# Have I Mentioned that I Hate Citibank?



## Geoffrey (Jun 20, 2009)

I got my Citibank card in the 90's.  During the last recession, I ended up charging it up to pay bills then I missed a couple payments and got my interest jacked up.  So far, my fault.  They eventually closed the the account.  I've been paying it down for years and finally got it to half the size.  Last year, I tried to get my interest rate lowered after having had years of on-time payments - no luck.  They were busy keeping from going belly up and weren't interested in my little needs.

I find myself in a position to pay off the last $4000.  When I called last week to find out the pay off amount, they said they couldn't tell me because interest compounds daily so it's constantly changing.  Also, they could only then give an estimate of the overall amount.  AND, I'd have to go to a branch to pay it off because they could only accept the amount shown on my last statement.  (to my mind, these are all strategies designed to not allow the account to be paid in full as they could have come up with a payoff amount if they wanted to.)

So, yesterday I went to a branch.  They couldn't take a payment without the card number (which I haven't had since '04) nor did the branch have access to look it up.  The card number isn't visible online, the credit card customer service people can't give it to me 'for my security'.  I would have to find it on my paper copy of my bill .  Finally I got it by downloading a pdf version of my last bill.  So I paid directly to a teller the total amount plus $100 extra dollars.

My account is not credited yet for that payment - so interest is accruing for another day.  I'm sure that's for some reason or another - but at this point I don't buy it.  They're doing everything they can to keep me from paying off this bill and to squeeze they last few dollars out of me.  

I'm not even looking forward to trying to get back the extra money I paid back.  I'm expecting it will take some extra days weeks to process or there will be fees to close the account or something else designed to make me keep giving them money....

AAARRRGH!!!    (thank you.  I feel better for ranting and raving)


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## Dana (Dec 4, 2009)

Just did a Google search on "CitiBank Sucks" and found some amusing pages...  many people share your opinion.    (Unless that's you that created a Facebook page, a blog, etc all with that title.)  LOL

Glad that you're finally (almost, knock on wood) out from under their thumb!


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## crebel (Jan 15, 2009)

How frustrating Geoffrey!  You may rant and rave all you want and I am glad it made you feel better.  The credit card companies are definitely a racket.  A few years ago we went through some lean times and also used a card to pay bills.  Like you, we have worked diligently on paying it off and do everything "cash only" now.  

The new laws affecting credit card companies went into effect March 01.  One of the things shown on our last statement  is how long it will take to pay off the remaining balance.  On a $4,000 balance, never charging anything else, only paying the minimum payment, it said it would take TWENTY-FIVE YEARS to pay it off and cost more than double the principal amount.  We ended up raiding the retirement account and took the tax hit on it to get the card paid off.  Yes, we did it to ourselves, but boy have we learned our lesson.  The credit card companies are a racket (am I repeating myself?).

I'll bet you will still have additional fees to get it completely closed, but what a load off it will be when it is done.  Congratulations!


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## 4Katie (Jun 27, 2009)

Couldn't you just scream?!?

I am seriously getting out of the credit card business. It's such a racket, and you just can't win. We almost have our last card paid off, and then I'm gonna get one card with lower interest, under the new rules, for emergencies. 

Good luck.


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## Geoffrey (Jun 20, 2009)

I took a loan out from my retirement monies to may off the credit card.  I decided the lost income from not having the money there was much less than the 28% interest I'm paying now.

It is a racket.  One of the things they started doing was moving the due date a couple days here and there.  It was always on the 15th.  Now its sometimes the 13th or the 14th ... between that and the couple days built into the system for a payment to post, I'm sure they're raking in a brazillion bucks from people missing that floating date.

I already moved my checking and savings to a local credit union and my car loan is from the credit union too instead of using the automobile finance company or a big bank.  I'm so much happier there.  They're friendly, they work with me, I don't pay them for the honor of keeping my money there ... 

Once I have Citibank completely closed out, I'll only have my mortgage with a Big Bank.  I'm not sure if I'm going to touch that, though.  Its FHA and safe ... maybe later.


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## Alle Meine Entchen (Dec 6, 2009)

I never had a credit card until I married DH (almost 6 yrs ago) and we don't use our card all that often, only for big purchases (like his GPS) or for online purchases (my Kindle), but even then we use it only if we KNOW we have the money in the bank right now to pay it off.  Luckily, we've not had to use it for bills when times were tough a few years ago.  Thankfully, both DH and I are fairly cheap


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## hsuthard (Jan 6, 2010)

I think that floating date is another one of the changes implemented March 1 with the new legislation. 

