Features of MultiMoney Credit
This convenient credit service enables you to borrow up to 80% of your eligible MultiMoney account balance.
- The maximum overdraft limit at the time of execution shall be 80% of the Japanese Yen deposit or, if the currency is not Japanese Yen, 80% of the amount converted into Yen by applying the TTB rate at the time of execution. For non-Japanese Yen currency, the Yen loan balance shall be calculated by applying the TTS rate at the time of execution. The available amount is the amount that deducted the loan balance from the maximum overdraft limit. After execution, in case that the deposit (as collateral) or the loan includes non-Japanese Yen currency, the maximum overdraft limit and available amount will vary with changes in the foreign exchange rate because the calculation to convert non-Japanese Yen currency by applying the TTB rate and the TTS rate to Yen shall be daily conducted. The overdraft limit is subject to change at the bank's discretion.
- A separate procedure applies for customers applying for a overdraft of more than 20 million Japanese Yen (or Yen equivalent).
- Loan interest rates are floating rates and applicable to the outstanding balance.
- Loan interest rates will vary with market fluctuations and are subject to change without notice at any time.
- The interest will be calculated every day and the accumulated interest will be added to the outstanding balance at the end of the month.
- Customers are asked to request Customer Service to arrange repayment of MultiMoney Credit (since repayments of this product are not automatically deducted from deposit accounts, such as the Yen Saving Account).
- No fee or commission for borrowing or repayment.
- In the event that the overdraft currency is converted to other currencies or if repayment of the overdraft is converted from other currencies (including circumstances in which your MultiMoney Credit overdraft balance is offset against your MultiMoney deposit), foreign exchange commission is required at the time of exchange (e.g. 1 yen for conversion to or from 1 US dollar, and 2 yen for conversion to and from 1 US dollar).
- Once the outstanding balance exceeds 85% of the total value of your collateral MultiMoney deposit (the Loan to Value offset threshold), we will automatically offset your MultiMoney Credit overdraft balance against your MultiMoney deposit without any prior notice according to the term stated in the MultiMoney Account Customer Agreement. If the currency of the MultiMoney deposit account and MultiMoney Credit overdraft do not match, the currency of the offset funds must be converted to the overdraft currency. Please note the LTV offset threshold.
- The entire MultiMoney deposit amount can potentially be applied to offset the overdraft balance due to changes in the FX market.
- Upon such offset, you may be required to pay the costs or fees to terminate and/or liquidate the deposits. We will require you to pay those costs or fees which we will calculate for each case in consideration of our funding costs, cost of liquidation of options and a possible yield obtainable after the termination.
- If the currency of the deposit is not Japanese Yen, the maximum overdraft limit which is 80% of the Yen equivalent amount (converted at Citibank's TTB rate) will vary with the daily changes of the foreign exchange rate. In the event that the currency borrowed is not Japanese Yen, the outstanding balance in Yen equivalent may vary if the exchange rate fluctuates. This means that if you borrow close to the maximum overdraft limit and FX markets are volatile, the outstanding balance may exceed the maximum overdraft limit and you may be asked to repay the MultiMoney Credit or deposit additional funds. When you use MultiMoney Credit, please be aware of foreign exchange commission and exchange rate fluctuation.
- If the loan interest rate applicable to the overdraft is higher than the interest rate for the collateral deposit, the outstanding balance may exceed the maximum overdraft limit.
- In order to mitigate the risk of the outstanding balance exceeding the maximum overdraft limit as a result of Foreign Exchange rate fluctuation or accumulated loan interest, it is suggested that customers borrow up to 60% of the deposit balance.
- The collateral is the funds in your MultiMoney account. Please note the following funds cannot be used as MultiMoney Credit collateral:
- Time Deposits that are subject to forward contracts of foreign exchange transactions
- Time Deposits pledged for other credit products
- Certain Prescribed Structured Deposits
Additionally, the following funds in the savings accounts below cannot be used as MultiMoney credit collateral:
- Yen funds in savings accounts that can be accessed by a Citibank Banking Card.
- US dollar funds in savings accounts that can be accessed by a Citibank Gaika Cash Card.
The types of deposits which will be accepted as collateral may be changed at the discretion of Citibank.
- MultiMoney Credit usage is restricted to the temporary need for funds.
- You are requested to report the purpose of the overdraft at each loan application. There may be circumstances in which Citibank is unable to approve the overdraft based on loan purpose.
- You may not use MultiMoney Credit to purchase investment products* at Citibank.
- *Investment Products include Foreign Currency Deposits, Structured Deposits, Mutual Funds, Financial Products Intermediary Business and Insurance Products.
- MultiMoney Credit is not available to Corporate Customers, Non Residents of Japan and customers under the age of 20 years.
- Customers who apply for MultiMoney Credit for the first time are requested to follow the bank's designated procedure at branches or via CitiPhone Banking.
- Information regarding MultiMoney credit is available at our website, our braches, and through the mail. For inquiry, please consult an associate at one of our branches or on Citiphone Banking.
Applying for MultiMoney Credit
- Access Citibank homepage and click "MultiMoney Credit" and select "MultiMoney Credit Borrowing".
- If you understand MultiMoney Credit usage is limited to the temporary need for funds, select "Agree and proceed".
- Select the "Currency to borrow", and then enter the "Amount to borrow".
Please consult with Customer Service Representative.
Please visit consultation desk of Citibank Branches.
Repayment for MultiMoney Credit
Customer are asked to request Customer Service to arrange repayment of MultiMoney Credit (since repayments of this product are not automatically deducted from deposit accounts, such as the Yen Savings Account).