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Citi mobile credit card payment


citi mobile credit card payment

You can avail this service through net banking, ATM, or mobile service of State Bank of India, Indian Overseas Bank, Citibank and Bank of India. How to pay. Citi is the first bank across Asia Pacific to offer this capability on mobile, enabling one-off or recurring credit card payments for rent. Install the Citi Mobile App on your smartphone. Make sure you have a User ID and Password for online and mobile banking. Make your card capable.

: Citi mobile credit card payment

Citi mobile credit card payment
AMERI CAN GAS CAN GASKET
Citi mobile credit card payment
CHASE BANK CD ACCOUNT INTEREST RATE

Citi mobile credit card payment -

Citibank Credit Card Login, Payment, Customer Service, Contacts will be discussed here. Using a credit card is an easy and convenient way to make purchases of any kind. It is widely accepted and widely available. Did you ever wonder if your Citibank Credit Card was like Spiderman?

Citibank Credit Card

Were you ever surprised that your best purchases are just a swipe away? Credit cards are indeed excellent financial tools, but with their accompanying clauses, terms & conditions, and acronyms, you may feel lost or, at the worst, ready to give up entirely on responsible investment altogether. You don’t have to worry about credit card jargon anymore because Credit card jargon buster is here – a handy guide that will help you understand the most commonly used terms and maintain good credit with Citi.

Credit cards are like quick and easy loans. A credit card is issued by the bank and comes with a predetermined credit limit. You can use your card to spend up to this amount of money – it is the total credit that the Bank will grant to you.

Credit Cards can be used for purchases online or in brick-and-mortar stores. When you do this, both the merchant and your banks receive your card details. If the bank approves or declines the transaction, the merchant gets the information. If your bank authorizes the transaction, the merchant’s bank is paid, and your Credit Card balance is reduced.

Citibank Customer Credit Card

An account statement from your bank will detail how much you spent during the month. On your information, you will see the total amount due as well as the minimum. To avoid being delinquent, you must pay the Bank the minimum amount. In addition, it indicates the date by which the payment must be made. If you carried forward any charges or interest from the previous billing statement without paying the total amount, you would be charged interest on those charges. You will see any payments you have made to your credit card account in the last month.

Between the time you buy something and the time you have to pay for it, there is a certain amount of time. Your credit card bills will not be charged interest if you pay them in full each month and don’t carry them forward. Paying the minimum amount due or not paying the total amount due, and taking some of the amounts to the next month, will require you to pay interest. Your bank will list the rate of interest it charges there for you.

Citibank Credit card

Citibank Credit Card Login

Follow the steps to log in to your Citibank Credit Card

  • Install the Citi Mobile App on your smartphone.
  • Make sure you have a User ID and Password for online and mobile banking.
  • Make your card capable of online and contactless transactions, as well as setting usage limits.

Are there any fees associated with your credit card?

Interest

It would also result in interest charges if the card account were withdrawn or a credit card bill was not paid in full. In your Credit Card statement, the interest rate is stated as a monthly rate and an Annual Percentage Rate (APR). Credit costs are determined by the APR, which can be either dynamic or fixed.

Balance

You can calculate your Average Daily Balance by adding up your daily balances during the billing period and dividing them by the number of days in that period.

During the first billing period, the Adjusted Balance is calculated after the payments you make are subtracted from your balance. It reduces your interest rate.

You would have a previous balance if you had one at the start of the billing period. You are not included in payments or purchases made after that. A recurring billing period ends with an Ending Balance. All purchases and expenses during the period are included.

Fees

Some Credit Cards charge annual fees – the cost of owning a Credit Card. As soon as you obtain your Credit Card, and every year subsequently, this fee will be added to your account.

Payments that do not reach the card company on time are charged Late Fees. Getting into trouble with your credit history is entirely avoidable, as late payments can damage your credit score, making it harder to get credit. You should always pay on time. If you want to make a payment online, your money usually appears in your account within 24 hours.

There can also be fees for exceeding a credit limit, returning payments, or stopping payments. Fortunately, most of these fees can be avoided.

How to prevent Citibank credit card fraud

It is often possible to prevent credit card, ATM, and Internet fraud. A credit card is usually used within 48 hours after a scam is committed. To report a lost credit card, call your supplier right away. The majority of companies have toll-free telephone numbers available at all hours.

