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Citibank N A Balance Transfers


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Citi Balance Transfer Checks - A HOT MESS AND A HUGH HEADACHE!
Posted by Xlief on 06/07/2010
I have been receiving Balance Transfer Offers through the mail from Citibank - in the form of Balance Transfer checks. The offers were for 0% APR - 12 mths, and could be used to pay off high interest rate cards, or you could take the checks, deposit them, to use as you desire. I received the checks in May. The offer indicated that the checks had to be posted by June 24, 2010. I deposited a check on May 12th, plenty of time to beat the expiration date. The check was RETURNED about 5 days later, and a $10.00 return fee was tacked onto my checking acct. I called Citibank to find out why the check was not honored, according to the terms of the offer. Several people I spoke with, indicated that there were NO BAL XFER offers on my account. Of course, I responded, "But I'm holding the offer in my hand." I faxed the letter, called several times, spoke with several supervisors, only to find out that the checks would continue to come -but because "my credit rating" had changed, the offer was no longer valid. Of course, this made me furious, because I would NEVER HAVE KNOWN THIS, UNLESS I KEPT CALLING AND INSISTING ON SOMEONE TELLING ME WHY I AM RECEIVING THESE CHECKS! I finally told them to NOT send me ANY MORE OFFERS, because they're not even worth the paper they're written on. And finally - PLEASE SEND ME MY DAMN $10.00 - for YOUR - RETURNED CHECK!
     
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Posted by Weedwhacked on 2010-06-07:
It sounds like another one of your accounts was used by them to determine that you were now a credit risk. Is that what happened?
Posted by NickL11354 on 2010-06-08:
Credit is not a right like it was from 2001-2008. Many have not gotten that message yet. On the terms & conditions of these balance transfers it spells out the terms which says something to this effect.
Posted by goduke on 2010-06-08:
Irrespective of what the credit score is, etc., Citi is sending the OP an offer, telling the OP to use it without restriction, and then bouncing the check. Unless there's fine print somewhere, Citi is way out of line to do this (and may be out of line even with fine print). I'd get in touch with your state's office of the attorney general. They like to go after places like Citi.
Posted by tnchuck100 on 2010-06-08:
goduke is right. This gets real close to fraud on the part of Citibank.
Posted by CaptainSpaulding on 2010-06-08:
Even though the credit card issuers claim that there are no restrictions on the use of these so-called "convenience checks", there are outrageous fees and interest charges involved with their use.

Whenever I get "convenience checks" from any of the credit card companies I do business with, they are promptly "deposited" into my shredder!
Posted by momsey on 2010-06-08:
Of course credit isn't a right, and the OP isn't suggesting they give him/her credit. But the offer was made, and when the OP tried to take advantage of it, rather than just denying it (might be reasonable, except for the fact that the offers keep coming), they went ahead and charged $10 because the OP took them up on an offer. Doesn't make sense. And it's not right. I'd fight for the $10 just for the principal of it!

I'm about to pay off my Citibank credit card and I will never go back.
Posted by goduke on 2010-06-08:
I'm right there with you on this CS. I got some of them in the mail on Saturday and used them to start the grill for dinner on Saturday.
Posted by Hamaicavn on 2010-06-09:
I have the same problem just happend to me on 3rd of Jun- I am looking into legal help and go after Citi bank- this is an ethical issue with citi bank - lying to people - I am just so angry ritgh now
Posted by cjch on 2010-06-23:
I had the same experience with Citi. When I called to ask when the offer was withdrawn he said he could not tell me. I was burned for $80.00 of overdraft fees from my credit union. I'm closing this acct. These companies are theives!!!
Posted by beth1212 on 2010-07-25:
The same thing happened to me with a check deposited July 20. The customer service rep told me Citi changed their rules on balance transfers since they mailed the offer (in late June), the checks said they expired in late August. I have excellent credit and payment history, so there was no issue there. The rep was sympathetic but could do nothing but give me the address of the Office of the President to complain. The funny thing is I happened to be applying for mortgages the same day I received notice that the check bounce. I was planning to apply to Citimortgage but now there is no way I would trust them with closing my loan! Citi should be liable for any fees charged by the bank, this is a completely unethical way of doing business!
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0 % Balance Transfer - Buyer Beware!
Posted by Schmelzer.bob67 on 10/20/2011
NEW YORK, NEW YORK -- Citibank offers a 0% balance transfer for up to 6 months with a tranfer fee of 3% that gets rolled into the total transfer amount. This is fine and fully understandable. One vaveat, going forward, the normal grace period applied to standard purchases no longer applies. If you use the card for what they refer to as standard purchases those charges will automatically start accruing interest at your standard APR from date of purchase! I incorrectly thought that if the standard purchases are paid in full each month plus the minimum amount due on the balance transfer, then there would be no interest at statement date. I complained about this and Citi did reimburse the interest charges so I thought we were done. I get my statment today and there is a .50 fee called "minimum charge" fee. I called up and was told it was just "residual" interest from the prior month (on the amount they had reimbursed!) I was then told there would be no more fees going forward (we'll see). In my case these amounts are miniscule but it is the principle that concerns me. What about the person who makes substantial standard purchases and they get slammed with huge interest charges and fees? I am a big believer in personal responsibiltiy, buyer beware etc. but this offer of 0% on balance transfers should include a better description of the terms and conditions. Word of caution, this will work for you, just do not make any additional purchases (standard purchases) with the card. Put it away until you have paid the transfer balance in full. I recently went back to the fine print and found the disclaimer that states that the grace period "may" no longer apply. Always call before signing up and have a list of questions to ask before you commit.
     