I'm glad you're finally getting rid of them. It's painfully obvious they could care less about customers and only care about their bottom line. They're the modern mafia as far as I'm concerned. One thing I think the Muslim world has right is the attitude towards loans and credit.


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## Geoffrey (Jun 20, 2009)

hsuthard said:


> I think that floating date is another one of the changes implemented March 1 with the new legislation.
> 
> I'm glad you're finally getting rid of them. It's painfully obvious they could care less about customers and only care about their bottom line. They're the modern mafia as far as I'm concerned. One thing I think the Muslim world has right is the attitude towards loans and credit.


Ya know, I heard a thing on Public Radio about muslim banks .... it was maybe six months/a year ago and I have to admit I was pretty impressed by their attitudes. Then life happened and I forgot about them. Maybe I need to look at them again just to learn more....


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## Hoosiermama (Dec 28, 2009)

It's all banks, and they all suck. Years ago, DH's dad died, and we decided to pay off our house (we didn't owe that much on it) with what we inherited. You wouldn't believe the hassles involved in trying to find out our balance, so we could write a check. As I recall, we finally had to go into the bank, and demand the amount, and told them we weren't leaving until they told us. Then we wrote a check for that amount. We got the same "it changes daily" spiel.

They wanted our money...but over 30 years, and not all at once. Just can't make any money that way.


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## 4Katie (Jun 27, 2009)

hsuthard said:


> I think that floating date is another one of the changes implemented March 1 with the new legislation.


It is indeed. That has tripped me up many times, causing me to pay huge late fees.


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## Sandpiper (Oct 28, 2008)

This is a good Frontline program shown on PBS about the credit card "industry":

http://www.pbs.org/wgbh/pages/frontline/shows/credit/


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## drenee (Nov 11, 2008)

On a similar note, I bought a new car last November.  The dealership gave me a really great deal and then they started working on financing.  I asked them to call the bank I already had a car loan through.  Well, the interest rate the dealership got put my payments higher than I wanted, and the interest was quite a bit higher.  So I called the bank myself and asked for a new car loan.  I got it within minutes and at a lower rate than the dealership had been quoted.  When I asked the loan officer about it, he said that the dealership had most likely been quoted the same number I had, but then they deal with the bank for a higher rate and pocket the difference.  Needless to say I was completely angry.  

The finance officer at the dealership was not near as friendly to me when I went back to sign my final papers and pick up my car.  I cost him several thousand dollars.  

deb


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## sjc (Oct 29, 2008)

Geoffrey: Congrats on nearly reaching your goal. When you do pay it off: Close it. That will show them. New thing supposedly...Starting this month, they now have to put on your statement what the total amount will be to pay off current balance over the long term with said interest at minimum payment rate.

I've always had a stack of credit cards 2 inches thick. If there is a card, I have it. HOWEVER, I hardly ever use them. When I do, I pay off in full each time I use it. There are a couple that I favor. I'd just rather save up, then buy; so that I don't get myself into a jam. Currently, I put the monthly college tuition on a Visa to accumulate points: Then pay that off with the Home Line of credit. Then I just start chipping away at the Home Line; which is lower interest and a partial write off.

What


Spoiler



pissed


 me off was: I've had my *Sears* Card for at least 20 years or more. Limit was $12,000. Last week they sent me a letter out of the blue: Due to non or low use; we have cut your credit limit in half. This, without my permission/consent.

HELLO!!...that damages my FICO score and reduces my net worth. I have a good mind to write them back and tell them to close my account altogether now!!


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## Anju   (Nov 8, 2008)

Good going Geoffrey- I am very proud of you, this is a tough time for all and has been for many many years.  I lived from statement date to statement date before I married  my DH.  He has always been very "tight" and we go my card, only had one, paid off quickly.  We do have cards, used one to get me out of the hospital, but it will be paid off as soon as I get the exchange rate amount charged.  We do not wait one day to pay off.

Rant and rave here all you want, you find so many others in the same boat and it does help you feel better!


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## Magenta (Jun 6, 2009)

Geoffrey.... did you get a teller receipt?  Keep it.  It shows the date of payment.  They should give your account credit as of that date.  You may note there are sometimes two dates on your credit card statement... transaction date (actual date of the transaction at the store) and posting date (actual date the bank posted the transaction to your account).  These are different because it takes time to process the details and update the system.

