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Citimortgage Loan Modification Screwed Me Big Time
Posted by Avenger24 on 05/26/2010
9 months ago I decided to call Citibank to try to get a modification on my loan to help lower my payments, even though I wasn't past due they told me I was preapproved my mortgage went from 2700 to 1200 on a 3 month trial basis, they kept saying the same document was missing or not right, I re sent it 5 times, they got me so frustrated but I kept on with it, I paid the lower amount on time and never late, I called every week and was told we have the necessary papers and are in review, it is now 9 months later they said it went to underwriting which is a great sign, then today I get a call that I am denied to modification, because I DON'T HAVE ENOUGH INCOME, YA THAT MAKES A LOT OF SENSE anyway I have to start paying the old amount of 2700, and they said I have to pay the past Amount that they reduced $16000.00 which I don't have the best they will do is spread it over a year, which would mean I have to pay $4800 a month which is ridiculous, so not only have they royally screwed me they also messed up my credit it was 780 when this started now its 600 cause of what they posted so I can't even refinance, they suggest I short sell or foreclose, they are a big help If anyone has a suggestion please email me at chimneygu@aol.com

     
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Posted by yoke on 2010-05-27:
You still owe the $16000, did you ask if they could defer the amount over a longer period of time?
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Dissatisfied Citibank Customer
Posted by Jesmech on 05/17/2010
To Whom It May Concern:

I hope this message gets escalated to the highest level of Citibank management possible. You can verify my accounts with Citibank by checking my phone number (973-906-6944).

Currently, I have over 10 different types of services/accounts with Citibank (list below) and I’ve earned over 300,000 points with Thank You network. However, I will not be a loyal customer of Citibank anymore since Citibank has not been treating me right. For the past year, there have been a number of incidents that makes me believe that Citibank does not care about their customers anymore. They are listed below.

I will start migrating all my banking services to other banks. I’ll also make sure to post this message everywhere so other will be aware of how horribly Citibank treat their loyal customers.

BTW, I used to believe in Citi… I currently own more than 20,000 shares of Citi stocks. I will be changing this position going forward.

1 -
This is the tipping point of my dissatisfaction with Citibank.

Today, 2010.05.17, Citi Premier Pass card decided not to honor the credit limit overage usage that is build into my account. The reasons, one, I haven’t been utilizing my credit line nearing my credit limit. Also, I’m not allowed to transfer my credit from one card to another.

2 -
Citibank has been cutting my credit to the minimal - the reason being that I have high revolving debt. However, I’ve never been late with any payments. The high revolving debt is actually used for business investment purposes.

3 -
Citibank decided to close out my Business Checking Line of Credit without any prior notification. This caused me quit a bit of headache since a number of transactions were rejected due to the line of credit not being available.

4 -
Citibank started to charge $10 for automated draft from overdraft protection line of credit. The overdraft protection line of credit is designed to protecting overdraft. Citibank started penalize the automated draft. I have to manually transfer money out of overdraft protection line of credit to checking. What’s the point for having automated overdraft protection line of credit?

5 -
Citibank raised my credit card rates to a whopping 30 percent. Thank god I pay off my complete balance every month. 30 percent is ridiculously high. It’s highway robbery.


Below are my accounts with Citibank

Business Checking
Business Checking Line of Credit
Business Brokerage Account
Business Platinum Select Credit Card
Personal Checking
Personal Savings
Personal Checking Line of Credit
Personal Brokerage Account
Three Personal Credit Cards

Sincerely,


Jerry
(Used to be a loyal customer of Citi)


     
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Posted by FlShopper on 2010-05-18:
I would advise you remove your telephone number from your post.
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Citibank disrespects perfectly good customer
Posted by Ntwright77036 on 05/14/2010
We American tax payers bailed out the banks to only be slapped in the face. I am spreading the word out about how Citibank has no respect for their customers nor the Americans who helped bail them out. I'm like a lot of you out there. I work very hard to keep a good Fico score. I pay all of my bills and I pay them on time. Ton make it consistent and easy, my accounts are paid automatically through my bank every month the same time and the same amount. So when I over looked that my minimum had been increased by $1.63 on my ExxonMobil account owned by Citibank, I had one payment short $1.63. I am not kidding it was less than $2. When I contacted Citibank I was told that CitiBank "assumed" I was having financial problems and that they cut my credit with Exxon in half and made my balance look as if I was close to my limit. This takes a hit to your FICO score because I did not have the 50% ratio to credit anymore. If CitiBank is going to "Assume" and not look at the facts like I have never been late, short or anything less than a good customer then I plan to pay off all my CitiBank accounts and not use them. As it turns out, Conoco Phillips and Home Depot are also under Citibank. If a $1.63 means that much to Citibank to make assumptions instead of looking at the facts of the account, then I am going to "assume" Citibank doesn't care whether I remain a customer or not.
Assume this....Citibank's insult has been "handled" and I paid off the entire balance to the cards and I refuse to listen to anymore of their insinuations or excuses. In addition I am spreading the word about the disrespect Citibank has for their customer who WAS a very good customer who not only use to carry a balance on all three cards and paid the interest but was never paying late or missed a payment or was ever short until they accidently undered paid an account ONCE for a just $1.63.
     