Preventing fraud

  • Maintain a safe place for your cards and know where they are at all times
  • Unless you know the company and you made the call, do not give your account number over the phone
  • Choose a card with additional security features, such as a photo
  • To prevent change on charge slips and to prevent carbons from being torn up, draw a line through the blank space above the total
  • Blank charges must not be signed
  • It would be best if you always compared receipts with your monthly statements. You must report errors within 30 days after receiving your information.
  • You should record card numbers and expiration dates. Store these records in a safe place. Use them whenever you lose or steal a card.
  • A postcard or envelope should never contain your account number or PIN. It’s best not to carry your PIN around with you.
  • Keep your travel card usage to a minimum.

Citibank Credit Card Payments and Charges

The credit card you have could charge you an annual fee. Some companies charge you a set amount that you are billed annually.

You may obtain a Credit Card for free for the first year, but later, you will be charged for it.

Late fees apply if you pay after the due date on your statement or credit card bill.

Charges that are carried forward without being paid in full will incur interest.

Credit ratings or Credit Scores are heavily influenced by how you manage the credit that you receive on your credit card. Using your credit wisely is key to your credit ratings. Is the only use of your credit to pay minimum obligations? You may carry some charges into the next month, or you may pay everything in full. Do you ever miss a payment? All of these factors impact your credit score.

You can earn some money back with some cards. You can earn Reward Points that add up, and you can redeem these for a wide range of things like air miles, cashback, vouchers for use at various shops, and several products that are listed in the Rewards catalog.

To summarize, it is essential to use a Credit Card wisely and prudently. Living within your means is always a good thing. Don’t splurge on things you can’t afford. If you do not pay off the total amount you spent on your credit card each month, you end up in a colossal mess, paying lots of interest. Be innovative and responsible with your credit card.

Citibank Credit Cards: Why Choose Them?

The Citibank Credit Card offers a variety of benefits, including international recognition, attractive rewards schemes, and broad acceptance worldwide. Every type of lifestyle need can be met with one credit card, whether traveling or shopping.

  • Citizens Bank credit cards offer insurance benefits like travel accident coverage, lost luggage coverage, and health coverage.
  • Citibank Rewards offers exclusive reward points redeemed against exclusive coupons, special deals, and merchandise. Earn points at a fast rate and save them against exclusive prizes.
  • There’s a Citibank card to suit every lifestyle – with a wide variety of specially designed cards, and you will be able to find one that meets your needs quickly.

What a Citibank credit card has to offer

  • A company’s catalog of gifts can be redeemed with credit card reward points.
  • Additionally, you can access various airport lounges and earn AirMiles.
  • In addition to paying utility bills and withdrawing money, you can also use a credit card for that purpose.
  • Citibank credit card bills may be paid in full, which is recommended, and as much as possible.
  • Furthermore, customers can pay only the minimum amount due and spend the rest later. The cardholder must pay the remaining balance on the bill if the balance is not paid in full. Due to interest, each subsequent payment results in the customer paying more.
  • They will end up being forced to pay a massive bill if payment is still not made on time. Credit cards are therefore to be used judiciously by users.
  • Individuals’ credit scores, for example, are often affected by their income, age, location, and other factors. Accordingly, Citibank credit cards are not available to all but only to those who qualify. Credit cards are available from several banks and institutions today.

Citibank PremierMiles Credit Card Features & Benefits

  • Every time you book a flight using the PremierMiles card, you’ll earn Air Mile points.
  • Each rupee spent on airline transactions will earn you 10 Miles.
  • Upon activation of the card, you’ll receive 10,000 bonus miles, and when you renew, you’ll get 3,000 miles.
  • With the PremierMiles card, you can also access premium airport lounges in all major Indian cities.
  • Travel insurance coverage, loans on credit cards, and dining and travel deals are other benefits associated with the card.

Here are some tips to make credit cards work for you:

The auto-debit feature

When you fail to pay your bills properly, it makes no sense to spend wisely. Opting for automatic payments is beneficial. Set up automatic withdrawals from your savings account, and your credit card bill will be taken care of automatically. Using technology makes things easier.

Take advantage of EMIs.

Credit Cards allow you to purchase big-ticket items in one swipe and then break up the payments into EMIs by accessing your net banking account or contacting your bank customer care department. The process is not complicated. Making purchases on EMI will benefit your finances.

