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Citibank / citibank lost its way and it is overcharging its customers

1 United States Review updated:
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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.

Va
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Comments

  • Pa
      3rd of Dec, 2008
    0 Votes

    I completely agree with the absolute absurdity of this new fee. At a time when they are getting huge loans and guarantees from the government to protect their business the have the audacity to levy and/or increase fees on a service that I am would be willing to bet is making them more money than ever before as more and more people are feeling economic pressure.

    I have complained to their customer service representative but I fully expect that it fell on deaf ears and that no one at Citi is listening or cares. Why should they? They can act with near impunity. Even though I have been with them for almost 15 years and do not relish the thought of all things I will have to change to do make the move I am looking for a new bank. One that behaves honorably and thinks twice about and cares for their customers before doing something so stupid as adding insult to the economic injury that had a hand in creating.

    The person who made the decision to start charging $10 on top of the nearly criminal interest rate they charge on checking plus accounts should be fired.

  • Co
      30th of Jan, 2009
    0 Votes

    Call all of your elected officials and give them your feelings at http://www.usa.gov/Agencies/Federal/Legislative.shtml. Banks are borrowing money at record low prices and we are paying record high interest rates. All this will kill what is left of our economy and some of us have the only choices of getting government to do something or stop paying which could mean more bailouts and highter taxes becuase you didn't think it would effect you. Bank of America and Chase are the two that have done me and my business the worst.

  • Tb
      5th of Oct, 2010
    0 Votes

    This is a complaint on Citi that I'll be taking to the highest level and plan to sue if they don't return my funds to my account properly. I have been a customer since 2008. I have never been late and in great standing. Every month they have been deducting from my available balance. I do not use the card I'm just making payments. This month my finance charge was $47.18 and it was deducted from my available balance..Added to minimum payment as well as my current balance...Which it should only be added to my current balance not DEDUCTED from my AVAILABLE CREDIT..Let me break it down for you..Yesterday my available was $1077.00 Today (new statement) my balance available balance is $1029.82. Min payment $123.18..$47.18 plus $76.00 equals $123.18..The fiance should have been added to current balance ONLY..They are double dipping..If I'm not making any purchases and only paying off the card, how is it legal for them to deduct finance charges from what I have available...I have paid over $3200.00 to Citi and have $1029.00 available ..This has been going on for some time and I'm taking this to the CEO, BBB, My Congressman, and my attorney...MY AVAILABLE BALANCE SHOULD NOT BE DEDUCTED UNLESS I HAVE MADE A PURCHASE AND I HAVE NOT...I HAVE CALLED THEM SEVERAL TIMES AND EACH REP SAYS THIS IS CITI BANKS PRACTICE TO DEDUCT FINANCE CHARGES FROM THE AVAILABLE BALANCE AS WELL AS ADD IT TO THE CURRENT BALANCE AND MINIMUM PAYMENT...IF THIS IS NOT DOUBLE DIPPING (STEALING) I DON'T KNOW WHAT IS..

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