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Posted by tnchuck100 on 2010-05-14:
'I am going to "assume" Citibank doesn't care ...'

That is one thing you need not "assume"; It is a "given". They really don't care. Someday they will but it will be too late then.
Posted by goduke on 2010-05-14:
You really think they'll care someday, Chuck?
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Greed and nonexistent customer service
Posted by Ranger0030 on 04/05/2010
COPPELL, TEXAS --
Sir or Madame,
I am in receipt of my very first Citi Financial auto invoice. I so very much looked forward to a long relationship with your company. Imagine my horror as I perused your bill, only to find out that you charge a fee of $14.95 when a payment is made online. I immediately called you customer service line and questioned the lady who answered. She gave me an extremely cavalier and lackadaisical response. I am appalled and mortified that in this economic clime, ANY financial institution would impose such a large, grossly unfair burden upon the public. I am disabled, related to two strokes, and writing checks is for me laborious and painful and I purchased a car because my previous car was so low, and my condition so eroded, that getting in and out of the vehicle was truly a burden. I pay all my bills online and not even once have I encountered such an egregious policy borne out of, I can only surmise, greed. And what is your trouble incurred by accepting a payment online? A few keystrokes?? Getting your money right away? Good Heavens!
If I had known you had this method of extortion as a policy (read penalty for paying online and on time, I certainly would have used another lending institution offered to me. Please know that I am going to actively and aggressively look for another company for the refinancing this loan. So sorry for the years of interest dollars lost that you will NOT be receiving from me. I will notify you at once when I have obtained a new lender.

     
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Posted by warddw1526 on 2010-04-06:
I agree with the OP. Charging to make an online payment, especially if it is on time, is ridiculous.
Posted by skelly39 on 2010-04-06:
Most companies have eliminated that fee. Not Citi. My only suggestion would be to set up auto payments to avoid that fee. I agree with you. It's bad enough that they charge a fee-it's ridiculous that the fee is $14.95. Good for you for looking for someone else to finance your vehicle.
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Just Another Expendable Customer
Posted by NoBlood_InThisStone on 03/28/2010
I discovered all of these stories AFTER my mom informed me that we had become an unexplained canceled card victim of CitiBank this morning. I knew of their card shark like practices through situations my mom had encountered since she had a Visa through CitiBank and I had never had more than the oil cards with them. Sadly, I cannot say that over the last six years my family hasn't been a victim of medical hardships that lead to financial chaos both with me and my dad. With that said, Mom gave me her Conoco/Phillips and Shell Cards all that time ago to make certain that I always had availability to a means to put gas into my car since I live about 400 miles away from where I still consider home. I have diligently made the payments to the related CitiBank gas cards on time (I was one day late in February and I paid the late fee with that payment then, too), online where THEY knew in advance that I had scheduled the payment and in excess of the minimum payment during the last six years. My mom received a letter in the mail this week stating that CitiBank had closed the Conoco Card - after they had received the payment on time yet again this month, by the way, - with the explanation of not meeting their credit criteria. Funny how that just happened this year, isn't it?

Fortunately, I wasn't in need of fuel and discovered the fact when the card was declined like some, but to say that we are incensed is the understatement of the year! How much bailout money has CitiBank gotten from the taxpayers? Enough that I favored letting them go under or being taken over by the government since we all know how reckless and cavalier they had been during the same time period with their decision making that I was diligently making my payments to them! I am starting to get my feet back under me from the medical issues that I have faced physically and financially, but there is one thing vividly clear. I WILL NEVER be a customer to CitiBank again and they better start watching their pennies as closely as all of us have had to for so long. My smaller bank has been there for me over the years and green is still accepted everywhere I go. I don't believe there are enough Cadillac customers out there in America to help Citi's bottom line soar again anytime soon. Since there wasn't any government bailout for us, I hope these greedy pieces of garbage don't come with their hands held out again to the American taxpayer anytime soon. No bank is too big to fail, regardless of what these banker types choose to believe in their rarefied air. The ill will they have generated isn't exactly going to make the public at large cry if/when they fall flat on their faces.
     