Repaying your EMIs on time improves your credit rating. As a bonus, EMI payments can help you maintain your liquidity by financing your purchases. In other words, you will not have to worry about running out of funds in the future. You need funds to make investments and pay for day-to-day expenses.

Источник: https://www.mpnrc.org/citibank-credit-card/

ONLINE CREDIT CARD PAYMENT

IMPS Card Payment

IMPS Card payment to Credit card

Add your Citibank credit card as IMPS/NEFT payee in your non Citibank account in three simple steps and initiate payment to enjoy same day credit of funds.

While doing a payee addition, please use the following details

Payee Name : Name as it appears on your Citibank Credit Card

Payee Account Number : Valid Citibank Credit Card number*

Bank Name : Citibank N.A

Payment Account Type : Select Any Account Type

IFSC Code2 : CITI0000003 (Customers residing in any City can initiate a payment using CHENNAI IFSC code)

Branch Address : CHENNAI (Customers residing in any City can initiate a payment using CHENNAI as branch address)

To initiate IMPS/NEFT payment, you can use any valid IFSC code of Citibank. In the Payee details given above, we have used Chennai IFSC code which can be used by customers residing in any City.

*Latest Citibank Credit Card number should be used to make payments to avoid rejection or delay in processing of payments.

NEFT Card Payment

NEFT Card payment to Credit card

Add your Citibank credit card as IMPS/NEFT payee in your non Citibank account in three simple steps and initiate payment to enjoy same day credit of funds.

While doing a payee addition, please use the following details

Payee Name : Name as it appears on your Citibank Credit Card

Payee Account Number : Valid Citibank Credit Card number*

Bank Name : Citibank N.A

Payment Account Type : Select Any Account Type

IFSC Code2 : CITI0000003 (Customers residing in any City can initiate a payment using CHENNAI IFSC code)

Branch Address : CHENNAI (Customers residing in any City can initiate a payment using CHENNAI as branch address)

To initiate IMPS/NEFT payment, you can use any valid IFSC code of Citibank. In the Payee details given above, we have used Chennai IFSC code which can be used by customers residing in any City.

*Latest Citibank Credit Card number should be used to make payments to avoid rejection or delay in processing of payments.

Citibank Account

Citibanking Account

If you are attempting to make your Citibank Credit Card payment from your Citibanking / Suvidha Account, you have to Login to Citibank Online with your IPIN and make your Card Payment.

If you are attempting to make payment to any other person's Credit Card from your Citibanking / Suvidha Account, you can Login to Citibank Online with your IPIN, register the Credit Card and then make the transfer easily.

Your bank account will be debited and the payment to the Credit Card will be applied in 1 working day.

LOGIN NOW

Faqs

Click on    to expand and on    to minimize the details.

Frequently Asked Questions about 'NEFT/RTGS/IMPS Payment to Credit Card'

What would you like the creative to communicate?

Advantages of NEFT/IMPS/RTGS over Cheque

1) Same day credit of funds vs Atleast 3-4 days for credit of funds

2) From the comfort of home vs Travel to a drop box

Advantages of NEFT/IMPS/RTGS over Epay

1) Instant increase of credit line when payment is done by NEFT/IMPS/RTGS vs Atleast 2 days for credit of funds

2) End-to-End automated process Vs Manual Process

Will I have a Unique Reference Number for the transaction?

Yes, on successfully completing the Funds Transfer you will be given a reference number for the transaction.

If you have not noted the same at the time of the transaction, you can call your bank and the same will be provided to you.

You need to quote this Unique Transaction Reference Number at the time of logging in your complaint, if any.

Under what circumstances can my Funds Transfer be rejected and what happens to my funds in case of transfer rejection?

Your Funds Transfer can be rejected if you have entered an invalid Card number (or) if you have entered an invalid IFSC Code (or) if you have initiated a payment to a Non-Resident Credit card. In the event of rejection, the funds will be remitted back to the originating bank on the same day. To check the status of the credit into your account, please get in touch with your Bank.

Non Resident customers who hold International Credit Card with Citibank India should not use this facility and should ensure payments are made only from their NRE/NRO account.

Frequently Asked Questions about E-Pay

How long will it take for the money to be credited to my Citibank Credit Card?

If your transaction status on the E-Pay confirmation page is successful, your Citibank Credit Card will be credited with the amount you authorized after 2 working days (excluding weekends and bank holidays). For example, a payment made on Monday will be visible in your credit card statement by Thursday (assuming there are no holidays in-between). If you have made a payment through SBI after 7 PM on Monday, then the payment will be visible in your credit card statement by Friday (assuming there are no holidays in-between).