It is no excuse for the hassles they gave you to make a payment.  You should also report this to your State Attorney General and the state banking commission - especially if they delayed credit and that resulted in them charging you more interest.

In any case you must feel so relieved.  Congratulations!


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## Geoffrey (Jun 20, 2009)

Magenta said:


> Geoffrey.... did you get a teller receipt? Keep it. It shows the date of payment. They should give your account credit as of that date. You may note there are sometimes two dates on your credit card statement... transaction date (actual date of the transaction at the store) and posting date (actual date the bank posted the transaction to your account). These are different because it takes time to process the details and update the system.


And surprisingly, my neighborhood credit unit posts any debit card transactions to my account the second they occur - and update the actual and on hand balances. When I was with Compass, they often took a couple days to update the account and then they only updated their online information once a day. They would also, if I was going to be short on a debit, rearrange the payments so that the biggest payments are paid first and any smaller payments are overdrafts ... to increase the number of fees they could charge me. BUT, I didn't qualify for overdraft protection because my credit rating was only about 750 ...

When I took out my car loan, my credit union set up an auto-pay which gave me .5% less interest ... AND, if I'm short when they take the money, since I have direct deposit, they don't charge me a late fee since it's all in-house. Instead they just wait for my payday and take the money out as soon as the DD happens.

I'm still watching my checking account. The payment hasn't hit yet. I should have gotten a cashier's check instead of writing a olde worlde check .... I'd call Citi but I'm sure it's some blarney about how paper checks have to go to some centralized center to be processed then they have to wait for my CU to honor it and blah, blah, blah. It's all a pack of lies, of course, but I'm guessing it will be Wed or Thurs before the get around to posting it.

The second they do, however, I'll be on the phone asking for my remaining money back.


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## Silver (Dec 30, 2008)

Our credit rating is in the stratosphere.  For a couple of fogies without any substantial money behind them, I'm not quite sure how it went so high.  I do have credit cards and use them.  Rarely do we run them up high enough that we can't pay the balance in full each month (although it does happen now and then after a large purchase or an exceptionally generous Christmas or something).  I like to use my Amazon card as often as possible for the Amazon certificates, and hubby just got a first class round-trip ticket to visit family with American Airlines points on another card. 

The thing is, I always understood that a really good credit rating can be damaged by cancelling credit cards.  I mean, I have old cards that I use a couple times a year just to keep them on the air.  I could really do with a CC thinning, but am afraid to get rid of any of them.  Not that we really need a super high credit rating at this point in our lives anyway - probably not looking to buy a yacht.    Do any of our credit experts here know if that's still true?  Don't cancel even unused cards because it hurts your rating?


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## raven312 (Jan 12, 2010)

Silver said:


> Our credit rating is in the stratosphere. For a couple of fogies without any substantial money behind them, I'm not quite sure how it went so high. I do have credit cards and use them. Rarely do we run them up high enough that we can't pay the balance in full each month (although it does happen now and then after a large purchase or an exceptionally generous Christmas or something). I like to use my Amazon card as often as possible for the Amazon certificates, and hubby just got a first class round-trip ticket to visit family with American Airlines points on another card.
> 
> The thing is, I always understood that a really good credit rating can be damaged by cancelling credit cards. I mean, I have old cards that I use a couple times a year just to keep them on the air. I could really do with a CC thinning, but am afraid to get rid of any of them. Not that we really need a super high credit rating at this point in our lives anyway - probably not looking to buy a yacht.  Do any of our credit experts here know if that's still true? Don't cancel even unused cards because it hurts your rating?


I doubt that your credit rating will take that large of a hit, especially since cc companies are now halving credit limits. What you may want to think about doing is calling your favorite card company and asking them for a limit increase. Then you can close one of the cards you don't use as often - especially if you are paying any type of annual fee.


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## Magenta (Jun 6, 2009)

Read here for an explanation of credit scores:

http://www.bankrate.com/brm/news/credit-scoring/20031104a1.asp


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## 4Katie (Jun 27, 2009)

> Do any of our credit experts here know if that's still true? Don't cancel even unused cards because it hurts your rating?


It does, because part of your credit rating is the ratio between your credit limits and actual debts. If you close a card, you can drastically reduce that ratio.