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Posted by GenuineNerd on 2010-03-28:
I often wonder if Citi Cards is going out of the gasoline credit card business, especially considering the sheer number of oil company-co-branded MasterCards and Visas that Citi Cards closed on short notice, even to those with perfect credit, who never went over their credit limit or was never late with a payment. My Shell MasterCard was closed last October without prior warning, I found out the account was closed when I tried to use the card and it was declined, despite having over $1100 in available credit. I called Citi when the card was declined a second time, and was told that my account was closed due to information on my Equifax credit report, which showed nothing negative. I received the notification of my closed account two weeks later. I know that in the months prior to the Credit Card Reform Act taking place, Citi closed thousands of these credit card accounts. Other CC issuers, including Chase and Discover, closed a lot of CC accounts as well. I had a Chase card and a Discover card closed in recent months as well. Fortunately I didn't owe anything on these cards; they were closed due to account inactivity.
Posted by skelly39 on 2010-03-29:
They did the same to me and gave me the same vague spiel about my credit. I carried no balance on one and had just had my credit line increased at their initiative on the other. Be glad you are done with them. I still have a loan with them, but when I'm done, you can bet I won't ever deal with Citi again.
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Drop card
Posted by Candie92 on 03/17/2010
Citibank did the same thing to me about a card I have had for over 2 yrs. got a letter and said my account was closed reason "unknown" so mad I called and was told my credit score went down. needless to say it didn't. however I called and asked why my account was closed the RUDE lady there said my credit score was lower than what they wanted so therefore my account was closed again had this for over 2 yrs never missed a payment never once late. so I responded to the nag that I would just stop paying my bill. she responded that how can you sleep not paying your bills? my response was "how do you guys cancel people cards when they pay every month so now tell me how do you sleep?" click
     
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Posted by goduke on 2010-03-17:
You are right. Citi is not being particularly customer friendly. I think once you sleep on it, however, you'll find that not paying them is probably not the answer unless you never want credit for the next 7 years.
Posted by Anonymous on 2010-03-17:
"the RUDE lady"

How was the lady rude for explaining why your account was closed?

I think with just this complaint and the words you've chosen to describe the csr (rude lady, nag)... I'm thinking the rudeness started with you (OP) first.

It's only towards the end, in your words "that how can you sleep not paying your bills?" did she become rude.

Think twice about how you speak to people. It's not her fault that your account was closed. Don't treat her like the bad guy from the start.
Posted by skelly39 on 2010-03-17:
I hear you, OP, since Citi just did the same thing with me with absolutely no changes in my credit other than good ones, but you still owe the bill. I still have to pay on my card, whether I like it or not. And bkk is right. It's not the rep's fault. She didn't make the decision. I had a very pleasant conversation with a rep yesterday and nicely asked her to close my accounts now at MY request. Who knows if it will get done, but I was nice to her, she was nice to me, I still hate Citi, but I'm moving on. I suggest you do the same. You'll feel better.
Posted by Anonymous on 2010-03-17:
You told them! However, they can screw up your credit history, you can't do that to them.
Posted by Slimjim on 2010-03-17:
If you have a large balance, they just may sue you if you don't pay. If you have a small balance, the damage they'll do to your credit profile will cost you far more in heightened interest rates from other loans, both present and future, than whatever you owe them in comparison.
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The most absurd thing you've ever heard
Posted by Rossignol on 03/04/2010
Citibank Value
Citibank Value
DALLAS, TEXAS -- In August 2009 an internet scammer cheated me out of $650 and sent me a box of worthless junk postmarked from a bogus return address. The scammer did not respond to any of my messages; therefore I could not get a refund, return or exchange.

In Oct 2009 I filed a case with Citibank's fraud protection division. They sent me a letter saying that a conditional refund of $650 would be credited to my account pending the investigation, stating that the investigation would take "NO LONGER THAN 90 DAYS".

I didn't hear from them for 4 months, so I assumed it was all over. Then suddenly, six months after I opened the case, my account was re-charged $650, and I got a letter from Citibank stating: "DUE TO THE LENGTH OF TIME THAT HAS PASSED, WE ARE NOT ABLE TO INTERVENE ON YOUR BEHALF."

