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Another Reason Why People Hate Credit Card Companies « The Washington Independent

Jul 31, 2020
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Citigroup will have to pay $18 million in fines and refunds to customers across the country for taking money from their accounts without notification, Marketplace reportstoday. For years, Citigroup employed something called the “Account Sweeping Program,” which is a fancy way of saying the company would keep for itself money that customers overpaid on their bills or were due as refunds for something they bought with their cards. And they would never tell the customers about their little plan. Here’s the worst part, from the Marktplace piece:
California’s attorney general investigated the so-called “account sweeping program” for three years. AG Edmund Brown says the company stole from mostly poor people and the recently deceased.
So Citigroup actually stole money from dead people? How much worse can it get? Every time Congress moves to impose even minimal restrictions on these people, they cry foul and complainthey’re getting picked on unfairly. But then they turn around and do things like this. There’s really have no defense here. No shame, either.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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