Categories Finance

$190 refund for Citi credit card customers

Attention Citibank credit card holders – some of you lucky ones are going to get around $190 refunded!

The New York-based banker apparently goofed up, and overcharged about 1.75 million credit card customers on annual percentage rates.

Citigroup is planning to refund $335 million to customers, with an average refund of $190, which includes interest owed.

Citigroup is planning to refund $335 million to customers, with an average refund of $190, which includes interest owed. The bank, apart from this, will reduce its account balance as is required.

The goof-up came to light during an internal review mandate under the Credit Card Accountability Responsibility and Disclosure (CARD) Act. The legislation forces banks to review accounts of customers, whose annual percentage rates have increased.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top