How do I know that the transaction was successful?

After the payment is made, you will be shown an acknowledgment screen. This screen will contain a 'Status' title, which will display 'SUCCESS' in case of successful transactions and 'FAILURE' in case of failed transactions. This screen will also contain the transaction reference number. Please note this down and quote this in case of any transaction queries with your Bank.

Источник: https://www.online.citibank.co.in/products-services/online-services/epay.htm

Citi Introduces PayAll, Enabling Credit Card Payments for Rent and Education on Mobile

Citi today announced the launch of PayAll, a service that allows customers to use their credit cards to make payments on recurring, non-discretionary big payments through mobile while earning rewards and miles on their spend.

Citi is the first bank across Asia Pacific to offer this capability on mobile, enabling one-off or recurring credit card payments for rent and education at a small fee with more spend categories to follow. With Citi PayAll, customers can use their credit cards as a source of funds for payments that are otherwise typically done through bank or GIRO transfers.

Live in Singapore, Citi PayAll will be introduced to other markets including Hong Kong, the UAE and Thailand by the end of 2019.

Since its beta-launch in Singapore in November 2018, Citi PayAll has seen encouraging take-up with positive reviews from users. The bank has seen usage across both rent and education spend categories, with average transactions at around US$3,500. A majority of users have also opted to use the service for monthly recurring payments.

Accessible to all Singapore customers through the Citi Mobile® app, additional spend categories including taxes, electricity bills and condominium management fees will be introduced in March.

The Citi PayAll process has been designed to be simple, direct and intuitive. Upon enrolling for the service, a customer can set up payment details for various recipients, including name, bank account details, and the amount to be transferred either as a one-off or recurring transaction.

The customer will then select the credit card to be used for payments to each recipient. Before the due date of a payment, a customer will receive a message to say that the specified amount has been charged to his/her credit card. This will later appear in his/her credit card statement along with the respective service fee.

Citi Asia Pacific Head of Cards and Unsecured Lending Sergio Zanatti said: “We are proud to be the first bank across the region to offer the benefits of Citi PayAll for our customers. Building leading capabilities using technology and offering solutions digitally, particularly on mobile, is at the core of our digital strategy and customer experience focus. I am confident that Citi PayAll will be well-received as we roll out the solution to additional markets.”

Over half, or 65 percent, of the bank’s customers in Asia Pacific actively use Citi Mobile for their banking requirements and the channel continues to gain traction. The bank added more than 1.3 million mobile users in 2018 while also increasing lending through mobile and online channels in the same period.

Digital lending penetration grew a significant 44 percent last year. A first for Citi globally, the bank’s digital lending solutions allow customers to take up flexible payment options or loans on their cards using Citi’s digital channels.

Источник: https://www.citigroup.com/citi/news/2019/190226a.htm

Citibank

Not to be confused with City Bank or CIT Bank.

US bank

Citibank is the consumer division of financial servicesmultinationalCitigroup.[1] Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York.[2] The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex.[citation needed] The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.[3]

History[edit]

View of the northeast corner of William and Wall streets. The house to the far right became City Bank of New York's first home at 38 Wall Street, later renumbered as No.52. (Painting by Archibald Robertson, c. 1798)
Former Hankowoffices of National City Bank (Wuhan, China)

Early history[edit]

The City Bank of New York was founded on June 16, 1812.[4] The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. After Osgood's death in August 1813, William Few became President of the bank, staying until 1817, followed by Peter Stagg (1817–1825), Thomas Smith (1825–1827), Isaac Wright (1827–1832), and Thomas Bloodgood (1832–1843). Moses Taylor assumed ownership and management of the bank in 1837. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.[5] Later presidents of the bank included Gorham Worth (1843–1856), Moses Taylor himself (1856–1882), Taylor's son-in-law Patrick Pyne, and James Stillman (1891–1909).

