Citifinancial engages in an (apparently) legal financial scam that, in my case, worked like this:
As I bought about $2,000 of appliances, the salesman practically got down on his knees begging me to take out a Citifinancial card, and charge it there. I didn't need to, but shrugged, accepting his pleas to take "one-year of interest free finance."
Every month Citi sent a "zero payment due" statement.
The month the bill was due, the bank intentionally skipped sending that statement.
It instead sent a statement the subsequent month, demanding a year of back interest at 25 percent retroactive interest fee, amounting to about $700.
I protested to Citi, and, naturally, my protests were rebuffed -- as this was not an accident, but plainly a act of intentional and systematic theft.
I sent a letter of protest to our attorney general -- now New York gubernatorial candidate Andrew Cuomo -- and received no answer.
Left with no alternative, I paid the $700, and sent an angry letter of protest to the Citicorp board. I again received no answer.
I have lifelong pristine credit, carry no debt other than my mortgage, and have a master's degree in economics. This incident, and my inability to get redress for such an injustice, has infuriated me to no end.
As a result, I have ended all my financial relationships with Citicorp -- for life. I've also warned several thousand friends and relatives to steer clear. I hope I've singlehandedly cost Citi $10 or $15 million.
Very happy to see that it's collapsing at last -- it couldn't happen soon enough.
If an attorney would like to take this up as a class action suit, or use me as a test case in this or other instances of scam financiers, I'd be more than happy to assist.