Citibank, N.A. Complaint - Ridiculous Business Practice...
P. O. BOX 6500, SIOUX FALLS, SOUTH DAKOTA -- I have been a Citi Card member since 1998. In fact it was the first credit card account I opened as an undergraduate student. In my entire history as a card holder, I have generally carried a small balance and have Never (in my recollection) made a late payment. A highly desireable Citi customer right? Apparently not!
Last month, my wife (who mails off most of our bills) inadvertantly dropped the payment envelope down between the seat of her car while at the post office. Consequently, the envelope was not discovered until after the payment due date had passed. Thinking we had already made the on-time payment, we immediately called Citi Card to explain the accident and to inform the company that the payment was in route but would be late. The customer service agent was pleasant enough, waived our late fee, and made a note on our account explaining what had happened. For the record, I believe our payment was officially 8-10 late.
Today, I received a notice in the mail from Citi Card explaining that, due to the late payment, my account (OF 12 YEARS) was being closed next month. Thinking that this was simply a misunderstanding that could be resolved, I called Citi Card and spoke with 2 senior account supervisors. I was told that the Notice I received was accurate and final, that there was no review or appeal process, and that despite the fact that I have been a valued customer for over 12 years with no prior late payments (and a good excuse for my one and only late payment), that this was a business decision by Citibank.
The fact that this is my oldest line of credit and that the closing of this account will negatively affect my credit score was/is my biggest frustration. I even asked the supervisor if Citi could simply freeze my account ( i.e. keep it open but not extend another dime of credit) so as to not negatively impact my credit score, and I was told no. Consequently, a check paying off the balance for that account is already in the mail, and Citibank will not be earning another penny of interest from me.
Thank you Citibank...you have just convinced me to boycott any and all Citi related product or service until the end of time, or Citibank goes bankrupt!!