Citibank in the US are definitely not going to find this funny as the Consumer Financial Protection Bureau has ordered them to pay 700 Million Dollars back to customers for illegal credit card practices.
According to reports from CNN Money, the consumer watchdog said about 7 million customer accounts were affected by the bank's "deceptive marketing" practices, including misrepresenting costs, fees and charging customers for services they did not receive.
It was noted that the bank charged nearly 1.8 million consumer accounts unnecessary same-day payment fees while collecting payments as well as a processing fee that was not clarified.
In a statement issued by Citibank, they are fully cooperating with the bureau and affected customers will automatically receive a statement credit or check while those no longer with the bank but who are eligible will be mailed a check.
Honestly we need something like this in Nigeria with all those unexplained charges in our accounts or what say ye?
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