Citibank Morons
If you don't feel like reading this whole thing, at least scroll down to the last two parts.
This is the conversation I had with the kind, generous, friendly morons at Citibank this evening.
You wrote:
I paid my card off completely last month, but the bill I received today has a finance charge on it. I'm struggling to figure out why. Also, there is a foreign transaction charge on this bill. To my knowledge, I made no foreign transactions. Please help.
RE: Why a finance charge? 04/12/06 06:06:00 PM 5 of 5
You wrote:
Sorry, I have found the foreign transaction. I am still confused about the finance charge.
Re: Why a finance charge? 04/12/06 06:33:53 PM 5 of 5
Customer Service Wrote:
Our records indicate that we received your final payment on 03/27/2006. Your statement which printed on 04/10/2006 has finance charges assessed from the previous statement date (03/09/2006) till the date (03/27/2006) your payment was credited in full to your account.
Finance charges for purchases, balance transfers and cash advances will begin to accrue from the date the transaction is added to your balance. They will continue to accrue until payment in full is credited to your account.
This means that when you make your final payment on these balances, you will pay interest for the time between the date your last statement prints and the date your payment is credited to your account.
Our records indicate that a charge of $29.13 from Gandi.net has been posted to your account on 04/01/2006. This is a foreign transaction. If you make a transaction in a foreign currency, other than a cash advance made at a branch or ATM of one of our affiliates, MasterCard or Visa, depending on which card is used, will convert the amount into U.S. dollars. MasterCard and Visa will comply with their operating regulations or foreign currency conversion procedures then in effect.
If a cash advance is made in a foreign currency at a branch or ATM of one of our affiliates, the amount is converted into U.S. dollars by our affiliate in accordance with its foreign currency conversion procedures then in effect.
The foreign currency conversion rate in effect on the applicable processing date for a transaction may differ from the rate in effect on the Sale or Post date on your billing statement for that transaction.
For each purchase made in a foreign currency, we add an additional Finance Charge of 3% of the purchase amount after its conversion into U.S. dollars.
Thank you for using our website.
RE: Why a finance charge? 04/12/06 07:07:06 PM 5 of 5
You wrote:
You wrote: "Finance charges for purchases, balance transfers and cash advances will begin to accrue from the date the transaction is added to your balance. They will continue to accrue until payment in full is credited to your account." Has it always been this way? I don't seem to remember getting finance charges like these before.
RE: Why a finance charge? 04/12/06 07:36:24 PM 5 of 5
Customer Service Wrote:
Our records do not indicate that there has been a change in the finance charge policy as mentioned in your card agreement.
Paying your balance in full by the payment due date saves you money because it allows you to take advantage of your 20-25 day grace period on purchases. If you wish to take advantage of this period, simply make sure that we receive your full payment by the payment due date.
However, if we do not receive your full payment by the payment due date every month, the finance charges for purchases will begin to accrue from the date the transaction is added to your balance. They will continue to accrue until payment in full is credited to your account. This means that when you make your final payment on these balances, you will pay interest for the time between the date your last statement prints and the date your payment is credited to your account.
Once you have paid your account in full by the payment due date for two consecutive months, you may again be able to take advantage of the 20-25 day grace period.
Thank you for using our website.
RE: Why a finance charge? 04/12/06 08:08:31 PM 5 of 5
You wrote:
But this is precisely my complaint. My full payment was made within the grace period in March, but I still accrued a finance charge on today's bill.
RE: Why a finance charge? 04/12/06 08:45:47 PM 5 of 5
Customer Service Wrote:
A credit of $17.61 will appear on your next statement.
Thank you for using our website.
Bah.
Comments
this will be me the next time you want something one at my company... reading from a script, totalling not caring about the individual complaint and generally being a moron.
Posted by: tlt | April 12, 2006 09:02 PM
ahahahahahaha! you encounter some of the most intelligent people...
Posted by: taylor | April 12, 2006 10:56 PM
As a banker, I understand both the side of the bank, and your side. However, I agree with you. Later on in life, I would like to write a book on the adversarial relationship that big banks have with their clients. It's all very sad, in my estimation. Situations like yours are repeated thousands of times per day. Unlike you, though, most people do not catch the fact that the bank is trying to screw them over. Kudos to you in not letting the bank take advantage of you.
Posted by: arc | April 12, 2006 11:09 PM