I would like to raise my concerns over Citibank Singapore ("Citi")'s unauthorised actions over a fund transfer.
On X Dec 2019, I used Citi's mobile app to make a FAST transfer of $XXX out of my Citi MaxiGain account to a XXX bank account. The amount is immediately deducted from my MaxiGain account but is not received by the XXX account even though many hours have passed. As I understand, FAST transfers should be effected almost immediately and is available 24/7. When I check my MaxiGain account, the transfer is reflected as "SAME DAY EXTERNAL TRANSFER" and dated X Dec 2019.
I understand from Citi that the mode of my fund transfer request has been changed from FAST to GIRO, because the bank has a limit of S$50,000 for FAST transfers. This should not be true as the limit for FAST transfers has long been increased to $200,000 (abs.org.sg/docs/library/media-release-20180202fbf6a59f299c69658b7dff00006ed795.pdf). More importantly, Citi has, on its own accord, amended my request for a FAST transfer into a GIRO transfer without my express consent. There was no indication in the app during the steps before the final submission that the transfer mode is changed to GIRO. It is unscrupulous for Citi to change the transfer mode without customers' consent.
I hope that MAS will look into this matter as there are many affected customers like me. Due to Citi's revision to the MaxiGain account T&C effective 2 Dec 2019, there are many customers transferring out funds from their MaxiGain accounts these few days, and the amounts would likely be more than $50k too and caught within Citi's hidden rule of $50k FAST transaction limit.
Thank you. Hope to hear an prompt reply.