As Told To FIPS: Citibank Stole My Daughter’s Birthday Money


Via Google street viewLast week, I ended my 14-year relationship with Citibank on 7th Avenue in Park Slope. When we moved to Park Slope in 1997, my husband and I opened up a joint checking account, savings account and line of credit. In 2008, when I started my business, I opened a business checking account, savings account and line of credit. In 2011, I opened a custodial savings account for each of my two children. I was given two new Citibank coffee mugs in appreciation of my loyalty.
Each year, I deposited their birthday money into these accounts. But I did not keep close tabs on the balances because, well, the whole point of a kids’ savings account is to put the money in and forget it.
At one of my annual deposits along the way, I noticed that my daughter’s account was shrinking. I looked at the past few transactions and noticed that she was being charged a $15 service fee. I looked at my son’s account balance and he was not being charged, so I assumed that there was a minimum balance (unusual for this type of account) and simply added money from my checking account so she had as much money as my son.