Update 11/17/23: Forced conversion will not happen until 2025. Citi provided the following statement in an e-mail to account holders.
Unless you have already converted through Early Access, by 2025, all existing customers are scheduled to convert to simplified banking.
After you convert to simplified banking, you will no longer earn ThankYou Rewards based on activities associated with your checking account. Your current points are eligible for redemption, until they expire. To ensure you redeem your points before the expiration date, please visit thankyou.com. Card accounts associated with your Citi ThankYou Account can continue to earn and redeem points.
Citi is offering the ability to convert to the simplified account now, but if you decline you’ll continue to earn Citi TYP until the forced conversion. Not a huge loss but some people used this to earn a few up to 1,600 points per month.
Hat tip to 5y5ejel4
Seems like I am being forcefully converted on July/28/2024. Sad….
Countdown to your new
simplified banking experience Countdown to simplified banking
You will be converted to simplified banking on*
07/28/24
After conversion, your Statement Period will begin on
07/29/24
Information current as of
04/13/24
After you convert to simplified banking, you will no longer earn ThankYou Rewards based on activities associated with your checking account. Your current points are eligible for redemption, until they expire. To ensure you redeem your points before the expiration date, please visit thankyou.com. Card accounts associated with your Citi ThankYou Account can continue to earn and redeem points
I’m being converted in August.
Oh, well. I’ll get a few dollars less in TYP (cash back) per month, but will no longer have to jump through some silly hoops to get those points. More importantly, I’ll no longer need to keep $10,000 in a CD at Citi to meet the minimum deposit requirements and can deploy that money more effectively elsewhere.
Hate this disgusting bank and glad to leave it. Citibank Citigold package for me has been a roller coaster of inefficiency. My relationship manager hand typed my email and home address on a loan application. Not even sure how somebody messes up when they already have all my correct info in their system.. She messed up the account so bad that I had to call the consumer credit protection bureau and make threats. Between the back and forth I lost about 30 hours of time.
will we still be able to transfer these points to a credit card after the conversion, or do we need to use them before then? I do not have any citi credit cards and my redemption options are limited to cash (0.5 cents per point) or gift card (~0.7 cents per point)
Citi’s policy has always been to let you keep the points until they expire, as long as the originating account is open. If you close the checking account, the points earned from the checking account are gone too. If they convert the checking account, but it’s still open, they shouldn’t take the points away from you. However, they would probably still expire in 3 years from date earned.
I’ll promptly be closing my checking and savings accounts as soon as it goes into effect and I stop earning TY points.
Is the TY points earning for checking accounts already stopped?
I didn’t earn any TY points in November. My checking account is still not converted.
Citi No ThankYou
Do you have the reference for your 11/17 update “Unless you have already converted through Early Access, by 2025, all existing customers are scheduled to convert to simplified banking.”?
It was in an email from Citi:
“We are enhancing the customer experience, which includes changing how you receive benefits and features, automatically linking eligible accounts you own, simplifying our checking products and providing you with different opportunities to waive Monthly Service Fees.
As part of these changes, we are eliminating Account Packages. If you meet the qualifying Balance Ranges, you will enjoy the benefits of the Citi Priority, Citigold® and Citigold® Private Client Relationship Tiers.
You may have noticed Citi has introduced simplified banking for customers who open new accounts. Unless you have already converted through Early Access, by 2025, all existing customers are scheduled to convert to simplified banking. All package customers can skip the wait and convert to simplified banking before your conversion date by initiating Early Access.”
Was sent out via e-mail
By 2025 can mean anytime from now until 2025. It doesn’t mean in 2025.
Remember that time Citi got something done ahead of schedule?
looks like conversion for existing customers starts in 2024?
https://www.citigroup.com/global/news/press-release/2023/citi-simplifies-retail-banking-to-help-customers-achieve-their-financial-potential
This is actually part of a broader change to Citi’s checking and savings accounts. Among other things, the changes will eliminate the current $10,000 minimum to avoid service fees, replacing it instead with waiving service fees if (1) for checking accounts, the account receives $250 or more per month in direct deposits; and (2) for savings accounts, you either have a checking account or maintain an average monthly balance greater than $500 in the savings account.
I’ll miss getting about $5 per month for doing dumb stuff like having $10 per paycheck going into my checking account, but I’ll also be able to move nearly $10,000 to higher-paying accounts at other financial institutions while still keeping my Citi accounts open, so I’d say it’s a wash at worst.
The checking account fee is fucking nuts. Other banks have a minimum of $1,500 to avoid checking account fees, but in Citibank you’d need to have $30,000 minimum to qualify for Priority to avoid checking account fees. If you don’t use Citibank as your direct deposit account and don’t want to park $30k in Citi, it definitely makes sense to close the checking account.
The way to avoid fees and have the absolute minimum parked in Citi now is to do all of the following
1) Have only Savings account. Close out the checking account.
2) Put at least $500 in Savings account
Source – https://online.citi.com/JRS/popups/ao/CDAA.pdf
They count Zelles as Enhanced Direct Deposits so you could theoretically just move $250 back and forth each month
Both a small community bank and a credit union for around here have a $5 minimum, just do a transaction every six months for the bank.
Not a big loss. TYP earned from checking accounts can only be redeemed for gift cards or statement credit. No option to transfer to travel partners
I redeem my TYP as a direct deposit into my account. (It’s pooled TYPs from my checking account and credit cards.)