jerome sent a message to Michael L. Corbat CEO, Citigroup Inc. that said:
Jerome Goldstein
Mr. Michael Corbat
Mr. Michael
16th February 2016
Dear Mr. Corbat
Re: Pension Payments
I am a retired ex Citibank employee who received a monthly pension payment from Citibank.
This used to go to HSBC New York, where I had an account ever since it was Republic National Bank. Last year they closed my account unilaterally with all their other retail offshore accounts.
I asked your pension fund administrators to transfer the funds to my bank account either in the UK, or Guernsey or Greece. I was told several times up the chain of commands that you did not transfer pension payments electronically offshore and I would have to receive them, monthly, by check.
This was a jaw-dropping piece of news. The second largest international bank in the world, mailing physical checks to its offshore pensioners.
The amount I receive each month is tiny, but HSBC Greece charges me â¬20 per check.
I recently submitted four checks for collection, and they were all returned with a note saying âUnauthorizedâ. The ConnectOne people had no idea why this happened, and after some time when I called back told me they had been reissued and sent. Two weeks later I have received nothing.
I am certain you realize the absurdity of a bank like Citi making monthly pension payments overseas by check, and what it says both about your bureaucracy and the inconvenience it causes the beneficiaries.
Additionally, I was asked to fill out a US W-8BEN, for the nth time, but this time, Mellon decided to start deducting tax for the first time in 15 years. I was told this was because I had not filled in section two, dealing with double taxation. Two US accounting forms (both amongst the big four) plus a corporate counsel had told me not to fill it in, as I was not claiming benefits under a double taxation treaty, because the payment represented my sole US income and I am a British citizen. This cut no ice with Mellon (suddenly) so I filled in section two and couriered it to them, was told tax was not being deducted, but it seems from my checks that it is.
I appeal to you to get these payments made by bank transfer, and maybe, with luck, have someone check my deductions.
Yours sincerely
Saul Jerome
