Senator Asks Citi To Stop Reporting Frequent Flier Miles As Taxable Income

Senator Asks Citi To Stop Reporting Frequent Flier Miles As Taxable Income

As we mentioned last week, a number of Citi customers around the country have been scratching their heads wondering why they received 1099 tax forms from the bank over frequent flier miles, even though IRS policy explicitly states that the agency as no interest in going after freebie miles as taxable income. Now the chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection has fired off a missive to Citi asking the CEO to not be such a pain in the rear-end to its customers. [More]

Citi "Simplifies" Banking By Raising Monthly Service Fee

Citi "Simplifies" Banking By Raising Monthly Service Fee

Citi customers with the bank’s “Basic Banking” package currently pay an $8/month service fee that can be waived if the customer makes five qualified transactions per month. The good news is that they are reducing that requirement; the not-so-good news is that Citi is raising the monthly fee for people who don’t make the necessary number of transactions. [More]

CitiFinancial Won't Let Loan Die, Trashes Your Credit

CitiFinancial Won't Let Loan Die, Trashes Your Credit

Jeffrey thought he was done paying his CitiFinancial Loan, but they kept dragging him back in. A customer service rep assured him that the final balance, $1, didn’t have to be paid. So he didn’t. This was a bad idea. [More]

Around $2.7 Million Stolen From Citi Accounts After Hack

Around $2.7 Million Stolen From Citi Accounts After Hack

The fallout continues from the May 10 breach of Citi’s credit card account files by hackers. The bank now says that a total of around $2.7 million was stolen from a relatively small percentage of the 360,000 breached accounts. [More]

Citi Beats Bank Of America At One Thing: Getting Bailout Money

Citi Beats Bank Of America At One Thing: Getting Bailout Money

The Congressional Oversight Panel overseeing the TARP program has finally made public the data on exactly how much each of the various bailed-out banks received from the combined coffers of TARP, FDIC and the Federal Reserve. The winner: Citigroup’s $476.2 billion. [More]