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## cheerio (May 16, 2009)

I heard that Citibank is changing all types of stuff when i came to the new credit card laws before they went into effect


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## sjc (Oct 29, 2008)

Yes it is still true and here is why:
Say you have 5 credit cards with a limit of $5,000. each...for a total of $25,000. This, besides your tangible assets, adds to your net worth. Close one of the cards and you decrease your net worth.

This is why I was angry with SEARS for taking it upon themselves to decrease my limit because they felt that I don't use the card enough and half that limit should be sufficient (according to them) see my previous post above.


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## ayuryogini (Jan 3, 2010)

Rant away; you have good reason, they are so dishonest and tricky; this thread has been eye-opening; thanks.


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## Addie (Jun 10, 2009)

sjc said:


> Yes it is still true and here is why:
> Say you have 5 credit cards with a limit of $5,000. each...for a total of $25,000. This, besides your tangible assets, adds to your net worth. Close one of the cards and you decrease your net worth.
> 
> This is why I was angry with SEARS for taking it upon themselves to decrease my limit because they felt that I don't use the card enough and half that limit should be sufficient (according to them) see my previous post above.


On Suze Orman's show several weeks back, someone called in mentioning not wanting to close credit cards because of this fear. Heck, even Orman says not to close cards down. But in that particular case, the caller had no debt, so Orman said she could absolutely close the card down if she wanted to with no hit to her FICO score.
The way she explained it is if you have debt, then the higher the credit you have the better, but if you have no debt, then it doesn't really matter.


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## 4Katie (Jun 27, 2009)

cheerio said:


> I heard that Citibank is changing all types of stuff when i came to the new credit card laws before they went into effect


All of the banks did that. They screwed us as much as they could before the new laws went into effect.


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## Cindy416 (May 2, 2009)

Congratulations, Geoffrey!  I had quite a bit of cc debt that was incurred during the extremely lean years of hog farming, teaching in a tiny school, and raising two daughters. I finally paid them all off last month, and the only cards that I couldn't get an exact payoff amount for were from First National Bank in Omaha. I happened to look at my account online the other day when I received email notices that my payment dates were approaching. When I did some investigating, I found that the charges were residual interest charges. It only amounted to a bit more than $20 combined, so you may want to check on the balance that is left because of your extra $100 payment.  When I called and asked about the charges, I got the representative to remove the charges and she volunteered to monitor my accounts for any more charges. She did this after I told her that I wanted the cards closed, even though we've had both of them since 1991. The last thing I wanted was an annual service fee on cards that I'm not going to use. I had to call another number to get the wallet protection removed, as it was a monthly fee that I'd forgotten about.

If you close any cards, be sure that the cc company makes a notation on the report to the credit reporting services that you requested that the cards be closed. Our accountant told me the other day that she doesn't think the negative effects of closing credit card accounts, when done by the actual consumer, affect the overall credit score for long. She's the one who suggested telling the company that you want the notation about you requesting the closure of the account.

For the record, I HATE CREDIT CARDS, too!!!!  Now, I only use my bank's debit/credit MasterCard, for the most part, unless I'm charging something that's an "x no. of months same as cash," like with Best Buy, and I'll pay those in a couple of months, long before the term is up.


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## sjc (Oct 29, 2008)

It's awful how the rules change by the minute; not by the day.  These credit card companies have us right where they want us.  Corporate GREED!!  That's what started this whole mess in the first place.  Something has to give.  

Between this economy and the unemployment rate; we're going downhill fast.  I live in a rural middle to upper middle class neighborhood...and we have had a half dozen bank robberies or more in the past couple months.  Good people are just so desperate; they are resorting to anything to try to survive.


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## marianneg (Nov 4, 2008)

sjc said:


> Cobbie said:
> 
> 
> > Yes it is still true and here is why:
> ...


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## sjc (Oct 29, 2008)

I'm thinking in terms of what is available to me.  If someone has a very high credit score:  Cutting what is available to them is damaging because (from what I have been told; and I'm no expert) it's like depreciating one's value.  As opposed to someone with high debt and low score, it would be increasing debt potential; further damaging their score and making it more difficult to obtain credit.  Either way; I still see it as a knife in the back to someone with good credit.  If they are in good standing; why cut them...BECAUSE THE CREDIT CARD COMPANIES HATE PEOPLE WITH NO DEBT AND THRIVE ON TAKING FULL ADVANTAGE OF PEOPLE LIKE OUR GOOD FRIEND GEOFFREY.  Some folks are paying a whopping 29%!! Compound that, and they don't stand a chance and the credit card companies are LOVING it!!

