satisfied with them.

 

FNBO: The great big small bank.

2% cards are a dime a dozen. And FNBO is a bank that's so small it sucks like a CU. Stay away. 

Link to comment
Share on other sites

56 minutes ago, shifter said:

2% cards are a dime a dozen. And FNBO is a bank that's so small it sucks like a CU. Stay away. 

 

Not a chance (re USB Cash+) ... I adore getting 5% cb on my utility payments and select streaming excl from the BCP 6%.

Edited by hdporter
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      184,340
    • Most Online
      2,046

    Newest Member
    fashionoflady
    Joined
×
×
  • Create New...

Important Information

Guidelines