The Offer
- Citi is sending out an email to checking clients with an offer to get $100 bonus for referring a friend to a new Citi personal or business checking account. You can refer up to 20 friends for a total of $2,000.
The Fine Print
- Limit twenty referral bonuses per customer within the lifetime of your checking relationship with Citi.
- Requires Citi branch visit to enroll in the offer.
- The cash bonus will be credited to your checking account within 90 calendar days from the date when the customer you refer opens a qualifying account.
- You can qualify to earn a cash bonus after the person you refer (“Referee”), who does not have an existing checking account with Citibank, opens a new checking account in an eligible Citibank consumer checking account package or opens a new eligible CitiBusiness® checking account.
- You must have an existing eligible consumer checking account in an eligible consumer account package or have an existing eligible CitiBusiness checking account to qualify for this offer.
- Eligible consumer account packages for this offer are the Basic Banking Package, The Citibank Account Package, and The CitiPriority Account Package. Eligible CitiBusiness accounts for this offer are CitiBusiness® Streamlined Checking and CitiBusiness® Flexible Checking.
- You are not eligible for this offer if the Referee was a signer on or owner of a Citibank consumer checking account or the CitiBusiness checking account within the last 180 calendar days.
- Your existing Citibank checking account must be open and in good standing at the time bonus payment is credited. Referee must open a new eligible checking account by the expiration date on the certificate.
- Important Tax Information: Offer limited to customers who are either citizens or resident aliens of the United States (U.S.) with a valid Form W-9 on file and the account must not be subject to backup withholding. The cash reward may be reported to the IRS as miscellaneous income on Form 1099-MISC in the year received, if the value of the award plus other taxable miscellaneous income awards received from Citibank, N.A., is in the aggregate $600 or greater for a calendar year, as required by applicable law. Customer is responsible for any applicable taxes.
Our Verdict
It’s not clear how the referral works – I’d guess you’ll furnish names and addresses of your friends/family and Citi will mail them something. Maybe there’s some other system in place. Pretty crazy that they ask you to come in branch to enroll to be able to refer friends instead of making an easy online referral system like most others have.
Regardless, this is probably a terrible deal since it’s unlikely the new member will get any sort of bonus when using a referral. They can get a bonus of up to $600 by applying through public links, as outlined in this post.
Updates:
- The referral process involves the new member going into the branch as well, so you’ll have to go in-branch and you’ll need the new member to go as well. They’ll get a paper to bring in which tracks it to you.
- A reader heard from a banker that the new member CAN get a bonus, aside from the $100 bonus the new member gets.
- A reader mentions being able to get their referral code over the phone, and also being able to apply the code over the phone. Sounds like it’s possible for the banker to add the code after opening the account as well.
Hat tip to readers Chris and 007
