Citibank yanks customer cards
Customers get surprised when trying to make purchases
Citibank (C) has begun closing customers' accounts without telling them. That's a bitter surprise for some people who pull out their cards to make a purchase, only to learn that the card has been denied.
One woman tried to pay for gas, according to the Associated Press. Citibank said it was because of something that appeared on her credit report. But when the woman accessed her credit report, it only said, "Closed at credit grantor's request."
The woman said she used the card
regularly and always paid the bill promptly, according to the AP. Other people have reported similar incidents. Read this person's story for more.
When asked about the issue, Citibank said it decided to close some MasterCard accounts that were co-branded with oil companies, including Shell, Citgo, ExxonMobil and Phillips 66-Conoco.
Now it's fine to close customer accounts. That's business, and banks do it all the time. What gets me, however, is the way Citibank did it.
AP reports that Citi closed the accounts on Wednesday, but sent out letters Monday informing customers of the change. So Citibank waits until the last minute to tell customers, most of whom probably didn't receive the news before their cards were shut down.
Way to leave your customers in the lurch.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
The stock rises 9% after the company reveals strong second-quarter results.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.