Some people have NO choice.  EXAMPLE:  I know someone who had to put a dental repair on his credit card and will probably end up paying for the repair 10X over and then some...what's the choice; credit card or missing front tooth? You bet I would choose credit card debt!! Same with a car repair...fix the car or not be able to get to and from work...heck, people who want to hold on to that job better pick car repair!


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## Cindy416 (May 2, 2009)

sjc said:


> I'm thinking in terms of what is available to me. If someone has a very high credit score: Cutting what is available to them is damaging because (from what I have been told; and I'm no expert) it's like depreciating one's value. As opposed to someone with high debt and low score, it would be increasing debt potential; further damaging their score and making it more difficult to obtain credit. Either way; I still see it as a knife in the back to someone with good credit. If they are in good standing; why cut them...BECAUSE THE CREDIT CARD COMPANIES HATE PEOPLE WITH NO DEBT AND THRIVE ON TAKING FULL ADVANTAGE OF PEOPLE LIKE OUR GOOD FRIEND GEOFFREY. Some folks are paying a whopping 29%!! Compound that, and they don't stand a chance and the credit card companies are LOVING it!!
> 
> Some people have NO choice. EXAMPLE: I know someone who had to put a dental repair on his credit card and will probably end up paying for the repair 10X over and then some...what's the choice; credit card or missing front tooth? You bet I would choose credit card debt!! Same with a car repair...fix the car or not be able to get to and from work...heck, people who want to hold on to that job better pick car repair!


So would (did) I, sjc. You do what you have to do when it's necessary. I love hearing Dave Ramsey disparage credit card companies. He gets started on the "evilness" of them, and really tears them to shreds. I noticed that my First National Bank of Omaha cards (Visa and MC) both raised their interest rates to unbelievable heights, yet, in the news, I read that FNB of Omaha was getting ready to break ground for a new office building. Seems like pretty poor timing, given the pathetic state of the economy.


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## sjc (Oct 29, 2008)

Cindy416:  I couldn't agree more.  
These corporate big wigs that prey on the poor and take millions of dollars in perks and bonuses for themselves should be removed from position.  I wish they, someday, are  put in a position of having to choose...they won't like it.  That's not to say that someone shouldn't have a prestigious job...but there is a huge difference between that and corporate GREED.


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## SimonWood (Nov 13, 2009)

My pet hate is Bank of America.  I just helped my mother in law buy a condo (with cash).  it took 7 months.  They managed to screw up everything.  They didn't spell our names right on the deed...an error that delayed the move in date by a month...


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## Geoffrey (Jun 20, 2009)

So the money finally posted overnight.  I now have a credit of $100 on my account.  I have a choice.  I can either get that money back now, wait until the 20th for my new bill to generated and pay off the final compounded interest.  OR, I can let them hold onto the money until the 20th when they will calculate my interest and subtract it from the credit.  At that point I can call back and request the remaining credit be sent back and allegedly the account will be closed and done with ...

.... they don't have a process to complete closed out accounts mid billing month.  Its all about making that last few pennies in profit from my money.  

Jerks.


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## Cindy416 (May 2, 2009)

Geoffrey said:


> .... they don't have a process to complete closed out accounts mid billing month. Its all about making that last few pennies in profit from my money.
> 
> Jerks.


Succinctly summarized, Geoffrey!


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## raven312 (Jan 12, 2010)

Geoffrey said:


> So the money finally posted overnight. I now have a credit of $100 on my account. I have a choice. I can either get that money back now, wait until the 20th for my new bill to generated and pay off the final compounded interest. OR, I can let them hold onto the money until the 20th when they will calculate my interest and subtract it from the credit. At that point I can call back and request the remaining credit be sent back and allegedly the account will be closed and done with ...
> 
> .... they don't have a process to complete closed out accounts mid billing month. Its all about making that last few pennies in profit from my money.
> 
> Jerks.


Sounds to me like they're giving you the runaround. They SHOULD have a payoff amount and a "good til" date. If THEY close your account, _believe_ that they will close it any day of the billing month that they so choose. I would advise making a Presidential complaint. They don't like those because they have to report them... (I used to work in banking and believe me, people who complained got just about anything they wanted. A Presidential complaint requires an answer from the rep in question, their supervisor and often their department head. They _ALL_ have to tell the President's admin why they messed up.)


