Daily Outrage: Citigroup pockets customers’ positive balances 

WHO: Citigroup Inc.

WHAT: The bank for years automatically “swept” money from positive balances created by overpayments or refunds out of customers’ credit card accounts and into its own coffers without any notification.

WHY THEY’RE DOING IT: California Attorney General Jerry Brown said the company “knowingly stole from its customers.” Citigroup disputes that description and has agreed to pay $18 million in refunds and charges to settle the issue.

WHY IT’S A BAD IDEA: The “account sweeping program” affected 53,000 customers nationwide from 1992 to 2003.

WHERE TO VENT: California Attorney General’s Office, (800) 952-5225.

About The Author

Staff Report

Staff Report

Bio:
A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
Pin It
Favorite

Speaking of...

More by Staff Report

Monday, Aug 29, 2016

Videos

Most Popular Stories

© 2016 The San Francisco Examiner

Website powered by Foundation