Bankers are sure trotting out the appealing straight talk to defend the recent increase in rates on various consumer banking services. First it was Bank of America CEO Brian Moynihan telling folks that adding a $5 monthly fee for debit cards was okay because they “have the right to make a profit.” Now an American Bankers Association has an interesting turn of phrase to defend the jackup in checking account costs, most recently done by Citibank.
While Bank of America is inflaming consumers’ anger by saying it will soon start charging some debit card customers a monthly fee, the people at Citibank have been busy figuring out just how much to inflate the monthly fees and balance minimums for many of their checking account customers.
Citibank sent customers a letter informing them that starting in December, they’re raising monthly fees on checking accounts, in some cases by double.
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.
They only had $37,000 left to go on their mortgage they’d been paying off for 25 years, but now a California family’s house is going into foreclosure.
Details have emerged has to how hackers were able to steal over 200,000 Citi customer accounts, including names, credit card numbers, mailing addresses and email addresses. It turns out quite easily, in fact. All they had to do was log in as a customer and change around a few numbers into the browser’s URL bar, NYT reports. Facepalm.
By Sears standards, maybe Benjamin was lucky. More than two months ago, he bought two washers and two dryers from his local store to go inside a coset. When they didn’t fit in the appointed space, he sent them back under the rational assumption that Sears would credit him back for the purchase. This was an incorrect assumption.
Roughly 200,000 Citi customers’ credit cards were stolen by hackers in a breach the bank just announced today. The data included names, credit card numbers, mailing addresses and email addresses.
Reader Greg was sick of there never being any pens at the Citibank ATM at 8th ave and 16th st in NYC. They had those metal pens attached to wire like they always do, but people had stolen the pen innards and they were never replaced. (Probably because the bank got sick of replacing them.) So Greg came up with his own solution. He grabbed some free pens that are always in abundance at TD Bank and duct taped them to the empty Citibank pen barrels.
On the back of news that SETI, an array of satellite dishes that search for extraterrestrial intelligence, would be shut down, John at Î¼cosmologist put together a infographic to compare the cost of running it against other things. For instance, it costs $2.5 million a year to run one SETI satellite, while one Predator drone costs $4.5 million. A Citibank exec’s bonus? $19.3 million. And if just a small part of the $10.7 billion Starbucks made last year was put aside instead of paying for their employee’s health insurance, we’d have ET’s whole city in the bag. In comparison, continuing to send and seek out bleeps into a silent and uncaring void isn’t that much. Check out the full version here, and stick around for the money shot by scrolling all the way to the bottom.
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.
Rick moved and changed his address with his credit card company, CItibank, but didn’t change it with the bank’s rewards program vendor. No problem: just put in a different shipping address when he placed the order, right? Not exactly. Now the company’s best option is for him to wait for the package to be sent to the address where he no longer lives, complain of non-delivery, and wait for a new package to come. This seems a bit inefficient.
It’s an enormous relief to find someone at a large, powerful company who is kind, helpful, and able to solve your problems. Unfortunately, reader Flora learned that just because a person is kind and helpful, that doesn’t mean that you shouldn’t document your conversations with them in case things go horribly wrong.
The first reaction to your bank instituting new fees on your “free checking” account in 2011 might be sheer, overwhelming panic, or maybe rage, indignation, or some combination thereof. But don’t be afraid, fee-haters, there are ways around extra charges to your account.
1/1/11 is a nice-looking date, as sets of digits go. But M. reports that the new date caused a hiccup on the debit card that she uses for her Citibank checking account. But, wait–a Citibank representative assured her that everyone had problems with their cards right after the new year began. Really?
Tomorrow CitiMortgage is kicking off a special 1-day “call-a-thon” where people in trouble with or confused about their mortgages with Citi can call in and talk to foreclosure prevention staff. In addition, “senior managers and increased numbers of supervisors will be on hand to provide additional support,” says Citi.