In 1831, City Bank was the site of one of America's first bank heists when two thieves made off with tens of thousands of dollars' worth of bank notes, and 398 gold doubloons.[6][7]

The bank also has the distinguishable history of financing war bonds for the War of 1812, serving as a founding member of the financial clearinghouse in New York (1853), underwriting the Union during the American Civil War with $50 million in war bonds, opening the first foreign exchange department of any bank (1897), and receiving a $5 million deposit to be given to Spain for the US acquisition of the Philippines (1899). In 1865, the bank joined the national banking system of the United States under the National Bank Act and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States, by 1893 it was the largest bank in New York, and the following year it was the largest within the United States. It would help finance the Panama Canal in 1904. By 1906, 11 percent of the federal government's bank balances were held by National City. National City at this time was the banker of Standard Oil, and the Chicago banking factions accused US Secretary of the Treasury Leslie Shaw of being too close with National City and other Wall Street operators.[8] In 1907, Stillman, then the bank's chairman, would intervene, along with J. P. Morgan and George Fisher Baker, in the Panic of 1907.

Between 1910 and 1911, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d’Haïti, which was the sole commercial bank of Haiti and served as the Haitian government's treasury. Citibank then pressured the federal government to occupy Haiti, which it did in 1915. During the occupation, Citibank imposed a 30 million USD loan on the Haitian government, which was described by journalist George Padmore as transforming Haiti into an "American slave colony".[9]

When the Federal Reserve Act allowed it,[10] National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in Buenos Aires, Argentina, in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta, and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., which was forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. The same year, the bank evacuated all of its employees from Moscow and Petrograd as the Russian Civil War had begun, but also established a branch in Puerto Rico. By 1919, the bank had become the first U.S. bank to have $1 billion in assets.

As of March 9, 1921, there were four national banks in New York City operating branch offices: Catham and Phoenix National, the Mechanics and Metals National, the Irving National, and National City Bank.[11]

Charles E. Mitchell, also called "Sunshine" Charlie Mitchell, was elected president in 1921. In 1929, he was made chairman, a position he held until 1933. Under Mitchell, the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by many people as one of the prime causes of the stock market crash of 1929, which led ultimately to the Great Depression.[12][13][14][15][16][17][18][19][20][21]

In 1933, a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance, later leading to his resignation.[22][23][24][25][26][27] Senator Carter Glass said of him: "Mitchell, more than any 50 men, is responsible for this stock crash."[28][29]

On December 24, 1927, its headquarters in Buenos Aires, Argentina, were blown-up by the Italian anarchistSeverino Di Giovanni, in the frame of the international campaign supporting Sacco and Vanzetti.[30]

In 1940 and 1941, branches in Germany and Japan closed. In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government.

In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (the brother of John D.) branch. In 1960, his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's long-time New York rival for dominance in the banking industry in the United States.[31][32]

Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York, then shortened it to First National City Bank in 1962. It is also worth noting that the bank began recruiting at Harvard Business School in 1957, arranged the financing of the 1958 Hollywood film, South Pacific, and had its branches in Cuba nationalized in 1959 by the new socialist government, and has its first African-American director in 1969, Franklin A. Thomas.

The company organically entered the leasing and credit card sectors, and its introduction of US dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. Later to become part of MasterCard, the bank introduced its First National City Charge Service credit card—popularly known as the "Everything Card"—in 1967.

In 1967, Walter B. Wriston became chairman and chief executive officer of the bank.[33]

Citibank logo used from 1976 until 2000 in the United States, and internationally until 2002, designed by Dan Friedman from Anspach Grossman Portugal of New York.[34]

In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short. However, the bank had been nicknamed "Citibank" since the 1860s, when City Bank of New York adopted it as an eight-letter wire code address. "Citicorp" became the holding company's formal name in 1974, and in 1976, First National City Bank was renamed Citibank, N.A.[35] The name change also helped to avoid confusion in Ohio with Cleveland-based National City Corp., though the banks never had any significant overlapping areas except for Citi credit cards issued in National City territory. In addition, at the time of the name change to Citicorp, in 1968, National City of Ohio was mostly a Cleveland-area bank and had not gone on its acquisition spree that would occur in the 1990s and 2000s. Any possible name confusion had Citi not changed its name from National City eventually became completely moot when PNC Financial Services acquired National City in 2008 during the subprime mortgage crisis.

In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other developing countries.[36] In 1990, the bank established a subsidiary in Poland. In 1994, it became the world's biggest card issuer.

Automated banking card[edit]

Also in the 1980s, the bank launched the Citicard, which allowed customers to perform all transactions without a passbook.[37] Branches also had terminals with simple one-line displays that allowed customers to get basic account information without a bank teller.

