She forewarned that this change was no indication that my account would not be subject to future interest rate hikes. Citibank is preparing for the "NEW CONSUMER PROTECTION LAWS" - I still think they are "BANK PROTECTION LAWS" but none the less they are preparing.
I originally referred to Jody as
Jody shared with me that my letter was "powerful" and "widely read" by many Citibank Executives - including the board members. I shared with Jody that I still planned on following up with Citibank as originally stated in my letter. She agreed that I should do that but also reassured me that my letter had not gone unnoticed. For the sake of all of us I do hope it has been widely read. I doubt my one letter will change Citibank's business model but maybe it will plant a seed? Who knows. I do have to believe on some level that these people are just normal human beings with family, friends, and neighbors.
I needed to call Jody back on Thursday because my interest rate was unchanged on the website. Apparently they do not update that until the next billing cycle. Citi does not operate in "real time". While I had Jody on the phone I also clarified that this rate change was going to be retroactive to the date it was increased. This had not crossed Jody's mind - but since I had brought it to her attention she agreed to make the adjustment. That has been reflected on my account.
I view this interest rate reduction as a personal triumph but certainly not as a victory. A friend said to me the other day - I wonder what would happen if 1% of their card members took the time to do what you did? I would speculate that perhaps Citibank would vastly change the way they operate.
Card members and Non Card Members alike should speak up - and this is why - We the People of the United States of America are the largest shareholders in Citibank. Yes indeed - we the people own 36% of the bank. and guess what folks.....we the people have no representation, as stated in this hearing on TARP - One Year Later. Not only does the US Government not exercise any rights as majority owner in Citibank, according to the oversight committee no one is particularly sure that dumping a bucket load of cash on Citibank's doorstep has been successful. Nor is there any positive feeling on the part of the members that our financial system is stable. Okay - so we own a bank but we allow the bank to operate independently of the majority owner...because why? Maybe because we don't care? I don't buy that. I think it is because we do not know or we are just plain to busy to add another concern to our plates.
On another note - I did ask Jody how I was selected for a rate increase. She had some mumbo jumbo about credit limit and amount of credit used...blah blah...credit scoring system...gobbly gook....clear as mud answer - that I wish I had recorded because that was some of the best spin I have heard in a long time. I also asked the US Attorney General and Vermont Attorney General the same question in different language. How do they decide these things anyway? eeny, meeny, miny, moe? everyone who pays there bill on time for 5 years? initials HH through MM? I will be sure to post if the Card Companies are governed by any body for "fairness in lending" - I am fairly savvy researcher and I could not find anything. The card companies really do stand above the law.
I have certainly learned my lesson and will be completely divested of all major US Banks one year from now if not sooner. I shared that with Jody too - all banking is now done with a Credit Union and the mortgage and business line of credit will be moved there soon.
When I prepare my final letter with all of my various articles, statements, etc. I will add it to the blog. Until then...
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