Almost 30 years ago, I opened an account at Citibank. I think the minimum balance required was but P5k. Months later, they raised the minimum maintaining to P30 or P50 k, so I immediately closed the account.
Fast forward to November 2007. My son opened a power savings account at Citibank savings. We were told there was no need to maintain a balance because of a small time deposit he placed. We were assured the account would earn interest nonetheless.
Fast fast forward to last week. My son got a letter from Citibank Savings. For a power savings account to earn interest, maintaining balance required was P100k, which he didn’t have in said account.
When my son and I discussed the matter, he said, “So parang pinapatago ko lang pera ko sa kanila?” Right and what a graphic way of expressing what was to be if he kept the account open, no? We promptly called the bank officer assigned to his account and moved to close the account.
Citibank as a bank rather than as a credit card source is not friendly to small depositors, not even its savings bank version. Sad…