Costco, Citibank, Visa, and all of the companies’ customers had plenty of notice that the warehouse club’s store-branded credit card would be switching from American Express to a Citi Visa card. The transition didn’t go very smoothly for some members, but everyone assumed that the transition-related problems would be over by now. Nope. Some customers received cancellation notices at the end of last week, and are now very confused. [More]
In June, Costco will officially change its store-branded credit card from American Express to a Visa card issued by Citi. The wholesale club is promising a seamless transition, but some longtime Costco customers have concerns: Will my credit score or history be dinged? Can I opt-out? [More]
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.
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.
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.
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.
Is there no limit to what banking rewards programs will cover these days? Flights, hotel rooms, rental cars, electronics, women. Wait — what?
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.