my checking account was hacked. (Information, no direct impact on Quicken)

Phil Burton

Not a feature request, just wanting to share a bad experience with the community.

We have checking, savings, and 2 credit cards with Citibank. Two weeks ago, I found a $200 ACH debit from a company I never heard of. And it's an ISP, something I have covered already.

That day, I spent probably two hours on the phone with Citibank fraud unit. Agent was very helpful. Insisted that he put a "lock" on the account stopping any form of debit. Credits (like Social Security) can still be paid into the account. However, I lost all access to the combined cash in checking and savings. However. OSU still works to access the old accounts and I already saw one ACH credit.

Starting last Tuesday we met with a Personal Banker at Citibank. She was patient and very helpful. She deals with the issue almost every day. One of her clients lost over $50K with no ability to recover that money. That's not chump change. In my case, Citi reversed the bogus ACH debit so I wasn't out any money. However, I have been out a lot of time, since we have met four times now with that personal banker. And because of Citibank's security procedures, only the Personal Banker can transfer money out of the old accounts to the new ones. And for that, she has to make several phone calls to other people in the bank.

So even though I have had some issues with Citibank. I was very impressed by their responsiveness and their almost-paranoid levels of account security.

Our personal banker said two things that surprised me.

1. don't ever write checks. (not even from your checking account.
2. Unlike Citibank Bank of America and Wells-Fargo don't do much to help their customers in this sort of situation.

Quicken Anja

Hello @Phil Burton,

Thank you for taking the time to share your experience with the Community.

I'm sorry to hear you had to go through that, but I'm glad Citibank was able to catch the fraudulent ACH transaction early and reverse it before you suffered a financial loss. I can certainly appreciate how time-consuming and stressful the recovery process can be, even when the funds are recovered.

Thank you as well for sharing what you learned throughout the process. Experiences like yours can serve as a helpful reminder for others to regularly monitor their accounts and report any suspicious activity to their financial institution as soon as possible.

I'm glad to hear everything ultimately worked out, and I hope the remainder of the account transition goes as smoothly as possible.

Thank you again for sharing your experience with the Community!