Credit card business[edit]

In the 1960s the bank entered into the credit card business. In 1965, First National City Bank bought Carte Blanche from Hilton Hotels. Three years later, the bank (under pressure from the U.S. government) sold this division. By 1968, the company created its own credit card. The card, known as "The Everything Card", was promoted as a kind of East Coast version of the BankAmericard. By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard). Citibank unsuccessfully tried again from 1977 to 1987 to create a separate credit card brand, the Choice Card.

John S. Reed was selected CEO in 1984, and Citi became a founding member of the CHAPSclearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States, the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.

As the bank's expansion continued, the Narre Warren-Caroline Springs[dubious – discuss] credit card company was purchased in 1981. In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25% (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and early 1980s, making consumer lending unprofitable. Currently, there is no maximum interest rate or usury restriction under South Dakota law when a written agreement is formed.[38] As of 2013, Citibank employed 2,900 people in Sioux Falls, South Dakota, and contributed to the state holding more bank assets than any other state.[39]

In 2005, Federated Department Stores (now Macy's, Inc.), sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).[40][41]

In 2013, Citibank purchased the credit card portfolio of Best Buy from Capital One.[42][43]

On April 1, 2016, Citigroup became the exclusive issuer of Costco's branded credit cards.[44][45]

The bank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: American Airlines, Best Buy, ConocoPhillips, Costco, ExxonMobil, The Home Depot, Sears, Shell Oil, Staples Inc. and until January 2018, Hilton Hotels & Resorts.

Early technology[edit]

Automatic teller machines[edit]

In the 1970s, Citibank was one of the first U.S. banks to introduce automatic teller machines (ATMs), which gave customers 24-hour access to cash. In April 2006, the firm signed a deal with 7-Eleven to offer Citibank customers free access to ATMs in more than 5,500 convenience stores in the United States. The 7-Eleven deal ended in 2017.[46]

Online banking[edit]

The Citibank.com domain name was registered in 1991, and initially used only for email and other internet interactions.[47] As early as 1982, Citibank pioneered online access to accounts using 300-bauddial-up only.[48] At first, access was through proprietary software distributed on a 5.25-inch floppy disk.[citation needed] Following the creation of the World Wide Web, the bank offered browser-based access as well.

Expansion[edit]

Citibank footprint - mid 2020
Citibank branch on Michigan Avenue in Chicago

In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank, which was one-third owned by Ronald O. Perelman, for $5.8 billion.[49][50]

In 1999, Citibank was sued for improperly charging late fees on its credit cards.[51]

In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of Bryan, Texas. The deal established the firm's retail banking presence in Texas, giving Citibank over 100 branches, $3.5 billion in assets and approximately 120,000 customers in the state.[52]

In 2006, the bank entered the Philadelphia market, opening 23 branches in the metropolitan area. In 2013, Citibank closed these locations for "efficiency-driven" reasons.[53]

In 2006, the company announced a naming rights sponsorship deal for the new stadium of New York Mets, Citi Field, which opened in 2009. The deal reportedly required payments by Citi of $20 million per year for 20 years.[54]

As of September 2020, Citibank's US branches are located in the metropolitan areas of New York, Los Angeles, San Francisco, Sacramento, San Diego, Washington DC, Las Vegas, Miami, and Chicago. California is home to the majority of Citibank's US branches, with 292 branches located in the state.

2007–2009 losses and cost-cutting measures by parent Citigroup[edit]

On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, or 8% of its workforce.[55]

On November 4, 2007, Charles Prince resigned as the chairman and chief executive of Citigroup, the parent of Citibank, following crisis meetings with the board in New York in the wake of billions of dollars in losses related to subprime lending.[56] Former United States Secretary of the Treasury Robert Rubin took over as chairman, subsequently hiring Vikram Pandit as chief executive.[57]

On November 5, 2007, several days after Merrill Lynch announced that it too had been losing billions from the subprime mortgage crisis in the United States, Citi reported that it will lose between $8 billion and $11 billion in the fourth quarter of 2007, in addition to the $6.5 billion it lost in the third quarter of 2007.[58]

Effective November 30, 2007, Citibank sold its 17 Puerto Rico branches, along with $1.0 billion in deposits, to Banco Popular.[59]

In January 2008, Citigroup reported a $10 billion loss in the fourth quarter of 2007, after an $18.1 billion write down.[60]

In March 2008, Citibank set up Mobile Money Ventures, a joint venture with SK Telecom, to develop mobile apps for banking.[61] It sold the venture to Intuit in June 2011.[62]

In May 2008, the company closed an $87.5 million leaseback transaction for branches in New York City.[63]

In July 2008, Citibank Privatkunden AG & Co. KGaA, the company's German division, was sold to Crédit Mutuel.[64] On February 22, 2010, it was renamed to Targobank.

