Complaint Review: CITIBANK ,SOUTH DAKOTA, NA - Souix Falls South Dakota
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- Author Not Confirmed
- CITIBANK ,SOUTH DAKOTA, NA PO Box 6148 Souix Falls, South Dakota United States of America
- Phone:
- Web: Souix Falls, SD 57117-6148
- Category: Credit & Debt Services
CITIBANK ,SOUTH DAKOTA, NA none 1. Been a faithful customer for over 28 years. 2. Unless I do a balance transfer by 12/10/09 they will raise my interest to 23.99% Souix Falls, South Dakota
*Consumer Comment: Make sure to 'Google' this- THE WARNING: FRONTLINE PBS, and watch it on the web and you'll understand why credit card interest rates are...
*Consumer Comment: You can't possible be in the financial business.
*Consumer Comment: You're actually one of the lucky ones..
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I received a letter from Citibank today stating that unless I do a balance transfer by 12/10/09 they will raise my interest rate to 23.99%. I informed them by phone that I will not be bullied into borrowing any monies from them and unless they want to lose a 28 year great customer who always pays on time (with a FICO score of 800+), they will lose my business.
As it is, my current rate is 13% over the prime rate and I have a small balance with them. It's about time that we customers of these companies turn the tables and let them know that they can't push us around and if they do, we will take our business elsewhere. Then they can have the time to pursue the customers who don't pay them on time, which cost them a ton of money to do. I have been in the financial business since 1975 and have credit cards that are still at 7.99% fixed. I don't need a credit card company that is going to try to blackmail me to borrowing more money at a rate of 25.24% which the rate will be after the initial rate of 15.99% (If I have a balance of $100.00 the interest payment is $15.99 plus the balance of $100.00 which equals a new balance of $115.99. I am mad as hell and I won't take this crap from a company who is suppose to want my business.
Not only is this bad for the comsumer but it will be very bad for the company and its employees because if they have a million customers who won't put up with this rip off then the employees will have no job to do and, "unemployment here we come."
If they treat us like this when we are great customers, then what kind of treatment will I receive if I ever am in need of their help???!!
Stand up and be counted, and refuse to do business with companies who want to rip you off right in front of your own eyes!!
This report was posted on Ripoff Report on 11/08/2009 12:47 AM and is a permanent record located here: https://www.ripoffreport.com/reports/citibank-south-dakota-na/souix-falls-south-dakota-57117/citibank-south-dakota-na-none-1-been-a-faithful-customer-for-over-28-years-2-unless-i-521130. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#3 Consumer Comment
Make sure to 'Google' this- THE WARNING: FRONTLINE PBS, and watch it on the web and you'll understand why credit card interest rates are...
AUTHOR: Karl - (U.S.A.)
SUBMITTED: Monday, November 09, 2009
going UP.
#2 Consumer Comment
You can't possible be in the financial business.
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Monday, November 09, 2009
This is high school economics. Or you are intentionally trying to deceive people.
If you were in the financial business, you would know that the rate is the APR and not the percentage charged each month. Therefore, at a rate of 15.99% on a balance of $100, the new balance would be $100 +(100 X (.1599/12))= $101.33 not the $115.99 you state.
Being granted unsecured credit is not a right. Pay off the balance each month and it doesn't matter what the APR is. Of course living beyond your means and carrying a large balance is the cost of instant gratification.
#1 Consumer Comment
You're actually one of the lucky ones..
AUTHOR: Ronny g - (USA)
SUBMITTED: Sunday, November 08, 2009
There are reports here of customers interests rates going up before they were even notified...hence not giving them any opportunity to do what may have been able to be done to keep the rates lower..if anything, or the choice not to use the account. As well...even being a 28 year customer with a perfect history as yourself...do not slip up and miss a payment..or they will most likely increase your rates exponentially..has I have read on reports here recently.
Your case sounds more like extortion..but if it's legal...they will away with it. The fact that you were a good customer for 28 years does not matter to the bank anymore..these banks are struggling..and citibank is no exception...here is an excerpt from a NY daily News article just from last Friday Nov, 6 2009.
"Citigroup was formed in 1998 when Citicorp, a commercial bank, combined with Sanford I. Weills Travelers Group Inc., which owned the investment firm Salomon Smith Barney Holdings Inc. The New York-based company lost $27.7 billion in 2008 and took $118 billion in writedowns. Now 34 percent-owned by the Treasury Department, Citigroup sought help in the wake of a credit freeze that claimed three of Wall Streets biggest firms and led to the deepest recession in 70 years."
The consumer took the bank to court, sued Chase for Truth in Lending violations..and won. Filed March 16, 2009
"In this case, the U.S. Court of Appeals for the Ninth District effectively prevents credit card issuers subject to the ruling from imposing interest rate increases for a consumer cardholder's default until after notice of the increased rate is given to the consumer. The Federal Reserve Board has changed the Regulation Z provision that the court applied, effective July 1, 2010. linked above for details of the case and decision."
Court Faults Default Rate Practice <-- use this link for details of the case if interested.
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