So basically Citibank delayed the investigation for six months, then told me it's too late to investigate, so I lose. I've called them a dozen times and been told each time that they'll look into it, only to get the same form letter response about it being too late. This is utterly sickening, and I shall never again use Citibank services. Complaints to the Better Business Bureau have been submitted. I suggest you save yourselves, or if you've already been cheated like me, report them to the BBB at once.
     
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Citibank's been good to me.
Posted by Lessye on 11/24/2009
Citibank was the only one who would give me credit when I was young and had no borrowing record. They charged fees and interest rates comparable to other companies. However, when the other companies who later extended credit to me started sending me notices of change to my terms disguised as glossy ad inserts, Citibank always sent me any notice of change in an easily recognizeable formal pamphlet with the changes listed clearly.

When I eventually fired the other companies and tore up most of my plastic, I called Citibank and asked for a reduction in interest rate. They lowered it to 8%, and have kept it there until just recently. Although they occasionally have charged me for late payment, they have often rescinded those charges after a phone call.

Citibank is the only credit card company I will do business with. I had another card, until recently. This other card sent me a notice that they were raising my interest rate, not only on future purchases but on any outstanding balances as well. I refused the change, cancelled the card, and cut it in half. Citibank later sent me a notice that they were raising the interest rate on future purchases. That is okay, the raise was not excessive and not retroactive. That is just honest business.

     
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Posted by druu on 2009-11-29:
They must like you, or you keep getting lucky with who you actually talk to. I've noticed service varies widely depending on who you get. Good for you!
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Citibank savings account made me bankrupt...
Posted by Citibank worst bank ever on 11/08/2009
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Dear all,

if your reading this you've either been tarred with the same dirty black stick as me or your considering investing money with Citibank.

My advice is stay well clear of Citibank and anything they offer you, including any investment account, or off shore savings account. I googled Citibank before I did put my saving with them and nothing much came up about them so hopefully someone is reading this that can benefit and we'll make the world a better place.

Here's my experience :

first off all I am just a working family man with no experience of stocks or investment banking. I am a fair open minded sort of a guy and never had big desires to buy stocks or no big ideas of investment. Just a normal steady guy.

i wish I could go back in time to a year ago, I would keep walking past the Citibank building and carry on living my life with no problems. ...

back in early 2008 had all my hard earned savings (HARD EARNED) in a Citibank savings account, just while I was figuring out what home to buy etc. around It was all I had.
A few weeks into having the funds in there I get a phone call from my account manager "russell Lumm". He began with the usual nice stuff, "good day " hows your life going" etc. He expressed a personal interest in me and asked me would I be interested in making some extra money. He told me I could get into investing. I told him 'no'
Its not my field, I have no knoledge of it.
over the coming weeks I got more phone calls from him .
He said he could give me a 150k USD value loan in Japanses yen which has a payback interest of 1% and buy USD or sterling with it and yeild 5% interest back from the new currency which would pay the 1% loan and leave me a profit, whilst also doing currency switches from USD to Sterling to euro etc while all the time keeping a YEN loan interest rate. I was interested and wanted to learn more about this trading but I told him 'no' I wasn't ready for it.
Citibank kept calling me, they assured me it was a great investment.
He told me we could do a recorded verbal contract over the phone for the loan like the Forex trading guys do for live rates. I told him 'no'.
Over the weeks I got more calls and they kept giving me scenarios demonstrating how I could make money with the YEn loan.
10 more phone calls later from Citibank, and I told them not to do anything without my final consent which they agreed to.
1 week later I get a letter informing me I got $150000USD deposited in my account :0(
I called Citibank up straight away. I tried getting hold of that account manager but he was always too busy to take my call. Finally I got hold of some random accounts person who told me for Citibank to take the money back I will have to pay interest on it plus a penalty fee of $3500.U. S and they advised against it.
The loan money sat there for a couple of weeks while I tried to get hold of my accounts manager. I was so angry at them. I never consented to this loan. And anyway it certainly was not japanese yen. And where they got 150000 U.S. from I have no idea. looking back they must have thought how much can we screw out of this guy...

