Citibank will be reimbursing around 39,500 previous and existing customers a combined amount of more than $3.3 million. Since 1994 errors occurred on credit card accounts that were closed where Citibank did not refund outstanding credit balances.
Refunds will be provided to eligible customers who had credit cards branded as Citibank, Virgin Money, Bank of Queensland, Suncorp, and Card Services as well as Citibank Ready Credit Loan customers.
Citibank will be writing to impacted customers before 30 November 2017 to let them know they will receive a refund of the credit balance with interest. If you are an entitled former customer you will receive a bank cheque in the mail. Existing customers with an open account can expect a direct credit into their account.
If your credit card or loan account had more than a $500 credit balance and wasn’t transacted on in over 7 years (or 3 years in line with the more recent unclaimed money process) the funds would have been transferred to ASIC.
Checking ASIC MoneySmart for unclaimed money search is a quick and easy way to find out if you any money from your previously dormant accounts. We have previously written an article about Unclaimed Money held with ASIC and how to claim it.
If you have any questions about this issue, you should contact your credit card provider:
Card Services (MyState, PTMB, IMB, AusWide, MyCard & CUA) 1300 13 55 38
Bank of Queensland 1300 55 72 72
Suncorp 13 11 55
Virgin Money 13 37 39
You can read more details on the ASIC Website here: