It will be a long time before the world forgets who the big rollers were in the 2008 market crash that left millions jobless, homeless, and without their life savings. Citibank, or rather, Citigroup as a whole was under severe scrutiny and had to make amends for their transgressions. In 2014 they agreed to pay $ 7 billion to settle the Federal investigation. It’s been a rocky ride for the group ever since, and branch closures and employee sackings ensued en masse.

Towards 2016 the bank saw some stability return to their infrastructure, and profits were once again a reality for the bank. This does not mean that the bank will go full steam ahead and reopen some of the branches. Instead, the bank is looking to increase its digital footprint and there are already talks that it’s going to be one of the frontrunners of a cashless society. Countries such as Australia and India are eager to get this off the ground.

With a rocky ride such as the one Citibank has been on, it’s hard to say where the bank is going. With the increased profits and the ability to stay afloat after the crisis, there is no reason to assume that Citibank won’t be around for a while. That being said, let’s see how Citibank compares to its peers.

History of Citibank

Screenshot of the History of Citibank

What started out as the treasury and finance center for a business tycoon, soon became the heart of New York banking. The City Bank of New York was founded in 1812 and was managed by a retired Colonel. It wasn’t until 1863 that the bank formed part of the national banking system. This banking system was still fairly new to the US. With this acceptance to the system, the bank changed its name to the National City Bank of New York. Due to its operations and expansion efforts, the bank became one of the largest in the US.

In 1897, the bank decided to put out its feelers across the waters and established its very first foreign office. It took some time for the Federal Reserve Act to come on board, and the first proper branch was finally founded outside the borders of the US. Argentina became home to this branch, established in Buenos Aires in 1914. Although there were branches that were opened elsewhere in the world before then, the bank wasn’t able to open it as its own and had to create a subsidiary.

London, Shanghai, and Calcutta were some of the branches founded by the subsidiary which was known as the International Banking Corporation. A few years after the Federal Reserve Act changed its standing on expansion, the subsidiary merged with the bank.

The Effect of the World Wars

During and after WWI, trade and industry were the global focus and New York formed part of the movement. The bank was known for its acquisitions of other firms during this time, as well as the role it played in building up industry. The bank was known for its movements in the market and according to analysts, the behavior of then chairman, Charles E. Mitchell, led to Black Tuesday. The stock market crash was caused by faulty policies, mergers, and acquisitions. This led to the Great Depression, and the bank had a lot of responsibility on its shoulders once again.

Things started turning around after WWII and the fifties proved to be a time of rebuilding. Manufacturing and industry were at an all-time high. It was also in the fifties that the Rockefellers became the heart of New York banking. During this time the bank merged with First National Bank, and soon after changed its name to The First National City Bank of New York.

In the seventies, the bank was renamed again, this time to the much shortened Citibank, N.A. During the seventies, automatic teller machines were rolled out and paved the way for digital banking. In the eighties, the bank was known for its hand in online banking.

The nineties and 2000s were largely dedicated to increasing the global footprint and strengthening the digital side of things. Banking was flourishing and it continued to do so until 2008.

Access to Citibank

Online Banking

Screenshot of Online Banking Login Citibank

With a rich history in digital banking, Citibank proves to be one of the leaders in online banking. Many of the transactions and services can be performed online, and the bank is known for its prowess in creating a cashless society. Furthermore, the online banking system is easy to use.

We recently did a full review on a bank that makes sole use of online banking: Ally Bank.


There are over 1,000 branches in the US, and 4,000 worldwide to assist clients with their needs. There is no plan to extend the branch network as the bank hopes to localize their operations via the internet. The branches that are still around, provide the traditional services clients are used to. Worldwide locations include:

Asia Pacific

  • Australia, Bangladesh, China, Hong Kong, and India
  • Indonesia, Japan, Korea, Macau, and Malaysia
  • New Zealand, Philippines, Singapore, and Sri Lanka
  • Taiwan, Thailand, and Vietnam

Europe, Middle East, and Africa

  • Algeria, Austria, Bahrain, Belgium, and Bulgaria
  • Cameroon, Democratic Republic of Congo, and the Czech Republic
  • Denmark, Egypt, Finland, France, and Gabon
  • Germany, Ghana, Greece, Hungary, and Iraq
  • Ireland, Israel, Italy, Ivory Coast, and Jersey
  • Jordan, Kazakhstan, Kenya, Kuwait, and Lebanon
  • Luxembourg, Monaco, Morocco, Netherlands, and Nigeria
  • Norway, Pakistan, Poland, Portugal, and Qatar
  • Romania, Russia, Senegal, Slovakia, and South Africa
  • Spain, Sweden, Switzerland, Tanzania, and Tunisia
  • Turkey, Uganda, Ukraine, United Arab Emirates, United Kingdom, and Zambia