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## drenee (Nov 11, 2008)

Raven makes a good point about if they wanted to close the account they would close it any day.  
Sounds like something that happened to me with my cell phone service.  I was at least 6 months past
the end of my contract.  I got new service with another provider; called the old provider and was told
they could not shut my service off for 30 days.  I said that's ridiculous; asked for a supervisor and informed
them that If I didn't pay my bill you'd shut me off in 30 secs.  It was shut off minutes later.  
deb


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## Geoffrey (Jun 20, 2009)

I think this is a purposeful part of the Citi's process for closing out an account.  So, contacting their management will do nothing to resolve it.  Maybe contacting the media would  .... But It'd have to be a pretty slow media day.

To my mind, they don't want to give a close out balance or anything so they can keep billing me.  AND, if I miss a payment on those last few centavos, they can charge me a $40 late fee ... which will again accrue more interest.  Now that they have too much money, they can also hold onto it for a 3 weeks until they run their scheduled update and thereby make a few more pennies.  It's not in their interests to make it easy to get out from under them.

Luckily, the card itself was closed years ago.  I've just been trying to pay it off since then.  But, I'm still worried that even after waiting until the 20th for them to get around to charging me, the account won't actually be completely shut off and I'll still end up having to deal with some future made up payments or whatever.  To be honest, I'd just give them the $100 if they'd just shut the account off and make it so I never have to deal with them again.


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## Rhiathame (Mar 12, 2009)

This type of pain is what decided me three years ago to start getting everything paid off. My ex had such poor credit that it all went under my name...and then we divorced. Over the last 3 years I have paid off over 20k in debt and if all goes well I will have my remaining 10k paid off in another year. I use my Amazon visa for everything and pay it off every month. This has helped me get a better picture of what my total spending is per month and anything tha I had budgeted to spend on groceries or petty cash that I did not use now goes toward paying off my other debt quicker, where before I just left it in my bank account. 

I can't wait until I have it all paid off, and all I have to worry about is my ~glup~ student loans.


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## sherylb (Oct 27, 2008)

Geoffrey- I had a problem with B of A. I had been a banking customer since 1989 with Sea-First Bank then B of A took over and I was assimilated. I had never, ever been late or over my limit, and always paid more than the minimum amount. Then out of the blue one day I received a notice that they were going to up my interest to the maximum and if I didn't like it I could just not use the card anymore and continue paying it down at the rate I currently had. Well, I was absolutely floored! I called them and they told me it was because I had too much charged on my card even though I had still had about a quarter of my limit free. I chose to roll my balance to Cap One and pay off B of A. When it came time to get an exact amount, I called them and got a similar answer to yours. Gee...you owe this amount right now at this very minute, but by the time your payment processes, you may owe more. I finally got someone who would give me a payoff amount and since I was doing a funds transfer, there was no reason for it not to post the same day. I told the person I was talking to that I was recording our conversation just in case I needed it later and asked for a confirmation that my account had been closed to be sent to me via mail. I did receive a notice the next month that I owed some paltry interest but I had my written confirmation that my account had been paid and closed so they didn't have a leg to stand on and had to write off the charge. Bad apples, man!


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## sjc (Oct 29, 2008)

> .... they don't have a process to complete closed out accounts mid billing month. Its all about making that last few pennies in profit from my money.
> Jerks.


Why am I NOT surprised...though I can think of a better word than Jerks... 
ALSO, at work; the company Chase bill came in today....and sure enough; just like I said, new info posted in a separate block...total $ with interest after paying off in minimum monthly payments will be XXX; pay now and save $$...SCARE TACTICS!! Don't they know that people would pay it off if they could...duh!


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## raven312 (Jan 12, 2010)

Geoffrey, have you put your request in writing so that there's a paper trail?  If not, I would, via email or good ol' paper (certified).  Again, you'd be surprised how much gets done when there's accountability.


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## loonlover (Jul 4, 2009)

sjc said:


> ALSO, at work; the company Chase bill came in today....and sure enough; just like I said, new info posted in a separate block...total $ with interest after paying off in minimum monthly payments will be XXX; pay now and save $$...SCARE TACTICS!! Don't they know that people would pay it off if they could...duh!


Unfortunately, it is not SCARE TACTICS. This is one of the new requirements included in the recent credit card changes via Congress or the FTC. And you are correct, a lot of people would be paying it off if they could.


