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Citigroup Will Refund $330 Million To Credit Card Customers It Overcharged

Oops. $330 MILLION is a rather large mistake. Citi hiked credit card holders’ interest rates immediately after two late payments, then never corrected them as required after the customers paid on time for the next six months. Half of the credit card customers got no reduction to interest rates at all. Half got only a small reduction. Citigroup said it would refund about $330 million to consumers after discovering it had overcharged 1.75 million credit card accounts on their annual interest rates. The mistake was discovered after a “periodic internal review,” not via an external regulator, and the mistakes had been going on since 2011. That’s seven years of overcharging 1.75 million customers on their interest rates, which seems a very long time to take to discover a mistake of this magnitude, especially when you consider customers are punished immediately after just two months of being late on a payment date.

Activists Tell Citigroup To Give Up Their License To Steal

Today, Jan. 28, an activist marching band and NYC street performers delivered a petition signed by more than 100,000 consumers to Citigroup’s New York headquarters, calling on the firm to remove terms in their contracts that deny customers their right to a day in court. (Here’s the complete press release). The petition to the five biggest banks that use forced arbitration clauses – PNC, Wells Fargo, JPMorgan Chase, Citigroup and US Bancorp – came from a broad coalition of national consumer and citizen groups including Public Citizen,Consumer Action, The Other 98%, National Association of Consumer Advocates, and National Consumer Law Center.

Four New Occucards Just Released

We are proud to announce the release of four new occucards. The first (#22) is on the Surveillance State. Thanks to the courage of Edward Snowden, it is now confirmed that the NSA monitors, collects and stores virtually all domestic electronic communications, including telephone calls, emails and texts, in direct violation of the fourth amendment of the U.S. constitution. Snowden's revelations have shocked the country, put the corporate-intelligence network on the defensive and ignited a movement to end NSA spying (see Our card also addresses the likely reason for the implementation of such a massive domestic spy program, which is not about protecting us from terrorism, but about protecting corporate interests from us amidst increasing economic inequality, environmental collapse and social unrest.
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