April 30, 2003 |
Intensifying competition in the cross-border money-transfer business, Citibank unveiled a low-priced service Tuesday that it hopes will make inroads against established services offered by such rivals as Bank of America Corp. and Wells Fargo & Co. Citibank said it will allow its account holders to move as much as $3,500 instantly to Banamex accounts in Mexico for $5, plus a commission of about 2% over the bank-to-bank foreign exchange rate.
January 12, 2003 |
Elvis -- Schmiedekamp, that is -- has left the building. Citigroup Inc. has given the folksy California Federal Bank pitchman the boot, pulling ads off the radio, thinning the ranks of Elvis-emblazoned billboards around the Southland and shutting down CalFed's Schmiedekamp Web site.
March 22, 2002 |
Citibank on Thursday became the first international bank to offer financial services to Chinese customers, a significant step to open China's ailing financial system to more competition. For the time being, business with Chinese depositors is restricted to foreign currency. But under the terms of the World Trade Organization, which China joined in December, foreign banks will be free to deal in the local currency in five years.
February 28, 2002 |
Citigroup Inc.'s Citibank, the nation's largest credit card issuer, has agreed to pay $1.6 million as part of a settlement with 27 states over the way telemarketing firms sell products and services to the banking company's customers. The agreement announced Wednesday settles a two-year investigation led by attorneys general in California, Illinois, New York and Vermont. The states were looking into customer complaints about the marketing practices of telemarketing firms contracted by Citibank.
September 6, 2001 |
Citibank restored service at its 2,000 automated teller machines after they were shut down intermittently for a second day by software problems. The company's online banking services remained out of commission and a spokesman said he was not sure when they would be restored. The bank, a unit of financial-services giant Citigroup, said it put 500 service representatives into its branches to deal with customers during the outage, which began about 5 p.m. Tuesday. About 2 million U.S.
March 4, 2001 |
The news had many in the business world scratching their heads. Financial giant Citicorp was opening an operation in this northern plains state where many folks think of common stock as ordinary cattle. That was in the winter of 1981. Now Citibank South Dakota has 3,750 workers at its credit-card operations in Sioux Falls, making it one of the state's largest employers.
December 22, 2000 |
Citibank has turned over to the federal government $8.1 million allegedly laundered by a Malibu entrepreneur under investigation for allegedly defrauding 900,000 credit card holders, officials said. The money, turned over to the FBI, represents a portion of the $45 million Kenneth H. Taves allegedly generated by improperly billing credit card numbers he purchased from a San Fernando Valley bank. Citibank in New York received the money from its affiliate in Sydney, Australia.
November 10, 2000 |
Citibank this week launched its own online person-to-person payment system in an attempt to rival popular services such as PayPal. The new system, called C2it, allows people to transfer funds to others by using the Internet. Such services have proved popular among online auction users, small businesses that don't accept credit cards and people who want to pay bills to vendors that can't receive other electronic payments.