Latin America

  • Argentina, Bahamas, Barbados, Brazil, Chile, and Costa Rica
  • Dominican Republic, Ecuador, El Salvador, and Guatemala
  • Haiti, Honduras, Jamaica, Mexico, Panama, and Paraguay
  • Peru, Puerto Rico, Trinidad and Tobago, Uruguay, and Venezuela

North America

  • Canada and the United State of America

Citibank Individual Banking Product Offerings

Screenshot of Personal Banking Home Page Citibank

Credit Cards

There is a full review available on the credit card options for Citibank.

Checking Accounts

Readers can enjoy a free review on the checking account selection at Citibank.

Savings Accounts

Find out whether the savings account division at Citibank enjoyed a good review.


We also did a review on the lending products offered by Citibank.

Screenshot of Some Lending Products Citibank


Mortgage Loans

This was one of our least favorite products to review. Read the full review on Citibank Mortgages to learn why.

Buy A Home

There a number of things that will affect the loan structure for clients.

Refinance Your Home

This option is suitable for those who wish to take on personal projects or even renovations to their homes.

Citibank Small Business Banking Product Offerings

Screenshot of Small Business Banking Home Page Citibank

Current Accounts

CitiBusiness® Streamlined Checking Account

This account is the ideal solution for businesses who make fewer than 250 transactions every month. Furthermore, businesses who keep the minimum balance don’t pay the monthly account fee.

  • Customers don’t pay withdrawal fees at Citibank ATMs.
  • Furthermore, the FDIC insures amounts up to the prescribed maximums.
  • Finally, this account is perfect for small businesses and firms.
CitiBusiness® Flexible Checking Account

This account is the ideal solution for businesses who have a high number of transactions. Also, businesses that have balances of at least $10,000.

  • Customers who do between 250 and 500 transactions every month will find this account suitable.
  • Furthermore, there is no monthly fee when customers maintain the minimum balance.
  • Also, there are no withdrawal fees when customers use Citibank ATMs.
  • Finally, the FDIC insures balances up to a certain threshold.
CitiBusiness® Checking Account

This account is the ideal for larger businesses who do many monthly transactions. Furthermore, this is a non-interest bearing account that offers earnings credits to help offset fees.

  • Customers will have access to various cash management solutions.
  • Also, the account provides unlimited check writing.
  • Customers have no withdrawal fees at Citibank ATMs.
  • Finally, the FDIC insures deposits up to a specific threshold.
CitiBusiness® Interest Checking Account

This account is the ideal account for those who make fewer than 25 transactions per month. Furthermore, the account needs at least $10,000 in average monthly balances.

  • Customers want to earn interest on their available balances in their checking accounts.
  • Also, customers won’t pay any withdrawal fees at Citibank ATMs.
  • Finally, the FDIC insures deposits up to certain maximums.

Specialized Accounts


Law firms and attorneys who manage client funds will find this to be the ideal solution. Furthermore, the account provides a segregated account solution. Also, the account allows customers to link individual client sub-accounts to a single master control account.

  • The account meets the requirements imposed by most state bar and appellate court rules.
  • The account provides a single consolidated monthly statement.
  • Furthermore, there are interest and non-interest accounts.
  • Also, customers can open and close these accounts online.
  • Finally, customers can avoid monthly maintenance fees and fees for standard account transactions.

This account provides attorneys with the means to keep client funds in a separate pooled account. This is when the funds are too low for individual escrow accounts.

  • This type of account allows attorneys to meet the requirements imposed by state bar and appellate-court
  • Furthermore, customers will be able to easily manage their accounts.
  • Customers will also receive a consolidated monthly account with details of the transactions.
  • Also, they are easily able to open and close the accounts online.
  • There are no fees for standard account transactions.
  • Finally, there is no monthly maintenance fee on this account.
Deposit Administration Account

These accounts are ideal for property managers, CPAs, and business managers. These include title and real estate companies. Furthermore, these companies administer funds for multiple business clients, subsidiaries, or divisions.

  • Customers can easily manage individual business client sub-accounts from a single master control account.
  • Furthermore, they can offset monthly maintenance and transaction fees with earnings credits.
  • Customers have access to the bank’s full suite of cash management products.
  • The accounts are easily opened and closed online.
  • Also, they can track TIN Certification with an online, prefilled Form W9 service.
  • Finally, customers will receive a single, consolidated monthly report. However, they can access and download client sub-account summary reports.
Security Deposit Administrator

This account is suitable for landlords, property managers, leasing companies, and those who manage security deposits. Furthermore, this account can disburse interest only payments or reinvest interest earned.