In August 2008, after a three-year investigation by the California Attorney General, Citibank was ordered to repay the $14 million that was removed from 53,000 customers accounts over an 11-year period from 1992 to 2003, plus an additional $4 million in interest and penalties. The money was taken under an electronic "account sweeping program" where any positive balances from over-payments or double payments were removed without notice to the customers.[65]

As a result of the financial crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, Citigroup, the parent of Citibank, received a bailout in the form of an investment from the U.S. Treasury.[66] On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion.[67] The guarantees were issued at a time markets were not confident Citi had enough liquidity to cover losses from those investments. Eventually, the Citi shares the Treasury took over in return for the guarantees it issued were booked as net profit for the treasury as Citi had enough liquidity and guarantees did not have to be used. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U.S. federal government.

On January 16, 2009, Citigroup announced that it was separating Citi Holdings Inc., its non-core businesses such as brokerage, asset management, and local consumer finance and higher-risk assets, from Citicorp. The split was presented as allowing Citibank to concentrate on its core banking business.[68]

2010 to present[edit]

On October 19, 2011, Citigroup, the parent of Citibank, agreed to a $285 million civil fraud penalty after the U.S. Securities and Exchange Commission accused the company of betting against risky mortgage-related investments that it sold to its clients.[69][70][71]

In 2014, Citigroup announced it would exit retail banking in 11 markets, primarily in Europe and Central America.[72] In September 2014, it exited the Texas market with the sale of 41 branches to BB&T.[73] In September 2015, the bank announced that it would close its 17 branches in Massachusetts and end sponsorship of a theater in Boston.[74]

In 2015, the bank was ordered to pay $770 million in relief to borrowers for illegal credit card practices. The Consumer Financial Protection Bureau said that about 7 million customer accounts were affected by Citibank's "deceptive marketing" practices, which included misrepresenting costs and fees and charging customers for services they did not receive.[75]

On March 1, 2017, an article in The Economic Times of India stated that Citibank may close its 44 branches in India, as digital transactions made them less necessary. The articles wrote that Citibank was “India’s most profitable foreign lender”.[76]

On March 20, 2017, The Guardian reported that hundreds of banks had helped launder FSB-related funds out of Russia, as uncovered by an investigation named Russian Laundromat. Citibank was listed among the American banks that were named as having handled the laundered funds, with banks in the US processing around $63.7 million between 2010 and 2014. Citibank was listed as having processed $37 million of that amount, with others including Bank of America, which processed $14 million. as the bank “handled $113.1 million” in Laundromat cash.[77]

In March 2018, Citibank announced a new firearms policy, placing restrictions on financial transactions in the U.S. firearm industry.[78][79]

In April 2021, Citibank announced it would exit its consumer banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.[80]

Products & services[edit]

Private Wealth Services[edit]

Citigold account branding

Citigold is Citibank's banking product for the mass affluent demographic ($200,000 minimum in assets), available in thirty four countries,[81][82][83] with ultra high-net-worth individuals ($25 million and above in assets) being handled by Citi Private Bank.

Digital Wallet Support[edit]

Citibank cards support Samsung Pay,[84][85]Google Pay,[86] and Apple Pay.[87]

Multi-factor authentication[edit]

Only the less secure SMS one-time PIN messages to registered mobile numbers are supported. Software or hardware-based token authentication devices are not supported.one

Controversies[edit]

Funding of Dakota Access Pipeline[edit]

Citibank is one of the lead lenders to the developers of the Dakota Access Pipeline project in North Dakota, a 1,172-mile-long (1,886 km) oil pipeline project.[88] The pipeline has been controversial regarding its potential environmental impacts and impacts to Siouan sacred lands and water supply.[88][89] According to a statement by Hugh MacMillan, a senior researcher on water, energy and climate issues, Citibank has been "running the books on this project, and that's the bank that beat the bushes and got other banks to join in."[90]

On December 13, 2016, students of Columbia University protested outside of the Citibank location on Broadway and 112th Street, by holding cardboard signs, chanting and passing flyers. Earlier that year, the university replaced the on-campus Citibank ATMs with ATMs from Santander Bank, a bank that has no ties to the Dakota Access Pipeline.[91]

Libor Index Settlement[edit]

Preceded by other banks involved in the Libor Scandal, Citibank in June 2018 reached a settlement with 42 U.S. states to pay a $100 million fine due to their manipulation of the London Inter-bank Offered Rate.[92][93] Libor index is widely used as a reference rate for many financial instruments both in financial and commercial fields.

