Word: citibank
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Dates: during 1980-1989
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Last January, Gayle Essary, 42, owner of a small advertising firm in Queens, N.Y., wrote a string of checks that bounced. Essary was shocked and bewildered; he had just deposited a check for $24,000, more than enough to cover the checks he had written, into his account at Citibank. When he demanded an explanation, bank officials said they had put a temporary hold on his check to make sure it was good. Essary claims that Citibank held his $24,000 in limbo for ten days-business days, that is-and his money was unavailable to him for two full...
...American financial revolution gathers force. In the past month, Prudential Insurance arranged to buy a small Georgia bank; Merrill Lynch said it has agreed to acquire a savings and loan; Shearson/American Express said it would like to follow suit; and Citibank went into the brokerage business to sell stocks and bonds...
...leading one-stop financial shopping center. Smaller banks and regional brokerage firms are struggling to keep customers from defecting to national firms by stressing personal service and local connections. Some, like the American State Bank of Rapid City, S. Dak., which is being acquired by New York's Citibank, decided that it is easier and more profitable to sell...
After market studies showed consumers would be willing to pay higher fees for East and simple bank transactions, Citibank created different levels of service, depending on the bank balance. For instance, a customer with $25,000 on deposit is guaranteed an express teller line with no more than a two-minute wait; $10,000 yields a slower teller line with a five-minute limit. The bank is now testing a program where customers with less than $5,000 in their accounts cannot see a teller to make deposits and withdrawals. Instead, they will have to queue up at an electronic...
...with other lenders. That effort fell through, but telephone lines were soon buzzing between banks over a different arrangement. The terms will allow Seafirst to draw on the $1.5 billion for 24-hr, loans if it loses other sources of funding and needs money. The participating banks include BankAmerica, Citibank, Chase Manhattan and Continental Illinois...