• Report: #71600

Complaint Review: Citi Bank

  • Submitted: Tue, November 11, 2003
  • Updated: Mon, December 08, 2003

  • Reported By:abington pa
Citi Bank
Po Box 6035 The Lakes, Nevada U.S.A.

Citi Bank ripoff Nevada The Lakes Nevada

*UPDATE EX-employee responds: Read your disclosures!

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I had a account with citibank about 3 years ago because i did not return the agreement terms paper, my account was closed by them i continued to make the payments until about the time that the world had the antrax problems.

My bill was due on the 9th of that month and they received it the 10th my interest was taken from 12.99 to a default rate of 24.99 i tried in vain to get it taken back wrote and was told after 6 months they would change the interest, to my surprise the interest did change only for new purchases which i would never see because the card was closed.

At the beginning of November i sent a check for 2434.00 i took out a home equity loan i owed them 2434.13 i also sent a check for .13 cents my bill total at that time was 2434.13 and this is what i sent to my surprise again my payment (because i mailed it posted late) i got a 15 late charge 2cent finance and a 50.51 finance charge from my understand after i spoke to a Manager i was told i should have called them to get the exact amount which the exact amount that was showing on my bill was 2434.13 so i ending up cursing at her and she hung up on me.

I guess because they know that they are ripping people off i paid online every month had no problem with the bill, as soon as a mailed payment go out (oh we got it late) these companies are so wrong to do this to consumers.

I have chosen to contact the Federal trade commission and if i have to get a lawyer because i am not paying the 50.51 finance charge. Anyone and everyone that reads this stay clear of citibank, they are evil and money hungry there is no worthy credit card companies out here anymore!

Karen
abington, Rhode Island
U.S.A.

This report was posted on Ripoff Report on 11/11/2003 11:35 AM and is a permanent record located here: http://www.ripoffreport.com/r/Citi-Bank/The-Lakes-Nevada-89163/Citi-Bank-ripoff-Nevada-The-Lakes-Nevada-71600. 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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Updates & Rebuttals

#1 UPDATE EX-employee responds

Read your disclosures!

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

Feeling the need to respond to another complaint, I identify myself as an ex-employee of Citigroup. I will say that I'm not happy with how I was treated as an employee to some extent, but having worked in the collections department, I'm always amazed at the ignorance of some people. It might be too much to ask, but is it entirely improbable to ask people to read the disclosures that come with their credit cards and to understand how a credit card works? If you understood how your charges were applied, which is available to you in a plain-language version made by Citibank, you would know that when you get an amount for a "pay-off" such as for a home equity loan, the amount given is good only for that day. The key is called residual finance charges. Your 50.51 is most likely finance charges on the balance you carried from the time your statement was sent out (your billing date), which is about 7 days after your due date, until the day your payment posts. Believe it or not, you are obligated to pay finance charges on balances you carry for everyday you carry them. A company is not going to waive those charges just because you are paying the balance in full. If you had a balance during part of your billing cycle, you have to pay the company for using their money. Again, if people would just read their legal stuff and accompanying documents. I have no particular loyalty to Citibank or any other credit card company, but it just seems like a lot of problems could be avoided if people take the time to educate themselves about consumer credit -- especially unsecured credit, like credit cards. . .
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