Citicorp needs to go

[charby]

Check the link and read carefully. 
look for citicorp

http://accurateshooter.wordpress.com

Also phone numbers for anyone who wants to call...

To voice your concern to Citi Merchant Services and First Data Corp., please contact June Rivera-Mantilla at 631-683-7734 or her supervisor Robert Tenenbaum at 631-683-6570. Time to fill up somebody's voice mail.

[Manedwolf]

Huh.

CitiGroup is also one of the global companies moving into "Islamic banking" after some Islamic interests bought large stakes in CitiGroup, opening branches that make loans under Sharia religious law. (Charging 'rent' on loans, not interest, semantics used to satisfy the no-interest restriction). And AFAIK, such services are not available to anyone who walks into an Islamic bank.

CIIB is also working closely with the other Islamic banks to develop a range of Islamic products which are attractive for a broad investor base. These products will incorporate the knowledge, technology and experience of Citi from various markets while conforming to the principles of Sharia. With this, we hope to deliver continued value for our customers and expand the horizons of Islamic Banking.

So they're anti-gun, and pro-Sharia.

Innerestin'. Who's their biggest stakeholders now, I wonder? Soros? People in Dubai? (I know it's 'Islamic investors' but they won't say more than that.) Who?

In terminating CDNNs merchant services account, and freezing $75,000 of CDNNs card collections, Citi Merchant Services (CMS) and First Data specifically cited the sales of firearms in interstate commerce as the reason.

Also, CitiCorp is going to get their posterior sued off, I think.

Charlie Crawford, president of CDNN Sports Inc., explained: We were contacted recently by First Data/Citi Merchant Services by a June Rivera-Mantilla stating that we were terminated and funds were being seized for selling firearms in a non-face-to-face transaction. Although perfectly legal, we were also informed that no transactions would be processed in the future, even for non-firearms.

Um. I just bought from CDNN. They do not ship directly to you. They ship TO AN FFL, which satisfies all GCA law requirements. They don't have a legal leg to stand on. I hope CDNN gets a massive settlement plus damages.

[Creeping Incrementalism]

CDNN, the company that won't ship some legal products to California.  I wonder if, as a result, they will know what its like, and change their policies.

[GeoJAP]

My girlfriend's mortgage is through Citicorp and they constantly try and rip her off.  She always pays more on the principle, but Citicorp will always apply that amount to her interest, which warrants a lengthy phone call from her to their customer service department to resolve it every single month.  It appears that this is intentional, since it happens every single month.

[Paddy]

Citigroup also runs that crooked Primerica organization.

[charby]

Citigroup also runs that crooked Primerica organization cult.

Fixed it for you

[The Rabbi]

Manedwolf, do you have a problem with a business offering services to segments of customers?  I don't.

I do have a problem with a company that is too stupid to understand what their customers do and act based on their own misinformation and stupidity.
I await the inevitable lawsuit.

[charby]

I do have a problem with a company that is too stupid to understand what their customers do and act based on their own misinformation and stupidity.
I await the inevitable lawsuit.

I agree 100% with you!

[MechAg94]

My girlfriend's mortgage is through Citicorp and they constantly try and rip her off.  She always pays more on the principle, but Citicorp will always apply that amount to her interest, which warrants a lengthy phone call from her to their customer service department to resolve it every single month.  It appears that this is intentional, since it happens every single month.

Might be worth the trouble to refinance.  That is bad service/bad business. 

I have a Wells Fargo mortgage right now.  I pay electronically and have had no trouble with the extra money being applied to the principal.

I used to have a Chase loan.  They had it so you put it in as a line item on the bill as to how you wanted the extra money applied.  My car loan used to be through them and it was the same.  Extra money went to principal. 

[Brad Johnson]

My girlfriend's mortgage is through Citicorp and they constantly try and rip her off.  She always pays more on the principle, but Citicorp will always apply that amount to her interest, which warrants a lengthy phone call from her to their customer service department to resolve it every single month.  It appears that this is intentional, since it happens every single month.

Mortgage companies will ALWAYS apply any overpayment to interest first unless it is specifically directed to principal.  Have her write a seperate check and put "Apply to Principal Balance Only" in the memo line.  Then if they apply it to interest you can really hammer them on it.

Brad

[Paddy]

Mortgage companies will ALWAYS apply any overpayment to interest first unless it is specifically directed to principal.

I'm not understanding that for some reason.  If a payment is more than the accrued interest, the balance is applied to principal. IOW, all the accrued interest is paid.  What interest is left?

[Brad Johnson]

If a payment is more than the accrued interest, the balance is applied to principal.

If you pay more than your calculated total payment, the remainder is applied to future interest.  It is only applied to principal if you specifically instruct them to do so.  They want the principal balance to remain as high as possible so it will continue to accrue interest.

Brad

[RevDisk]

Innerestin'. Who's their biggest stakeholders now, I wonder? Soros? People in Dubai? (I know it's 'Islamic investors' but they won't say more than that.) Who?

The largest investor is Abu Dhabi Investment Authority (branch of the Abu Dhabi government), second is Kingdom Holding Company (90% owned by Prince Alwaleed).  Mind you, both organizations are invested in hundreds of companies.

[Paddy]

aha!  So they automatically take interest they haven't earned, while continuing to accrue interest on the higher principal balance.  bastiches.

