Word: citibank
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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...
Gayle Essary was not content to wait for legislative remedies. After his checks bounced, he "got mad" and stood outside his Citibank branch to hand out leaflets describing his experience. He then organized a group of protesters, who picketed Citibank's annual meeting last month. In response, Citibank has assigned three officers to hear the protesters' case this week. Says Essary: "I'm committed to changing bank policy. The only outlet that people have is to complain...
...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...