citi bank: All It Seems To Be?

2008-03-19 10:21:18

( Financial )



Do you want to know the inside story? – what you might not read on the official site about chase bank or citi bank. The bank might offer you many services like free credit counseling, but do they always tell you the whole truth about that organization?

Let’s take a closer look at citi bank

Yes, citi bank is a good bank – but…?

For example they have a specific card which is designed to make you pay for late fees. They leave a short space of time – sometimes only 19 days to:
- receive the bill by mail
- review it
- make a check payment.

Furthermore, their policy (though they deny it) is to hold back mailing monthly statements – reducing the time period to respond to only 11 days.

What happens if you’re away on vacation – or just out of town for a while? Work it out – the tighter the payment window – and then multiply that by millions of clients every month, equals raking in millions a month in late payment fees and extra interest.

And what else?

Your interest rates on a certain card can go up to 30% if you have a bad report on your credit.

They can erroneously affect your credit score through their errors. Take, for instance, the guy who started paying off his card because of increasing interest rates. Every time he called customer service to enquire about the interest increase he was treated without respect or understanding. He closed his account intending to just pay the card off. He then received a bonus and confirmation that the card had been paid off in full, then, a couple of months later, he received a statement saying he still owed money.

When he called customer service he was again confronted with rudeness and told he owed the money – so he just hung up. A month later he received a statement saying that the amount he owed had then increased. When he phoned customer service he was told that his “alleged” bad payment was already on his credit report. When he asked to speak to the manager? The manager didn’t take calls!

So if you bank with citi bank – be careful – everything may not be exactly as it seems.


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