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 Manchester, NH 03104 
Phone: (603) 685 4301

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Citi Joins Bank of America in Finding New Ways to Bleed Customers « naked capitalism

As readers know all too well, the very short story of the financial crisis was consumers and banks went on big borrowing party and it all ended really badly, except for the banks.

However, banks built their businesses with the expectation that consumers would continue to rack up debt. But consumers aren’t too keen about that any more. Moreover, banks have also gotten a bit of religion and are more careful with extending loans. Since they aren’t making as much money on consumer lending, their natural impulse is to find other ways to fleece obtain more revenue from consumers.

We pointed out that Bank of America is determined to preserve its egregious debit card profits, and is circumventing the intent of recent legislation by charging all but reasonably profitable customers a $5 monthly fee for any debit card use (save at a BofA ATM). We hope customers will leave in droves.

We noted that Bank of America no doubt hoped that this move would serve as a bit of price leadership and other banks would follow. Citi apparently decided that the debit card fee was a smidge too obvious and it would try another route.

Reader Deloss alos told us, via e-mail, taht Citi has increased its balance requirements for free checking:

For what it’s worth, there was a discreet notice on my online Citi page announcing that either I had to raise my minimum balance from $10,000 to $15,000 or I had to start paying $20/month plus various other fees.

I called to check and yes, that is the new policy.

BoA is

Read more http://www.nakedcapitalism.com/2011/10/citi-joins-bank-of-america-in-finding-new-ways-to-bleed-customers.html

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Stellionata Consulting, LLC

497 Hooksett Rd. #105

Manchester, NH 03104

Phone: (603) 685 4301

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Chain of Title

A few years ago, there was a lot of media hype about "producing the original note." There was almost equal response from the mortgage/foreclosure industry that the original note wasn't important and that reasonable facsimiles that were attested to as being "true and accurate copies of the original" were/are good enough to demonstrate that the current "bearer" of the copy is the rightful note holder and, therefore, has title and interest in the promissory note and has legal standing to foreclose.

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