Citi Pays $18M for Questioned Credit Card Practice

NEW YORK -- Citigroup Inc. will pay nearly $18 million in refunds and settlement charges for taking $14 million from customers' credit card accounts, California's attorney general said Tuesday. Citigroup will make refunds to the 53,000 customers affected, and pay $3.5 million in damages and civil penalties to the state of California, which had been investigating the questionable practices for three years, the attorney general said. The bank will also pay 10 percent interest to California customers, who accounted for $1.6 million of the money "swept" out of accounts and into a Citi fund between 1992 and 2003.
Click Here For The Full Story......

Posted by Editor at August 27, 2008 10:24 AM