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.
My first contact with Citibank at Spectrum Center was a pleasant experience. Living in West Africa, I have often inter-acted with the bank on the phone, and found the staff to be courteous and helpful.
However, calling the bank from abroad and sorting out problems can be quite a nerve-racking experiment: You are put on hold for very long time, and shifted from one official to another. This can prove frustrating, especially considering that from West Africa, for instance, there is no using free call numbers.
I have an account (premier) with citibank in Budapest, Hungary. I went travelling in the countryside by car, and received a text message informing me that my debit/mastercard had been blocked. So, I call and I am told that my card has been found in another part of the country. No, It is impossible because it is in my hand.
No it is not, I am told.
Naturally, I request that they ask me further security questions, including my passport number, but they refuse?
This continued for 3 days and I had to spend 2 nights sleeping in my car with little food and water. I hadn't enough petrol to get to a town where there was a branch and no more telephone credit?
Fortunately, a friend called me and put credit on my phone. 3 insane calls later someone, somehow decided to reactivate my card.
After returning to Budapest, I have made an official complaint and received a reply apologising, and stating that it was due to human error.
"f you have any documentation in connection with claim for damages please send that to" bla bla bla.
Of course I incurred no costs, I was denied access to my money!
But I did have an extremely traumatic experience being homeless and impoverished which they are "sorry" for.
Is this not illegal? If I refused to give you money which you could prove belonged to you, isn't that a temporary theft?
I have an audio copy of all telephone conversations from them.
Any legal advice would be much appreciated.