interpretation
  • Report: #134854

Complaint Review: All The Big Banks: Bank Of America, Citibank, JPMorgan, Wachovia

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  • Submitted: Sun, March 13, 2005
  • Updated: Thu, April 14, 2005

  • Reported By:Denville New Jersey
All The Big Banks: Bank Of America, Citibank, JPMorgan, Wachovia
www.citibank.com New York, New York U.S.A.
  • Phone:
  • Web:
  • Category: Loans

All The Big Banks: Bank Of America, Citibank, JPMorgan, Wachovia ripoff interest charges based on false reporting of "prime rate" New York New York

*UPDATE EX-employee responds: US Prime Rate Set By Alan Greenspan Not Credit Card Companies

*Consumer Suggestion: You Said It. They pay like 2 to 3% interest on a saving account and charge some poor dumb bastard 24.9% interest on a charge card or auto loan.

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The big banks in the U.S. are ripping off all the consumers by falsely reporting their "prime rate" so that they are charging consumers approximately 3% more interest on credit cards and home equity loans as wells as all prime rate based loans.

The prime rate is defined as the best rate of interest for the banks biggest and best customers such as General electric, general motors, ibm,etc., but in facts, the banks are reporting a false prime rate to the Wall Street Journal and the New York Times so that they can use this rate to charge consumers 3% more than they should. This is just the biggest rip-off in the U.S. Billions of dollars are stolen from the consumers every year and the U.S. Court systems are helping them to steal from all of us.

Hing
Denville, New Jersey
U.S.A.

This report was posted on Ripoff Report on 03/13/2005 07:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/All-The-Big-Banks-Bank-Of-America-Citibank-JPMorgan-Wachovia/New-York-New-York/All-The-Big-Banks-Bank-Of-America-Citibank-JPMorgan-Wachovia-ripoff-interest-charges-b-134854. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

US Prime Rate Set By Alan Greenspan Not Credit Card Companies

AUTHOR: Jessica - (U.S.A.)

The apr on your credit card may be based on the US Prime Rate that is published in the Wall Street Journal and it is set by Alan Greenspan and the "Fed" indirectly by their movement of the federal funds rate and the discount rate. I understand your frustration; however, caveat emptor!
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#2 Consumer Suggestion

You Said It. They pay like 2 to 3% interest on a saving account and charge some poor dumb bastard 24.9% interest on a charge card or auto loan.

AUTHOR: Cory - (U.S.A.)

It could be worse, you could go to one of those pay day loan/check cashing places and pay 480% interest a year. Heard about one the other night that borrowed $300 and by the end of a year had paid over $1200 and wasn't finished.
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