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Citibank Complaint - Citicards Has Practice of Delaying Posting of Payments and Credits - DoubleCash MasterCard
Citibank Complaint

Citibank Complaint

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Citicards Has Practice of Delaying Posting of Payments and Credits - DoubleCash MasterCard


A few days ago Citicards' security computer called me to alert to potential fraudulent use of my credit card. After a few answers they transferred me to a live security person, who determined with my help that I had not made the suspect purchases. She immediately closed the account and 24 hours later I had a new card at my front door. I was impressed. Then the problems started. The account was closed the day before my normal end of month statement closing date.

1. The security agent said all charges would be credited off of my account. She asked me a formal question that they were not mine, to which I said correct.
2. the larger of the fraudulent transactions was not removed. They said it would take 10 days or more. Then why ask me? After 2 days of asking, it was removed.
3. They didn't credit my payment on the same day it was made, 2 days before the fraud. Five days later it still wasn't credited. I was told it takes 2 to 3 days. Funny thing is within seconds of my purchasing an item it is posted to the account. They had no explanation other than 'that's our process'.
4. Cash rebates are 'lost'. Only after realizing that they were withholding credits did I audit and find that double cash rebates were not showing up as promised in my account. When I ask by phone then they show up.

My view is that Citicards runs a deliberate policy of holding back posting credits and payments to accounts so that they can use the funds and earn $$$ in the overnights at the FedFunds windows. Why else cheat your customers?

My solution was that I said no more. I moved every recurring transaction away from Citibank this afternoon - about $4,000 a month - and will not use the card again. Once all of the rebates and credits hit the account, they can have it back. And by the way, I pay the bill in full every month.

They are not to be trusted. if I could turn them into someone for investigation I would.


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