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Citibank closing hundreds of credit accounts, unannounced


Posted: Oct 21, 2009

This would be a good reason to only deal with local banks and/or credit unions.

http://rawstory.com/2009/10/citibank-closing-hundreds-credit-accounts-unannounced/

 

;

I had not thought of this happening and the subsequent... - mt

[ In Reply To ..]
potential ding to the cardholder's credit because a bank closes the cardholder's account due to the bank's downsizing. Thanks a bunch for this information!

You're most welcome. (sm) - Nikki

[ In Reply To ..]
I only deal with a local credit union, thankfully. I have a Master Card with them, and there is no yearly fee. I hope more people read what's going on and dump these "too big to fail" banks (either way, their credit is already shot whether they do it themselves or if these big banks do it) and give their business to smaller, local banks or credit unions. It wouldn't surprise me if other big banks begin to do this, as well.

To me, it looks like these banks are setting the stage for another bailout.

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