Banks Working On Linking Up Their Payment Systems To Make Person-To-Person Mobile Transfers Easier

Banks Working On Linking Up Their Payment Systems To Make Person-To-Person Mobile Transfers Easier

The way younger generations are glued to their smartphones, there’s almost nothing they can’t do with the swipe of a touch screen. Old-fashioned things like writing checks or even paying a roommate with cash is such a bother to some, but yet transferring money to other people with apps hasn’t really caught on like the banking industry figured it would. That’s why the nation’s big four are discussing how they can link up their payment systems to make it easier for consumers to send money via mobile devices or even emails. [More]

Study Says 800K Homeowners Should've Avoided Foreclosure But Big Banks Messed It All Up

Study Says 800K Homeowners Should've Avoided Foreclosure But Big Banks Messed It All Up

Getting a mortgage modification has been hard enough for homeowners, what with disorganized big banks not having enough well-trained people on staff to deal with the necessary ins and outs of the process. But a new study says that things should’ve been easier under the Home Affordable Modification Program and resulted in 800,000 fewer foreclosures than we ended up with. [More]

Which Credit Card Applications Are Trying To Hide The Least Info From You?

Which Credit Card Applications Are Trying To Hide The Least Info From You?

Between interest rates, rewards, balance transfers and fees, there are lots of places for banks to hide information that might drive a potential credit card customer away. But a new study looked at the country’s top 10 credit card issuers to determine which companies are hiding the least from consumers. And you might be surprised at who came out on top. [More]

Credit Card Companies Increasingly Using Robo Testimony, Erroneous Documents To Go After Customers In Court

Credit Card Companies Increasingly Using Robo Testimony, Erroneous Documents To Go After Customers In Court

We’ve all learned to fear the robo-signing reaper in home foreclosures, but now that same tactic of providing generic evidence of debt is sweeping the credit card collections world. Judges are calling out credit card issuers on this so-called “robo-testimony” tactic, but if a consumer doesn’t fight back, those robots might win by default. [More]

Citi Has Some Very Strange Ideas On How I Plan To Spend My Extra Cash Points

Citi Has Some Very Strange Ideas On How I Plan To Spend My Extra Cash Points

Is there no limit to what banking rewards programs will cover these days? Flights, hotel rooms, rental cars, electronics, women. Wait — what? [More]

Citibank Doesn’t Understand The Word ‘Minimum,’ Cancels Deployed Soldier’s Student Loan Forbearance

Citibank Doesn’t Understand The Word ‘Minimum,’ Cancels Deployed Soldier’s Student Loan Forbearance

Benjamin is in the military, and currently serving in Afghanistan. We’d thank him for his service, but Citibank says not to. They think that he’s not there anymore, and have ended the active-duty forbearance on his student loans. Calling up Citi and sending them documentation is tricky when you’re you know, in Afghanistan, but he’s doing his best. Nothing he sends is good enough for Citibank to actually believe him. [More]

Man Who Helped Citigroup Become A Megabank Says Megabanks Should Be Broken Up

Man Who Helped Citigroup Become A Megabank Says Megabanks Should Be Broken Up

Call it an about-face, a switcheroo or an epiphany, but whatever you call it, ex Citigroup CEO Sandy Weill is surprising plenty of people in the industry by saying megabanks should be broken up. This, from the man who helped steer Citigroup to its current ginormous conglomerate status. [More]

Citibank Locks Man Out Of Bank Account Until He Repays The $84K Worth Of Gas He Didn’t Buy

Citibank Locks Man Out Of Bank Account Until He Repays The $84K Worth Of Gas He Didn’t Buy

There is no car gas tank that would fit $84,522.54 worth of gas. But who cares about simple physical limitations when it comes to charging such a large purchase to someone’s bank account? Citibank somehow took a man’s $30 fill-up and multiplied it by about 2,800 his statement, and now won’t let him back into his bank account until it gets that money back. [More]

Woman Forcibly Removed From Home, In Spite Of Restraining Order Against Citibank

Woman Forcibly Removed From Home, In Spite Of Restraining Order Against Citibank

A woman in El Paso has been fighting foreclosure for several months, saying she was making payments and that Citibank was crediting them to an escrow account without telling her or explaining why. A federal court recently issued a temporary restraining order preventing the bank from foreclosing while the case is litigated, but that didn’t stop county constables from forcibly removing her from her home last week. [More]

