I've been a Citibank client in the US since 1995, and overseas since the early 80's. I have always concentrated all my business on Citibank, including checking accounts, credit cards, investments, etc.
Even when Citibank closed all the financial centers here in upstate NY and transfered my account to M&T Bank, I went online and opened the current account I have.
In the last 12 months I haven't used my Checking Plus (overdraft protection) account. Due to the current financial difficulties we are all facing, I had to resort to it for a few days. For my surprise, Citibank now is charging me a $10 fee every day I post a transaction to it, on top of the usual high interest rates.
I just called Citibank's phone support, and I was informed that this is a new procedure that started this month, and the only way to avoid it would be to call in advance and have them transfer the money from the Checking Plus account to my checking account, instead of using the automated process.
This is pure nonsense. In times when all the banks and clients are looking for improved efficiencies and gains of productivity, Citibank finds a cheap way of taking more money, and increasing the burden on its clients.
What is the point of this? Why this was not widely advertised? Why I did not see any communication on the several times I logged into Citibank's web site in the last few weeks?
As a loyal customer, I feel cheated and disrespected by the bank.
I would like this complaint to be escalated within the bank, to someone who is sensitive to the client's needs and the current financial environment.
If I don't hear a reply that addresses properly those issues and concerns, I will take my business elsewhere.