Yakuza (Japanese Organised Crime) Links[edit]

Citibank has been punished by the Japanese Financial Services Agency twice (2004 and 2009) for aiding and abetting money laundering by Yakuza members; there was no punishment from the US side. In 2004-2006, Immigration Customs Enforcement (ICE) seized close to a million dollars worth of assets in the United States owned by Kajiyama Susumu, the so-called emperor of loan sharks, and a Yamaguchi-gumi Goryokai member. [94]

“In 2004, Citibank (Japan) lost their private banking license because they were allowing yakuza to do many complex transactions,” Jake Adelstein, author of “Tokyo Vice” and an expert on Japan’s mafia – known as the yakuza – told CNN. “They got 'spanked' in 2009 for failing to update their databases and allowing yakuza to do business with them again."[95]

[edit]

Citibank sponsors Citi Field, home of the New York Mets baseball club[54] as well as the Washington Open tennis championship.[96]

The firm became a sponsor of the Australian Rugby Union team in 2001 for a three-year deal,[97] and a major sponsor of the Sydney Swans in 2005, who play in the Australian Football League.[98]

In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring major drivers like Johnny Rutherford[99] and Al Unser, Sr. Unser won the 1978 Indianapolis 500 in First National City Travelers Checks livery.

In Formula 1 First National City was the sponsor of team Tyrrell in 1977 and 1978, with the First National City Travelers Checks livery also.

Citibank is the main sponsor of New York City's bike-share scheme Citi Bike since its launch in 2013.[100]

In popular culture[edit]

  • Political cartoonist Michel Kichka satirized Citibank in his 1982 poster ...And I Love New York, in which the lettering above the entrance to a New York City branch reads" "Citibang". Meanwhile, a stocking-wearing bank robber exits and fires shots at NYPD officers responding to the robbery.[101]

See also[edit]

References[edit]

  1. ^Citigroup Material Legal Entities
  2. ^"Citigroup url=http://www.japansubculture.com/president-obama-declares-war-on-the-yakuza-go-get-them-barry/
  3. ^{{cite web

    Citibank services to be down for 9 hours starting today. Check details

    The internet banking and other services of Citibank will be down for its customers on the intervening night of Saturday and Sunday. The outage will continue for nine hours, according to an email communication from the bank to its customers.

    Citibank has a substantial setup of credit card business in India. It was among the early entrants in the credit card business in the country and has over two million customers.

    According to mail sent by Citibank, its services will be affected from 9.30pm on October 16 to 6.30am on October 17. These services are:

    • RTGS transactions between 2.30 am to 6.30am on October 17

    • Citibank online and Citibank mobile services between 1am to 2am on October 17

    • IVR self-service will be down between 9.30am on October 16 to 12.30am on October 17

    • Credit Card and Samsung Pay wallet functions will be down from 9.30pm on October 16 to 1.30am on October 17

    The email communication further said that dispute on any credit card transaction can be raised by accessing the link sent as part of the system generated transaction SMS during the downtime.

    According to Citibank's website, it opened its first office in India in 1902 and is a significant foreign investor. In 1993, it became the first bank to offer 24-hour phone banking, the website further said.

    Citibank also launched the next generation contactless credit card payments based on Near Field Communications (NFC) technology with Citi tap and pay in 2009, which according to its website was the first such initiative in India.

    Bloomberg reported in April this year that Citigroup Inc. plans to exit retail banking in 13 markets across Asia (including India) and the Europe, Middle East and Africa region.

    The bank will instead operate its consumer-banking franchise in both regions from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.

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    Close StoryИсточник: https://www.hindustantimes.com/business/citibank-services-to-be-down-for-9-hours-starting-today-check-details-101634342528599.html
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Comments

  1. Bro.. Abi current usa to pak ki fee kya h % mai??? Ya 100$ pr kitni banegi? plz reply krden. Importnt info require h

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