Citibank N A Complaint - Criminal Rate Increases in lite of record profits and bailouts
SOIUX FALLS, SOUTH DAKOTA -- For more than 5 years, CitiBank has held our business credit card account, and we've never carried over a balance during that time. Just last week we received a letter from a Ken Stork (Citibank exec (?) form letter) outlining an increase from our current 9.9% to a wonderful 29.99%. Ken's wonderfully written letter also mentions steps for us to take if we would like opt out of this increase; step one required a phone call. We took that step, talked to nice young man from Bangalore, India who could use additional English lessons, and was promptly told that he could work with us to pitch us a better offer, if we just waited 3 days for him to work up a new offer. This young man went on to explain the increase is all due to the increase in lending rates Citibank has to deal with, so do not blame the bank.
We clearly explained that we wanted no part of any offers from Citibank, and would he please close our account, but send us a final balance. To which yet another offer was pitched our way, to which we quickly refused, and again we requested our final balance. This comedy continued for about 4 cycles - I'm nothing if not tenacious.
We've been fortunate to be able to pay off our balances each month, a point that makes this incident even more ridiculous. For those who aren't as fortunate, these unethical increases by the banks should be considered criminal.