Dear MELso,
Following the sale of the Citigroup Pty Limited (Citi) consumer banking business in Australia to the National Australia Bank (NAB), we conducted a review of the NAB product suite. Unfortunately, we were unable to identify a NAB product that would enable us to continue delivering the foreign currency service and experience our customers have come to expect.
As a result, the Citi branded deposit account(s) you hold, detailed below, will no longer be offered from 18 May 2023. We will soon need to close your impacted account(s) and any remaining credit balance in your account(s) will be returned to you, either to your eligible Citi transaction or savings account (if you have one), or via bank cheque.
We understand this may inconvenience you. We would like to thank you for using Citi branded deposit products and encourage you to review alternative accounts that may meet your needs.
Visit nab.com.au/personal/accounts for information on other NAB transaction and savings accounts.
The changes and impacted accounts are as follows:
Closure of your foreign currency Citi Global Currency Account(s)
In accordance with clause 14.3 of the Transaction and Savings Accounts Terms and Conditions, we are providing notice that we will close your Citi Global Currency Account(s) held in Canadian Dollars (CAD), Japanese Yen (JPY), Pound Sterling (GBP), Euro (EUR), New Zealand Dollars (NZD), Swiss Francs (CHF), Hong Kong Dollars (HKD), Singapore Dollars (SGD) or United States Dollars (USD) from 18 May 2023.
What does this mean?
Foreign currency Citi Global Currency Account(s)
As your Citi Global Currency Accounts(s) in foreign currency will be closing from 18 May 2023, any remaining credit balance will be converted to Australian dollars (AUD) using the Citi Exchange Rate on the day and at the time of the conversion before being returned to you.
If, at the date of closure, you hold an eligible Citi branded transaction or savings account in AUD (excluding a Citi Global Currency Account in AUD or an Overnight Multi Currency Account in AUD), we will return your converted credit balance to this account. Otherwise, we will return your converted credit balance of more than $5 Australian dollars (or its foreign currency equivalent) via bank cheque.
What do I need to do?
Foreign currency Citi Global Currency Account(s)
IMPORTANT : Please transfer any credit balances in your Citi Global Currency Account(s) to another account you hold before 18 May 2023 to minimise any disruptions or delay in accessing your funds and in consideration of any exchange rate movements.
Review all regular, recurring, direct debit, or scheduled payments linked to your account, as these will need to be updated by 18 May 2023.
Log on to Citi Online to ensure your contact details are correct so we can continue to keep you informed of any future changes to your products and services.
If you have any questions about these changes, please visit citibank.com.au/nab or call us on 13 24 84.
Yours sincerely,
The Customer Service Team