Pocket Change Blog

Closed down Citi e-savings account

September 28th, 2007

After rates on the e-savings account have been dropping steadily and quietly, I decided it was time to close down the account and move the money to Emigrant Direct, where the rates keep the same. The final nail to the coffin was the fact that EZ-checking account doesn’t have a firm deadline for sending online payments. In other words, if I need to send a payment by a certain due date, I can’t specify that date; it has to be a date ahead - something in the order of 2 business days, but it is not specific.

In Citizens Bank, once I specify the due day, I can have a guarantee that the payment will be sent in advance so that the other party will receive its payment on time. With EZ-checking that was different, and as a result I missed a credit card payment resulting in immediate finance charges and APR changing from 0% to 24%.

Both, e-savings and EZ-checking, were closed and it took quite a long time to get the money in the mail. Even though I really like Citi products, I don’t miss these accounts.

Entry Filed under: Online savings