Comments on: Default under the Citibank Credit Card Contract

By: dario

dario — Wed, 25 Nov 2009 07:17:39 +0000

I have been involved in a dispute with Citibank for almost a year. I speak to their dispute dept. almost every week and get nowhere. There are a few principles of citibank policy that all their customers should be aware of:
1. There is no accountability. You cannot get back to the same person twice. This means if someone in the dispute dept. says they are going to do something you cannot ask the person why it wasn’t done even if you have their name and ID# and know in which office they work.
2. They do not keep their word.Countless times the dispute dept specialist orders a refund but it never happens.
3. In my case they even admit that I am right and they gave me a refund but then either citibank or the merchant charged back over $200. Even though they can’t explain why this was charged after they admitted I was right and they gave me a refund. They will still not take off the additional $200 charge plus accumulated finance charges.
4. The dispute dept people claim they can’t access more than 6 months back. If the dispute goes back more than 6 months they say they have to order the statements but of course that never happens so you land up in an endless do loop.
5. I have faxed in and mailed in countless letters to dispute the charges and they admit I’m right.

By: angelina jacob

angelina jacob — Fri, 24 Jul 2009 04:01:16 +0000

Citibank credit cards often include low interest rates, low fees, and attractive rewards, be aware that if you do not make your payments on time or if you repeatedly exceed your spending limit then you are defaulting on your original contract. Citibank is under no legal obligation to keep your credit card accounts at the low interest rates and other perks if you default on the original agreement. If you don’t pay as agreed then you may find your interest rate skyrocketing in addition to the costly fees you will incur

Angelina Jacob

By: The Skilled Investor

The Skilled Investor — Fri, 03 Apr 2009 01:53:08 +0000

Mike,

I agree with you about the current situation with Citibank. Current circumstances in this awful global credit crisis are what has prompted Bill Maher to call them ShittyBank on his Real Time show on HBO.

Anyway, however, my experience with CitiBank’s credit card operations predates the credit crisis. As a business policy, they were creating a debtor’s prison for hundreds of thousands — just without stone walls and bars. What we really need is a national law and fairly enforced regulations, so that these credit card operations of major national banks cannot hide behind the weakest state laws they can find.

Citibank and South Dakota essentially colluded almost 30 years ago to set up this scheme of weak consumer protections. South Dakota (throw in Delaware too) made a few hundred million in taxes off the backs of creditors over these couple decades, and the banks have made billions of dollars. It is time to clean up this mess. The credit companies have had a good long run of exploitation, but we should be able to find the political will now to bring some fairness back into creditor debtor relationships.

By: Mike

Mike — Thu, 02 Apr 2009 22:19:25 +0000

The reason Citibank does not go after people for the money, and stonewalls them, is because they are in very deep financial Poop. If they write the dept off as a bad debt, which is what they are supposed to do, and turn it over to collection, on every default, than their balance sheet would go to hell, and Uncle Sam owns them. the longer they prolong the eventual collection and write down, the longer our tax dollars will be going to bail them out as opposed to taking them over, cutting them down to little pieces and selling them off. Good bye CITI.

If anyone reads this, please get on one of Obama’s web sites, or report Citi to the FDIC web site. If enough people do that, than they will wake up to what Citi is doing and dig deeper. Once the bottom line comes out, Bye Bye Citi.

By: Pete DeBisschop

Pete DeBisschop — Thu, 12 Feb 2009 03:40:21 +0000

If you really look at there so called contract, that you never really sign but get in the mail after you use the card. Now they have you, guess that card you used is the contract, who knows, but they do what they want and when they want to at any time…. Like think about it, I guess with there stupied contract you just gave up your CONSTITUTIONAL RIGHTS TOO,—DUE PROCESS OF LAW,——-A RIGHT FOR A PUBLIC TRIAL,—-THE RIGHT OF A TRIAL BY JURY. So I would love to know way and how they got these laws of theres in these contracts???? UNreal!!!!

By: Tony Scarsciotti

Tony Scarsciotti — Wed, 07 Jan 2009 16:57:18 +0000

I have just read my situation with CITI Group. In 2006 I let them know I would be late due to some problems I was having. I did this in order to keep my current interest rate. C/S said they understood. I was OK with the late charge, it was my fault. Was I surprised when my rate was changed from 9% to 21% then 32%. I paid the balance off except for the undue interest and late charges, which I wrote to them to dispute. I began to get phone call from them starting at 8AM and ending at 9PM daily. Even after I asked them to stop they continued until I had the number blocked. I am now in small claims court (almost 2 years now). I am at my wits end. I have tried mitigate the disputed amount with no response from them or the law firm they are using. I do not know what to do.

I, as well was an 18 year charter customer who always paid in full every month. I fell like some kind of criminal.

I would certainly like some advice as to what can be done to stop this for good

By: Diane

Diane — Wed, 31 Dec 2008 09:28:04 +0000

Great info. Any update on what the Government is doing to address credit card abuse? Looks like the last hearings were a year ago! We are planning to pay our cards down and stop using them!

By: rick

rick — Thu, 25 Oct 2007 02:42:58 +0000

This article could apply to ALL CC companies.

By: Corporate Vigilance

Corporate Vigilance — Sun, 08 Jul 2007 14:47:14 +0000

July 8, 2007 Edition…

Marc and Angel presents Corporate America Asks Questions Larry Russell presents PIRATES OF THE CREDIT SEA - Part 6: Default under the Citibank credit card contract posted at THE SKILLED INVESTOR Blog, saying, “I have finally recovered all my treasure …

By: Carnival of Student Finance #9 | Student Loan Information

Carnival of Student Finance #9 | Student Loan Information — Fri, 06 Jul 2007 16:08:55 +0000

[…] The Skilled Investor presents PIRATES OF THE CREDIT SEA - Part 6: Default under the Citibank credit card contract posted at THE SKILLED INVESTOR Blog. Welcome to the 9th edition of the Carnival of Student Finance. An scoop on Yahoo has that interesting piece of knowledge about how much should you spend monthly on your mortgage. […]