NAB acquires Citibank Australia

[oz_mark]

This is probably why Qantas Money will be on a new system next month too. This has all taken a lot longer than some predicted 3 and a half years ago!!

Just did a Virgin Money CC application yesterday, wondering if this little points earner will be closed down.

Happens when you need to build a new unsecured lending system. They also got an extension out of Citi, as they didn't want another 86400 situation on their hands.

 

[exceladdict]

My previously Citibank Visa plus debit account, which had been transitioned into a nab account , was cancelled with no notice received by me.

It's possible mail was stolen or I missed a call (which I would have ignored) but I think it was a pretty poor effort (if there was any effort at all) to retain me as a customer.

In fairness, I hadn't used the card since initially activating it, but that was the purpose of an infrequently used backup travel account. If I knew they were going to cancel it, I might have thrown a transaction or two on it, but ah well.

 

[burmans]

Happens when you need to build a new unsecured lending system. They also got an extension out of Citi, as they didn't want another 86400 situation on their hands.

Yeah I’ve been involved in or managed 9 Core Banking replacement programs so well aware these have a habit of going (in some cases well) over schedule. So was a bit amused by those who believed it could be achieved in the original aggressive timeline (and indeed were very vocal about it, wouldn’t countenance it could possibly be delayed).

 

[Grimace1]

It's possible mail was stolen or I missed a call (which I would have ignored) but I think it was a pretty poor effort (if there was any effort at all) to retain me as a customer.

Ohhhh no, it's not just you. They closed my two accounts without any notice either. Granted I never used them since they migrated to NAB as I was still using ING at the time.

Very poor effort on communication, that's for sure.

 

[oz_mark]

My previously Citibank Visa plus debit account, which had been transitioned into a nab account , was cancelled with no notice received by me.

It's possible mail was stolen or I missed a call (which I would have ignored) but I think it was a pretty poor effort (if there was any effort at all) to retain me as a customer.

In fairness, I hadn't used the card since initially activating it, but that was the purpose of an infrequently used backup travel account. If I knew they were going to cancel it, I might have thrown a transaction or two on it, but ah well.

Ohhhh no, it's not just you. They closed my two accounts without any notice either. Granted I never used them since they migrated to NAB as I was still using ING at the time.

Very poor effort on communication, that's for sure.

Did you have a zero balance at the time of migration?

 

[PLANT]

Got the Nab debit card email today... all previous Citi entitlements removed....fees for overseas transaction as of a Bank customer Not happy Jan!

 

[oz_mark]

Got the Nab debit card email today... all previous Citi entitlements removed....fees for overseas transaction as of a Bank customer Not happy Jan!

Was just reading some of the changes

From 5 November 2025, the debit interest rate (which is charged if your account becomes overdrawn*) will change from 0.00% to 20.00% p.a
From 5 November 2025, overseas access fees (as outlined below) will no longer be waived for NAB Classic Banking accounts opened as part of the migration from Citi to NAB

• ATM cash withdrawal – $5 per withdrawal
• Balance enquiry – $1 per enquiry
• International transaction fee – 3.5% of the Australian dollar amount charged when an international transaction is posted (completed) to your account

 

[Grimace1]

Did you have a zero balance at the time of migration?

No, had a small balance which I transferred out of the account but never used the debit card. I just wish they would have sent some form of "Hey, if you don't use your account within xx time, it will be closed" instead of getting nothing.

 

[Grimace1]

Was just reading some of the changes

From 5 November 2025, the debit interest rate (which is charged if your account becomes overdrawn*) will change from 0.00% to 20.00% p.a
From 5 November 2025, overseas access fees (as outlined below) will no longer be waived for NAB Classic Banking accounts opened as part of the migration from Citi to NAB

• ATM cash withdrawal – $5 per withdrawal
• Balance enquiry – $1 per enquiry
• International transaction fee – 3.5% of the Australian dollar amount charged when an international transaction is posted (completed) to your account

No real loss then

 

[ltwo]

So the accounts transitioned from Citi are turning into run-of-the-mill NAB Classic Banking accounts then?

 

[oz_mark]

So the accounts transitioned from Citi are turning into run-of-the-mill NAB Classic Banking accounts then?

Looks that way - the good times are coming to an end.
Fortunately, these days, there are other options.

 

[MELso]

So the accounts transitioned from Citi are turning into run-of-the-mill NAB Classic Banking accounts then?

Seems so. I've just switched everything back to my MacBank account.

I'm guessing the Online Saver interest will be next (although it's untouched at least for now, overdraft interest rate aside).

It'll be interesting to see what happens with those of us who still possess fee free 'for life' credit cards. I'd expect NAB to honour those given Citi's prior representations.

 

[serfty]

Did you have a zero balance at the time of migration?

I left 1¢ in mine ... still appears active.

 

[serfty]

Was just reading some of the changes

From 5 November 2025, the debit interest rate (which is charged if your account becomes overdrawn*) will change from 0.00% to 20.00% p.a
From 5 November 2025, overseas access fees (as outlined below) will no longer be waived for NAB Classic Banking accounts opened as part of the migration from Citi to NAB

• ATM cash withdrawal – $5 per withdrawal
• Balance enquiry – $1 per enquiry
• International transaction fee – 3.5% of the Australian dollar amount charged when an international transaction is posted (completed) to your account

I guess I'd better reclaim that cent. It has had a long but possibly boring existence after being separated from its peers in 2023 being the sole ¢ in the defunct Citi account.

In fairness, I have never used that account and I now again get to free myself from the shackles of NAB.

 

[Chicken]

So the accounts transitioned from Citi are turning into run-of-the-mill NAB Classic Banking accounts then?

Seems so. I have not received any e-mail, but the price rise is now on NAB web site.

 

[oz_mark]

It'll be interesting to see what happens with those of us who still possess fee free 'for life' credit cards. I'd expect NAB to honour those given Citi's prior representations.

NAB once said:
"While there will be some changes to your Citibank Plus Transaction Account, the essential features, including interest rates and product fees and charges, will remain the same"

 

[MELso]

NAB once said:
"While there will be some changes to your Citibank Plus Transaction Account, the essential features, including interest rates and product fees and charges, will remain the same"

There was no time bound on that statement, unlike the credit cards where Citi represented their fee-free nature would be 'for life'. So it'll be interesting to see what emerges there.

 

[burmans]

NAB once said:
"While there will be some changes to your Citibank Plus Transaction Account, the essential features, including interest rates and product fees and charges, will remain the same"

Taking the role of devils advocate it doesn’t say remain the same indefinitely.