Monday, November 24, 2008

Citibank strikes once more :-(

I saw this today from Citibank:

As of November 7, 2008, there are several change that impact Citibank's two overdraft protection services: Safety Checking and Checking Plus® (variable rate):

  • Citibank will charge an Overdraft Protection Transfer Fee of $10 each day we cover overdrafts by transferring money from your Checking Plus® account, your Checking Plus® (variable rate) account, or your Safety Check contributing account. The Overdraft Protection Transfer Fee will be charged to the checking account that receives the transfer. This fee is waived for Citigold®, Citi Private Bank, International Personal Banking, and Global Executive Banking customers
  • Both Safety Check and Checking Plus® will transfer the amount needed to cover your overdraft plus any applicable fees. The amount transferred is rounded up to the nearest $100, so you have extra protection if other overdrafts occur. If you don't need the extra coverage, just transfer the funds from checking back to your Checking Plus line of credit or to your savings or money market account.
This is so crazy! Why would they charge me a transfer fee? And to make it worst, it will be by day!

So when they move up to the nearest $100, you will have to pay the interest on that money if you forget to move it back.

With all the fees that Citi has charged me over the years, you would think they would be in better financial state?

By the way, I never saw this notice prior to Nov. 7!

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