Cash Management

Merchant Services

This allows businesses to accept major credit and debit cards. Furthermore, this makes it easier for the customer to buy and easier to collect payment.

  • Customers are able to accept debit and credit cards for payments.
  • Also, this service improves cash flow.
  • Finally, it allows customers to manage their security by not having too much cash on the premises.
Remote Check Deposit

This allows customers to spend less time depositing paper checks. Furthermore, there is no limit to the number of checks customers can deposit on a business day.

  • Customers want their check deposits to happen fast.
  • Furthermore, this service is convenient, efficient, and cost-efficient.
  • Finally, there is protection as the deposits are protected by SSL encryption.
Other Cash Management Products
  • CitiBusiness Online Investing Products
  • Investment Sweeps
  • Citibank Zero Balance Account
  • Positive Pay/Match Pay
  • Account Reconciliation
  • CitiBusiness ACH Debit Blocks and Filters
  • Automated Clearing House Origination (ACH)
  • Controlled Disbursement
  • Wire Transfers
  • CitiBusiness Debit Card
  • Business Credit Cards
  • Lockbox

Credit Products

CitiBusiness® Business Credit Account (Line of Credit)

This allows customers to access the cash they need when they need it. Furthermore, the line of credit can be used for ongoing expenses, building inventory, or capitalizing on an unexpected opportunity.

Business Instalment Loan

Customers who need access to funding for large capital expenditures will find this suitable. Furthermore, the loan provides competitive rates on a fixed principal schedule.

Commercial Mortgage

Customers who wish to change or expand where they do business will find this ideal. Also, it allows them to put another asset on their balance sheets. Finally, this is for the purchase, refinance, or renovation of a commercial property.

Credit Cards

Customers have access to the Costco branded cards previously discussed.

Global Business Solutions

Trade Services

This service allows businesses to manage their transactions and reduce their risks. Furthermore, it provides clarity when dealing with unfamiliar countries and practices.

  • Letters of Credit
  • Standby Letters of Credit
  • Documentary Collections
  • Confirmed Letters of Credit
Foreign Exchange Services

This allows customers to pay and receive foreign currencies without issues. Furthermore, customers have the expertise and network they need to grow their business worldwide.

Savings Accounts

CitiBusiness Savings Account

This savings account offers customers a competitive interest rate. Furthermore, the FDIC insures the deposits up to the specified maximums.

  • Customers don’t have to worry about a minimum deposit.
  • Also, the account works for those who need to make an unlimited number of deposits every month. However, there is a transfer limit.
CitiBusiness Insured Money Market Account (IMMA)

Customers earn a highly competitive, tiered interest rate. Furthermore, customers will have access to the funds whenever they need them.

  • This account is suitable for those who need to maintain liquidity.
  • It is also suitable for those who wish to make an unlimited amount of monthly deposits.
CitiBusiness Certificate of Deposit

This account is the smart way to earn better interest on savings. Also, this account offers competitive interest rates.

  • The account offers a variety of maturity options.
  • Furthermore, the FDIC insures deposits up to the specified maximum.

Citibank Commercial Banking Product Offerings

Screenshot of Commercial Banking Home Page Citibank

There are various products and services that provide optimal banking for commercial businesses.

  • Liquidity & Cash Management Solutions
  • Lending Solutions
  • Trade Solutions
  • Markets Solutions
  • Investment Banking & Capital Markets Solutions
  • Wealth Management

Review of Citibank – 8 of 10

Customer Satisfaction Reviews

Consumer Affairs

Customer ratings put the bank at a dismal 1 of 5. This is the norm for banks on this site.


Screenshot of My Bank Tracker Rating of Citibank

2 of 5 is a slightly better rating, and fairly good compared to the rest on the market.


Customers rate the bank at 1.3 out of 5 and the site rates it at 94%.

Financial Stability Rating

The bank enjoys stable and positive ratings from the ratings agencies.

Security of Funds

Citibank subscribes to the FDIC, which insures deposits up to a certain threshold.

Review By Critical Reviews

As one of the big banks in the US economy, Citibank plays a significant role in the financial landscape. It plays a significant role in the economy. Furthermore, the bank provides products that meet the needs of the average man on the street, as well as those who wish to build their wealth. The bank also provides the right means for businesses to perform their financial operations. As far as products go, there is a healthy mix to satisfy most needs.

The bank can introduce a few more product categories in order to be more competitive. The low customer satisfaction rating is another detractor.