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## sjc (Oct 29, 2008)

I knew it was government mandated.  I still see it as scare tactics to get people to pay.  I say this:  Those blocks of info wouldn't be there if we didn't have the whole thing w/ Fannie Mae (and others) start the chain reaction.  It still all boils down to GREED.


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## loonlover (Jul 4, 2009)

I certainly agree with it being greed.


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## Magenta (Jun 6, 2009)

Geoffrey said:


> So the money finally posted overnight. I now have a credit of $100 on my account. I have a choice. I can either get that money back now, wait until the 20th for my new bill to generated and pay off the final compounded interest. OR, I can let them hold onto the money until the 20th when they will calculate my interest and subtract it from the credit. At that point I can call back and request the remaining credit be sent back and allegedly the account will be closed and done with ...
> 
> .... they don't have a process to complete closed out accounts mid billing month. Its all about making that last few pennies in profit from my money.
> 
> Jerks.


Yup total jerks. The final interest due will be small considering they calculate it based on your daily balance and you now have a $100 for many days before the 20th. Just wait until the billing cycle closes, then request they send you a check for the remaining credit balance.
With interest rates so low, it is hard to measure the cost to you from the "loss of use" of the $100.

Look at it this way... IT IS DONE... OVER.... FINITO... YOU ARE OUT OF THEIR EVIL GRASP! Congratulations!


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## Ann in Arlington (Oct 27, 2008)

loonlover said:


> Unfortunately, it is not SCARE TACTICS. This is one of the new requirements included in the recent credit card changes via Congress or the FTC. And you are correct, a lot of people would be paying it off if they could.


Probably true. . . .but an awful lot of people. . .probably more. . . .never pay more than the minimum. And even if they do get a windfall and get it paid off, then they charge it right back up again. . . . .I've seen it with my tax clients. . . . . .never underestimate how little fiscal knowledge many many people have! And I'm not necessarily talking about folks who are scrimping to make ends meet. . . .I'm talking about people with decent salaries who, with just a little bit of foresight and self control, could be saving a lot and managing things so they NEVER pay any finance charge. The new rules are designed to scare such folks and to sort of force them to be at least a little bit responsible.

My cards are not "credit cards". They're "put it on my tab and I'll pay you at the end of the month" cards.


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## Cindy416 (May 2, 2009)

Ann in Arlington said:


> Probably true. . . .but an awful lot of people. . .probably more. . . .never pay more than the minimum. And even if they do get a windfall and get it paid off, then they charge it right back up again. . . . .I've seen it with my tax clients. . . . . .never underestimate how little fiscal knowledge many many people have! And I'm not necessarily talking about folks who are scrimping to make ends meet. . . .I'm talking about people with decent salaries who, with just a little bit of foresight and self control, could be saving a lot and managing things so they NEVER pay any finance charge. The new rules are designed to scare such folks and to sort of force them to be at least a little bit responsible.
> 
> My cards are not "credit cards". They're "put it on my tab and I'll pay you at the end of the month" cards.


In the future, mine will be used the same way, if at all. I am going to use my credit/debit card from my bank most of the time. That money, of course, will come out of my checking account immediately, which is now a good thing. I feel so relieved to have my credit card debt taken care of.


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## mlewis78 (Apr 19, 2009)

I finished paying off my credit cards in 1998 and started saving.  That lifted a very heavy burden from my shoulders.  I was finally earning my pay for me and not for the credit card company!  Now I pay off every month and limit my purchases to what I have the money for.  This works even now, while I'm looking for work.  I refuse to live on these cards and become their hostage.


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## Geoffrey (Jun 20, 2009)

mlewis78 said:


> I finished paying off my credit cards in 1998 and started saving. That lifted a very heavy burden from my shoulders. I was finally earning my pay for me and not for the credit card company! Now I pay off every month and limit my purchases to what I have the money for. This works even now, while I'm looking for work. I refuse to live on these cards and become their hostage.


That is my goal. This was my only credit card other than my company card for my travel. By my calculation, my current payment schedule has me paying my house off in 12 more years - which will be 10 years early. I just took out a car loan after 3 years with out one and that's my only other debt. I was on schedule to pay off this credit card in 2.5 years but decided to pay it off this way and decrease my interest on it 23% ....

I'd like to hit a point where I only have the mortgage and put most of my money aside as savings and/or toward future needs and wants. After getting back on my feet after the last recession, I started saving first to buy things so I've been doing that for some few years now.

I'm on my way to solvency - I just have to get out from under the greedy banking system.


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