Citi Decides Customers Want $5.95 Security Service, Check Off Box In Advance For Them

Citi Decides Customers Want $5.95 Security Service, Check Off Box In Advance For Them

If there is anything Americans love, it’s when big banks make decisions for them. For example, some Citi customers recently looked at their credit card bills and noticed that the bank had already checked off the opt-in box for some sort of security service called “Watch-Guard Preferred” at the low, low price of $5.95/month. [More]

At Sears Card, 24-Hour Customer Service Means 'Whenever We Feel Like It'

At Sears Card, 24-Hour Customer Service Means 'Whenever We Feel Like It'

Citibank now administers the Sears Card, but in order to keep their branding consistent, Citi is sure to keep the experience of dealing with Sears Card just as confusing and customer-unfriendly as dealing directly with Sears. That’s what Cat discovered while trying to contact their customer service, anyway. While the number on the card promises “24-hour customer service,” in the evening, there’s actually no way to get through. [More]

Citibank Doesn't Want Your Gross Punctuation Marks

Citibank Doesn't Want Your Gross Punctuation Marks

Sandra wanted to contact Citibank about a fee, and figured that contacting them using secure account e-mail from within their site was a good way to do it. When she tried to send the message, the system rejected it, telling her to remove any special characters. “What special characters?” she asked. Turns out the e-mail form didn’t like quotation marks. At least it wasn’t apostrophes? [More]

Citi Shareholders Sue Bank's Directors For Paying Executives Too Much

Citi Shareholders Sue Bank's Directors For Paying Executives Too Much

Earlier this week, the shareholders of Citigroup said “hell no!” to the notion of paying company CEO Vikram Pandit $15 million. Today, they took their anger a step further and filed a lawsuit in federal court, saying Citi execs should not be rewarded for doing a so-so job. [More]

Citigroup Shareholders Vote Against CEO's $15 Million Raise

Citigroup Shareholders Vote Against CEO's $15 Million Raise

Score one for the little guys, where the little guys are shareholders of Citigroup and the Goliath in need of a slingshot of reality is its CEO seeking a $15 million raise. Sure, he only made $1 the year before, but this is big news as it’s the first times shareholders have rejected the executive pay package at a major bank since the Dodd-Frank act made votes mandatory a year ago. [More]

Federal Judge Signs Off On $25 Billion Mortgage Settlement With Top 5 Banks

Federal Judge Signs Off On $25 Billion Mortgage Settlement With Top 5 Banks

It’s just like reality TV, but not at all — America, here are your top five big greedy banks, and here is the $25 billion mortgage settlement they’re all going home with, now that a federal judge has approved it. That’s their load to carry, after allegations of foreclosure abuses and misconduct in servicing home loans. [More]

Alleged Thief Picked Billionaire Microsoft Co-Founder To Defraud

Alleged Thief Picked Billionaire Microsoft Co-Founder To Defraud

Maybe stealing from someone super rich seemed like a good idea at the time, but using the credit card of the co-founder of Microsoft? Someone’s bound to notice that. The FBI says a U.S. soldier changed the address on a bank account belonging to Paul Allen and then had a debit card sent to his home. [More]

Worst Company In America Sweet 16: Bank Of America Vs. Citi

Worst Company In America Sweet 16: Bank Of America Vs. Citi

A perennial Golden Poo favorite slips into a red, white and blue unitard and struts into the WCIA Rollerball arena to the strains of Hulk Hogan’s “Real American,” thinking this is the year they win it all… Well, not if a scrappy underdog from New York City has anything to say about it. [More]

Which Worst Company Contenders Force Customers Into Mandatory Arbitration?

Which Worst Company Contenders Force Customers Into Mandatory Arbitration?

As we sifted through the mountain of nominations for this year’s Worst Company In America tournament, we noticed a trend of readers who cited companies’ mandatory binding arbitration clauses as a reason for nominating. And while it’s businesses like AT&T and Sony that have made all the headlines for effectively banning class action lawsuits, there are a lot of other WCIA contenders who are forcing customers into signing away their rights. [More]