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Effective October 1, 2006, multiple legal vehicles of Citigroup Inc. were consolidated into Citibank, N.A. and Citibank South Dakota, N.A. This consolidation will provide our clients with a more cohesive, national organization that is better able to serve our clients consistently and efficiently across the country. Please note that no action will be required by you as a client. There will be no interruption in our services or structural changes in our operations. Our legal vehicle consolidation should have minimal impact on most of our clients and most of you will not notice any real changes.
Which entities are being consolidated? The following entities were consolidated into Citibank, N.A.:
In addition, the following entities were consolidated into Citibank South Dakota, N.A.:
Will my account number be changing? No, you will keep your current account number. Will I need to order new checks? No, you can continue to use your existing checks. The next time you do order checks for your account, the checks will show Citibank, N.A., as the bank upon which the checks are drawn. Will the ABA Routing and Transit Number (RTN) that is used for my account be changing? No. Will I need to notify the company that sends my direct deposit of the merger? No, the information you provided the company for your direct deposit is not changing. Will I be getting a new Citibank Banking Card or ATM card? No, you should continue to use you current Banking Card or ATM card. I have more than one Citibank Banking Card (or ATM card) linked to accounts maintained in financial centers in different states? Do I need to keep both cards? Yes, you should keep both cards. Accounts maintained at financial centers located in different states cannot be linked, so you will need separate a Banking Card or ATM card for each state in which you maintain an account linked to such card. Will customer service information such as mailing addresses or telephone numbers be changing? No, customer service addresses and telephone numbers will not be changing. Will there be any changes to the terms and conditions of my existing accounts? There will be no changes to existing accounts, other than possible changes to FDIC deposit insurance coverage limits (please see Q&As 11-14). However, accounts opened after October 1, 2006 for a few products may be subject to different terms and conditions than those offered prior to October 1. Will there any changes to the rules affecting escheatment? Yes, beginning in 2007, accounts with an address outside of the United States, or without a current address, will be governing by the escheatment rules of the State of Nevada. I recently received a notice concerning changes to FDIC deposit insurance coverage in connection with the merger of several Citigroup banks. Why did I get this notice? On Oct. 1, 2006, Citi merged four of its consumer banks: Citibank, N.A.; Citibank, F.S.B.; Citibank (West), FSB; and Citibank (Texas), N.A. The surviving bank will be Citibank, N.A. If you have deposit accounts at more than one of the Merged Banks, there will be certain changes in the FDIC insurance coverage for your accounts, as explained below. What are these FDIC insurance changes? Under the FDIC rules, accounts at different banks are insured separately for each bank up to applicable limits. For example, if you had one account in your name at Citibank, N.A., and another in the same name at Citibank (West), FSB, each would be insured for $100,000, for a total of $200,000. When banks merge, and after a transition period, the accounts that came from different banks are counted together (not separately) for FDIC insurance purposes. In this example, after the merger and transition period, the two accounts would now be insured up to $100,000. How does the transition period work? For deposit accounts without a fixed term, the FDIC will continue separate insurance coverage for a period of six months from October 1, 2006 (until March 31, 2007). Beginning on April 1, 2007, these accounts will be combined for FDIC deposit insurance coverage purposes. For certificates of deposit (accounts with a fixed term), a different rule applies. Generally, CDs are separately insured until their first maturity date after March 31, 2007 (six months after the date of bank mergers). If the first maturity date of a CD after October 1, 2006 occurs during the first six months after that date (prior to April 1, 2007), and the account is rolled over (no change in term or balance), then the account will remain separately insured until the first maturity date after March 31, 2007. If such CD is renewed on any other terms, the CD will be separately insured only until March 31, 2007. I have deposit accounts at only one of the combining banks. Am I affected, and is there anything I need to do? If you have deposit accounts at only one of the merging banks, your accounts are not affected and there is nothing you will need to do. |
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| "Citi Private Bank" is a business of Citigroup Inc. ("Citigroup"), which provides its clients access to a broad array of products and services available through bank and non-bank affiliates. Not all products and services are provided by all affiliates or are available at all locations. All credit products are subject to credit approval. In the U.S., brokerage services and securities products are provided by Citigroup Global Markets Inc. ("CGMI"), member SIPC and an affiliate of Citibank, N.A. Outside the U.S., brokerage services may be provided by other Citigroup affiliates. Investment management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. | |||
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Citi: Privacy | Terms, conditions, caveats and small print Citi Private Bank: Privacy | Terms, conditions, caveats and small print © Copyright 2008. Citigroup Inc. All Rights Reserved. |
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