Word: citibanker
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...make your case in court. Starting next month, the company can bring customer disputes to arbitration, which, it says, is the most efficient way to settle claims. This will also help the company avoid juries. BankOne and Bank of America have similar rules for Visa and MasterCard, but Citibank does...
REVOLVING CREDIT Credit-card companies have been going on a shopping spree lately--and you may get stuck with the bill. Industry leader Citibank just purchased 800,000 accounts from Mellon Bank, part of an industrywide consolidation that last year saw 20 million accounts worth an estimated $32 billion change hands. A new owner can jack up rates and fees when it buys your account, except in a few states that let you keep the old terms. So make sure you watch out for the fine print detailing any changes...
PRICE CHECK Not long ago, banks were raising fees for checking-account customers who kept small balances. Is the tide turning? Citibank just slashed monthly charges on its EZ accounts to $7.50, from as high as $25 in some states. Nationally, fees average $9.50, according to Bank Rate Monitor. Washington Mutual, based in Seattle (800-756-8000), offers one of the best free-checking deals. For low-price offers check out community banks and credit unions...
...your report on Citibank's close relationship with Raul Salinas, brother of former Mexican President Carlos Salinas [BUSINESS, Dec. 14], there were a few points I did not understand. You said Raul Salinas' wife, using an alias, carried cashier's checks to Citibank Mexico City. Since these were for very large sums of money, I should think someone in Citibank's private-banking unit would have asked immediately about the origin of that money. Further, you noted that once Citibank had the funds, "no documents linked that money to Salinas." That shows an extraordinary amount of trust on Salinas' part...
...stated that a strong reason for not prosecuting Citibank for money laundering is that "no one wants to see a major American institution lose its banking license." So now we have huge banks like Citibank that are not only too big to fail but also too big to prosecute. If the facts warrant it, a bank should be prosecuted to the full extent of the law, and if the result is the loss of its license, so be it. Citibank should have considered the consequences from the beginning. CHAD JONES Studio City, Calif...