[atomd]

Most companies do that. I had a loan through Chase and they did the same thing. When I contacted Chase they told me I had to mail a separate check to a different address to have it applied to principle. I refinanced it shortly after anyways because I couldn't stand their policies and their customer service. Citicorp has always been scumbags from the getgo. I had a credit card through them but I got rid of that also because of their policies. I hope they get sued into oblivion.

Oh....so according to Citicorp you can seize or freeze (aka steal) money from someone because you think that they might be in violation of the law? What the hell?

[MechAg94]

Brad, I don't know who your mortgage company is, but mine isn't doing that.  I make my payments electronically so I am not earmarking money for principal.  It is possible that at some point in the past, I made a option of applying all overpayment to principal, but I am not doing that now.  As I said above, Chase Mortgage had line items on the payment stub to apply your overpayment as you wish.  IMO, get a better mortgage company.

[MechAg94]

Interesting atomd.  I used to have a mortgage and a truck payment with Chase.  I never had an issue with overpayment going to principal.  I looked at the payment records and I know it was going to principal on both.  Paid the truck off early with less total interest.  Either they just liked me and my credit rating or I did something.  I know I never had to call or anything on the truck loan.  That is just how they applied the overpayment.  I can't remember noting anything special on the payment stubs. 

Now I know I my Dad had a similar problem with a car loan a few years before that.  He said he had paid extra and he noticed that they didn't bother to send him a bill/statement.  He called and they said he was paid up for the next few months.  He would have to send in checks himself if he wanted to continue paying.

[atomd]

I dunno MechAg, maybe they changed their policies somewhere along the line. I had a mortgage through them and I currently have a car loan through them and they both never automatically applied overpayment to principle. The car loan had to go to a completely different address for a principle payment and the mortgage had to have a separate check written nothing where the money was supposed to go but it could be mailed to the same address. We tried that once and my wife had to spend 30 mins on the phone with someone who barely spoke English to get it applied correctly. I didn't bother refinancing the car loan because I owe hardly anything on it anyways and it will be paid off shortly. I did refinance my mortgage and cancel my Chase credit card though. My new mortgage is through Countrywide. So far no problems but we'll see.

[HankB]

When I had a mortgage with Wells Fargo, I never had any problem with overpayments being applied to principal. The only "issue" - if you want to call it that - is that when I decided to pay off my mortgage, using money in a Wells Fargo account . . . Wells Fargo charged me $15 to wire money from Wells Fargo to Wells Fargo.

[Brad Johnson]

Wells Fargo charged me $15 to wire money from Wells Fargo to Wells Fargo.

Yep.  Wells Fargo Mortgage and Wells Fargo Bank may share the same name, but they are two seperate business entities.

Brad

[Tecumseh]

Don't you guys like the free market?  We dont have to use their services. 

Its their choice just as it is our choice.

Who cares if they help conform their standards in Islamic countries to fit the business model there?  That is there not here.  I believe this is because usery is against Islamic law.  Their business, not ours. 

[Manedwolf]

Citi to Announce Big Cuts and New Investors
By ERIC DASH

Citigroup is expected to announce a series of drastic steps on Tuesday, including the elimination at least 4,000 additional jobs, a steep cut in its stock dividend and another big investment by foreign investors, in a bid to bolster its finances in the face of deepening losses.

Beginning what is expected to be a grim week for financial company earnings, Citigroup is likely to announce a write-down of $18 billion to $20 billion, the biggest yet by a major bank or Wall Street firm, said a person briefed on the situation. Such a big loss, the result of soured mortgage-related investments, could wipe out the banks profit for all of 2007 and plunge it into the red.

As part of a plan to shore up Citigroup, the chief executive, Vikram S. Pandit, is expected to announce the start of a new round of job cuts that many analysts say will accelerate in the coming months. The first reductions, of about 4,000 workers, will come on top of 17,000 job cuts announced last spring.

Citigroup is also expected to turn to wealthy foreign governments again and announce the sale of a $12.5 billion stake to the Kuwait Investment Authority and several others, including Prince Walid bin Talal of Saudi Arabia, people briefed on the situation said. In November, the company sold a $7.5 billion stake to a Middle Eastern fund, the Abu Dhabi Investment Authority.

http://www.nytimes.com/2008/01/15/business/15citi.html?_r=1&hp=&pagewanted=print&oref=slogin

[BryanP]

Mortgage companies will ALWAYS apply any overpayment to interest first unless it is specifically directed to principal.  Have her write a seperate check and put "Apply to Principal Balance Only" in the memo line.  Then if they apply it to interest you can really hammer them on it.

Not always.  My mortage is through Wells Fargo.  I told them one time I wanted extra $ sent in with my monthly mortgage to go against principal, not interest.  That's all it took.  Every time I check my mortgage it shows that  the extra went against principal.  Gotta love it.

edit: I see someone else has already mentioned them regard to this behavior.

[280plus]

You know, they JUST sent me an email telling me "We'd hug you if we could!" because I'm such a great customer. Now leave them alone, they're not hurting anybody. Just give them a break and leave them alone!! Wahhhhh!!!  

[Brad Johnson]

I told them one time I wanted extra $ sent in with my monthly mortgage to go against principal, not interest.  That's all it took.

That's right, you had to instruct them to do so.  If you hadn't they would have automatically applied it to interest.  Thus, my statement stands.

Brad