Just signed up with Citibank for a homeloan, it wasn't a refinance. Loan fund was supposed to be deposited into a nominated bank account.
Loan was settled (mortgage registered etc.) on Wednesday. No fund deposited.
Thursday, loan account was set up with the full negative balance (i.e. I owe the full balance to Citibank on Thursday). No fund deposited.
Friday, fund appeared in loan account, not nominated account.
During the course of Thu and Friday, I made numerous request to have the fund released and Citibank's position was:
- I have to wait up to 7 business day to get the full amount. That's how long it could take them to process the transfer for the full loan amount.
- I can manually transfer the money out of the loan account, limited to $100,000/day
- Citibank doesn't have the capability to do real time transfer like other banks.
So if you're getting a homeloan with Citibank, all the very best to you, I sincerely hope that things will go smoothly for you.