A couple of weeks after the loan I get a call from Citibanks bobby Koh and he advised me everything was going well and he advised I invest the $150k USD in a Citibank investment product called a "premium account"
He explained the premium account runs for 4 week interval and time locks the funds in another currency, like a time lock savings account and earns high interest, then gives the return at the end of the 4 weeks.
i was really worried having this big loan sat there, I never had any loans, mortgages or credit cards in my life, and this Citibank representative seemed to know what he was talking about so I agreed. after all they are a bonofide company...? I gave consent to the verbal contract over the phone and we entered into the premium account. (this time I did actually give my consent -in the thought of damage control at this stage hoping things would get better)

4 weeks later I get another phone call from Citibank. Same guy. Bobby koh. He tells me I did well with this premium account, I covered the cost of my loan and made some money on the premium account. He recommended I do another one immediately to cover the costs on this loan. Of course I agreed. We did the verbal contract on the phone. This pattern went on for months and months. every conversation we had Citibank told me I was making money and the investment strategy was effective.
I kept reading my bank statements each month and although they were confusing and hard to read, they appeared to be making money in interest each month on the premium account. I trusted Citibanks good reputation and kept in good faith that they were looking after my best interests.

Anyway. after a while I started getting a bad feeling so I sat down for a whole day and went through all the statements and they were very deceptive and confusing to read. On one side they showed a profit from the investment returns. Then they showed a portfolio worth then at the end my savings account. The portfolio worth always showed good value. But then it turns out every month my savings account was getting eaten up. It turns out I was loosing a steady 5 grand a month across the board on my savings account :0( I lost 30grand over 6 months.
This was coming out of my savings end of the account which was separate to the loan and investment product being eaten up with extortionate fees, and crazy interest rates. So on the one hand you got the premium account showing a tiny profit then wopping lumps coming out of the savings account for costs, loans, interest (US dollar based interest not yen I might add)
I called Citibank up, I got hold of my accounts manager and his first words were:
"don't worry everything is fine,!your account is fine, you've made a good return this month on your investment." -Can you believe these people?

I expressed my anger and asked what was he going to do about all this mess. his next words were "we recommend you reinvest in another investment product!" -Balls or what?

I terminated the loan with them, emptied my account of what little was left of my savings, and have since suffered a nervous breakdown. it has since changed my good faith outlook on the world and made me feel the world is full of sneaky, lieing, Citibank people who pray on normal, trusting people like me. It makes me sad, (not for me) but for my children that they have to live in such a horrible world where corporate suits are screwing us left right and center on our savings, pensions, mortgages and any other way they can find to remove money from us.
My business confidence is gone. I now feel what's the point ?

i am now in legal proceedings with Citibank to try and recover my funds.

to anyone considering opening an account with them with them, - stay well clear and get on with your life -it will be much better if Citibank are not in it.
     
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Posted by Anonymous on 2009-11-08:
The persistent phone calls were obviously targeted to you because of the amount of money or the inactivity on your savings account. I hope you can retrieve your lost money, and get some punitive damages from them.
Posted by tnchuck100 on 2009-11-08:
For some reason I get the feeling you were not dealing with Citibank. Or could it have been someone who had you believing they Citibank.

Were you calling a phone number they provided or one you KNEW BEYOND ALL DOUBT was Citibank? Were the "statements" proper or something that could have been generate with a standard computer/printer?

Just something doesn't sound right. Good luck.
Posted by Citibank worst bank ever on 2009-11-09:
Just the fax- you are absolutely correct. It was both of these instances. I had sold a house a year before and i was travelling around the world and just left the funds from the house sale in that bank account. it was sat there a while with no activity.

chuck:
When i intially opened the account i went into a branch off the high street. The innitial account was one of these off shore saver accounts. It was def. citibank and not someone posing as citibank. I was watching the new micheal moor movie recently, citibank got away with millions of peoples money . i asnt the only one...

No it was all citibank. No imposters.
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Citibank and their "review" policies
Posted by Mario The Great on 11/07/2009
I just got notification that my Sears MasterCard would not be renewed past its expiration date. I received a letter stating that "Based on information from Equifax, my Sears Gold Mastercard would not be renewed due to the following reasons: Too many inquiries (7) in the last 12 months. Needless to say, I am surprised. They took bailout money, raised interest rates and then canceled accounts which didn't have the 87.23% attached to them. Well, I guess they did me a favor. Citibank should change their name to CitiCrap. Good riddance.
     
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Posted by Anonymous on 2009-11-07:
CitiBank has shut down a good portion of their gas cards as well. We will be seeing a lot more of this before the new regulations take effect in 2010.
Posted by druu on 2009-11-29:
Credit card companies are looking for any reason to ditch co-branded cards. They have to share the profit, but not the high risk of unsecured credit.
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