If you don’t get the money you’ll call up Citibank again to complain and they’ll take the hit to their operational losses budget [0], which happens infrequently as a percentage of transactions but quite frequently over the totality of the system. That’s what the budget is for.
[0] Contingent on the transaction going through and not being reversible, which can happen for many reasons (staleness by the time you report it, disinclination of someone who enjoys Monopoly to repay Bank Error In Your Favor, CS staff not having a button that reverses the transaction, Citi’s ops team [1] considering it beneath their notice, etc.)
[1] I oddly enough know the name of their SVP in charge of this team because Citi escheated a check due to me to the state of Illinois back in 200X. Illinois told me they had insufficient information to determine that I’m the same Patrick McKenzie so they want said SVP to file a report on my behalf. I assess 80%+ likelihood that they’ll comply. This is boring inside baseball mostly meant to underline the fact that BigBank actually does have people with names and addresses who deal individually with transactions according to some fairly involved business processes.
> If you don’t get the money you’ll call up Citibank again to complain
I hope not. You can't imagine how annoying it is to get them on the phone. Well actually, you of all people probably know exactly how annoying it is. But I'll recap it anyway. First, when you login to the web site to access your closed account to check the statement, the 1-800 number displayed is for card activation only. Go to main web site, dig up correct number. None of the usual tricks (wait in silence, try 0, try 9, ask for an operator, ask for customer service) will bypass they infernal voice response system. Even "close account" is automated now. I guess they don't care about retention.
While I'm griping, the account has been closed for more than 90 days. Are they required at any point to send me a check?
Are they required at any point to send me a check?
They're required to do what they promised to do in your Deposit Account Agreement and/or are required to do by state law. In some states if you take no action to recover it they will be required to "escheat" the money to the safekeeping of the state treasurer to await your eventual claim for it.
[0] Contingent on the transaction going through and not being reversible, which can happen for many reasons (staleness by the time you report it, disinclination of someone who enjoys Monopoly to repay Bank Error In Your Favor, CS staff not having a button that reverses the transaction, Citi’s ops team [1] considering it beneath their notice, etc.)
[1] I oddly enough know the name of their SVP in charge of this team because Citi escheated a check due to me to the state of Illinois back in 200X. Illinois told me they had insufficient information to determine that I’m the same Patrick McKenzie so they want said SVP to file a report on my behalf. I assess 80%+ likelihood that they’ll comply. This is boring inside baseball mostly meant to underline the fact that BigBank actually does have people with names and addresses who deal individually with transactions according to some fairly involved business processes.