I would imagine many business owners like me have struggled with reduced cash flow over the past 18-24 months...what more appropriate time to make use of an existing credit line? I have two Citibank credit cards including a Citibank Driver's Edge card that I've had for over 22 years. Never was late on payments; often had a zero balance, received rebates on two car purchases, and systematically established a very substantial credit line. My interest rate in 2007 was 9.9% Over the past year I reluctantly allowed my balance to climb, as my rate also climbed to 14.9%. In November I was late on one payment and..... "bang!"..... late fees, reduction in credit line, and slammed me with a 29.9% interest rate! Discussions/pleas with the representatives are like talking to emotionless robots. Gee, thanks Citibank, for your concern about the hardship your 20-year Customer is experiencing. As if 14.9% interest isn't enough interest to make? Yesterday I withdrew enough money from my IRA to pay off both accounts; frankly I'd rather pay the 10% penalty and pay our government extra taxes that allow Citibank to exploit and benefit from my hardship. Fortunately the economy is begining to cycle-back, my income is growing, and I vow to never to do business with Citbank again; and will take advantage of any opportunity I have to disuade friends, family, and clients from dealing with this huge corporate theif.
I opened an account in Las Vegas.. I was living in Thailand, and needed an account to transfer my income into the USA. Since Citibank has a branch in Bangkok and they offer free international transfers from Thailand to the USA division, I decided to try it. Bad choice. Even though there is no fee for transferring money, they get about 4x as much out of you in the low exchange rate from Thai Baht to USD. I had another local account in Thailand, and was able to transfer my money to another US Bank for far less cost. The "Free Transfers" promise they advertise in Thailand is just a marketing gimmick. It is just a hook to get more of your money. Four times as much!
I use an address in the USA that is a PO box at a shipping business. When I opened the account, I told the assistant Mgr what I intended to do, and that this was a post office box. He said, "No Problem", It is the same address I use for other bank accounts. After I deposited several thousand dollars in the account, the account was suddenly blocked. I couldn't log in online, use the ATM card or transfer money. I called customer service and they said they couldn't figure out what was the problem but promised to call me back. They never did. Later I talked to a supervisor in customer service (which is a Philippine call center) and learned that my account was blocked because my original address was a PO box. No email warning, phone call or letter. Just blocked the account. I emailed my branch Assist Mgr. asking about this problem. He emailed me back saying that he was contacting the main office to try to get my account unblocked. Then no answer. I called/emailed him numerous times when I was in the USA and left messages but got no calls returned. Nothing. My money was in limbo for 6 months until I could get to a branch in Miami and close the account. Upon closing the account, it was the same NV branch mgr who unblocked it so it could be closed. He lied about contacting main office.
This is an e-mail and evidently a phone scam involving checks for large sums of money for which a person is supposed to use (in my case) Western Union to send the "balance" back to a strange name and money order number. It's a digital version of the old street sting of "I found a huge amount of money and I'll share it with you if you give me a good faith deposit of $400 CASH".
In my case, the company called itself "At Your Service Marketing", a mystery shopper firm.
Citibank, New Castle, DE: what are you doing about this assault on your reputation? I'm going to call you about it tomorrow.