Complaint Review: CitiBank

What you are describing is very common these days. In fact, it is a business strategy of the credit card companies to make money.

Check out the PBS.org website. They had a show air Nov. 23rd on the "Secret History of the Credit Card". Apparently a number of people interviewed experienced the same thing with Citibank, MBNA, and the other major credit card companies. They interviewed a consultant that advised their clients (credit card companies) to put these traps in their agreements. This report revealed the underhanded practices of the credit card industry and how Senator Dodd, who has been trying to get legislation passed for the last 7 years to improve consumer protection and has failed. This is because the ABA is such a powerful lobby that even Hillary Clinton couldn't stand up to them. She flip flopped on supporting this type of legislation, and received $140,000 in campaign support from the ABA.

We need to face the fact that the Banking industry has found a loophole in the laws through credit cards, and are shoring up the legislation in their favor to keep credit cards as a way of transfering the value of our hard earned dollars into their pockets. You can view this show on PBS's website.

Let's start lobbying our representatives. Complain LOUDLY about the abuses. Make this a major election issue for senators and house representatives! PLEASE!!! It is our only hope of turning the tide! If we don't, banks will literally own this country in our lifetimes. And will probably begin to run it, and take away our freedom and liberty. And we will have handed it to them through inaction, and passive ignorance. Freedom has a price, and it must be maintained. Woodrow Wilson once warned us that the Federal Reserve is more dangerous than a standing army. I think we are beginning to see that in this Frontline report!

After reading your story regarding regarding your student loan I was so outraged that Citibank once again is able to get away with this sort of thing. I would demand them to repair your credit. Send all coorespondance certified return reciept. Sometimes with all the stories I read regarding credit card scams especially Citibank it amazes me. It's all a game. The only thing is that eventually they will loose. People will just start not to use credit cards. Let's ask ourselves why we even do. Banks charge us to keep our money in their bank while they are making money already on our balances or on upselling other products. All while conducting business in a dispicable manner. What did they think after 9-11 they wouldn't have to take a hit like everyone else did. Lose of jobs etc. They charge us to have a credit card. During this whole process it is suppose to be that to have a credit card it's a means to increase our credit rating in order to be able to get more credit. What do they care. If they can kill two birds with one stone why not. What I mean by this is raise the interest on our credit cards or report incorrect information on our credit reports they think they are winning but in the end they ruin it for everyone including themselves. Believe me all they are are blood sucking money hungry pigs. Who in the end think they have all the power. Well I have news for anyone reading this every evil empire eventually falls. And Citibank will one day although they think they have it made now. Everyone I know even those I know who have worked for citibank and CitiGroup all say the same thing. They are horrible.

I had almost the same thing happen with Citibank. Mine was with a student loan with them though. I graduated in May 2004. Therefore, with my grace period, I shouldn't have had to make any payments until November 2004. Then one day I started getting calls left and rigth from Citibank on my answering machine and caller ID. I was never home when they called though. I figured it was a sales pitch. They never left a message either or I would have called them back. NOTHING in the mail from them either. So anyway, I was finally home once when they called and some b*tch is yelling at me telling me I am 60+ days late on my student loan payments. I told her there must be some mistake as I was still within my grace period. She said she knew nothing about that, and could not help me with it. She said I had better make a payment or else it was going on my credit report! I did just to prevent that from happening since my husband and I just bought a house.

Come to find out, they said I had already used my grace period. I asked them how that was possible as I was a student full time since I took out any loans with them. They said that there was a point when I stopped being a student a few years back, then went back? What it had been is that I transferred schools. I sent them all of my paperwork immediately. I had to send it like 4 or 5 times through fax and mail because for some reason they mysteriously weren't getting it. FINALLY I thought they must have received it because they stopped harassing me about paying. Little did I know that they put a 60+ day late fee on my loan, even though I wasn't ever late....I just switched schools! I even did everything I was supposed to and sent things to the address and fax they said to numerous times. So I now find out that they never bothered to tell me they still didn't get my stuff, but they ended up contacting my school themselves and verified I was a student. They just didn't ask if I had been a student for the semester in question.

So if that is not confusing enough....they now say this is where I used my grace period. They AGAIN want me to prove that I was indeed in school full time non stop since I took out my loans. At this point I just decided to consolidate my loans with another bank. They had NEVER sent out anything saying I was late the first time or the second time, even though I never really was. If I had received something from them I could have cleared this up. I had NO REASON to call to ask them about my payments at that point. It really would have been nice if they contacted me to tell me it was due and at least sent me some sort of statement or bill.

Now I have 1 negative mark on my credit report from citibank for being 60+ days late. The rest is perfect, as I pay my debts when they are owed.

Citibank sucks. The new bank that has my loans is MUCH better. I have received TONS of support from them, quick processing of my application and data, and a statement saying when my plans will start to be due and how much they will be for. They even go into detail on how much my payments will be each month until it is paid off, the month it will be paid off, etc.

Credit card companies don't send out statements as a 'Courtesy'! That is the one of the most ridiculous thing I have ever heard. I won't go into to all the detail about what is wrong with your comment, Steve made it short and sweet! Thanks for a good laugh!

On revolving accounts, monthly statements are not a "courtesy" as you put it, but, according to the Federal Consumer Credit Protection Act, a legal mandate.

Also, under Federal Fair Credit Billing Act, the lender is required to send periodic statements.

First, statements are a courtesy. Credit card companies are not required to send monthly statements at all; otherwise people could pay only 1 time a year and blame it on the fact that they did not get a statement and credit card companies could not lend money. However, depending on payment history before this insident, i am positive that after the payment has been made, if you call in and talk to a representitive they will eat some of the late fees and finance charges. Maybe not all 3 will qualify but definately you should get some refund. Ask for a manager if the rep cannot do it. (they can only do what the computer approves, but the managers can manipulate the system to keep the situation from escalating in some situations including this)