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Posted by trmn8r on 2011-10-20:
I wrote here months ago about 0% checks with NO FEE at my credit card bank. It caught my eye because it appeared to be totally free, which is the only way I use my CC account (always pay balance).

I called them and found out it was similar to your situation - once that offer is used, other purchases start incurring interest charges. I ripped up the checks and threw them away.

Anytime a bank tells you it is giving you something at 0%, look at the fine print very carefully. In 99.6% of cases they aren't. Banks don't make money lending at 0%. Good post.
Posted by ann on 2012-05-24:
I am a big believer in personal responsibiltiy, buyer beware etc.

The offer plus your credit card agreement both state that if you do a balance transfer you give up the grace period on purchases. If you are really a big believer in personal responsibiltiy then you would have read it and already new ahead of time.
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Balance transfer disaster from citibank
Posted by Kishwar on 05/26/2006
MORRIS PLAINS, NEW JERSEY -- Recently I got an offer from citibank about balance transfer which was 5.9% till the balance is paid in full which was quite tempting. I had a home equity line of credit with variable intrest rate of 8.5% which is rising since Fed are increasing the rates. I decided to transfer a balance from citibank to Washington Mutual and It turned out to be disaster. I requested citibank to transfer $20550.00 to Washington Mutual Home equity account which according to citibank has been done Electronically on April 19th 2006. It is approx 6 week and according to Washington Mutual bank they did not receive any payments and have no record on it. I asked both citi bank and Washington Mutual to put a trace on it but even after 5 weeks either have them were able to resolve the issue. I tried to put them in confrence call so they can talk
to eachother and resolve the issues but that did not help either. IN the mean time I end up paying interest and payment on both Washington Mutual as well as citibank. I am forced to do that because if I don't make payment my credit could be effected. I intend to close both account as soon as it is resolved and if it is resolved. Because both have them is giving me run around without doing anything to resolve it.
     
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Posted by Discoverhater on 2006-05-26:
Please edit and clarify your post as it is confusing and hard to follow. I have the following questions and/or comments:
(1) You state you received an offer from Citibank for 5.9%.

(2)You had a home equity line of credit…. With whom and did you pay it off or is the home equity loan associated with the $20K balance transfer?

(3)Your statement “I decided to transfer a balance from citibank to Washington Mutual” – Which Citibank account or was home equity loan thru Citibank?

(4)Is Washington Mutual Home equity account a new account or is this the account with the 8.5% variable rate?

(5) What is your interest rate on the Washington Mutual Home Equity account?

(6) If you got an offer from Citibank for 6.5% then why are you transferring the $20K balance to a higher rate home equity line of credit?
Posted by Discoverhater on 2006-05-26:
Contact Citibank and ask them for the "Fed reference number" associated with the wire or ACH they sent out so you can trace the money thru the Federal Reserve system. You may then contact the Federal Reserve yourself and the Fed can tell you specifically when the payment was credited to the receiving bank's account. Also verify the wire instructions with Citibank and make sure they got your account number correct and included the correct account number in the "credit to the account of" section of the wire instructions when they sent the money.

Are you sure they sent a wire and not a check? If they sent a check then the creditor may have a hold placed on the check to make sure it clears the bank or the hold intentionally "did not get released" so the funds could not be credited to your account. Some creditors will place a hold of 10-14 days on a check, especially when the check is a large amount and large payments are not historically made on the account, before the payment is posted to your account.

Another problem that may arise is that the cash is setting somewhere in "parked cash" because they don't know where to apply the payment. This can result because the sender did not include the account number to credit the funds to or the account number provided was incorrect.

Someone is giving you the run around and not posting your payment because they don't want to loose interest income or are too lazy to research where the payment should be posted.
Posted by No more CITI on 2007-07-02:
Wow. I have a related story. My wife recently responded to a 0% balance transfer offer from CITI. The funds were never recieved, and now we are paying two entities for the same money. Neither bank will help, and they recently stated that they were finished with their investigation, without resolve.

Help..
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