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Changeover Leads to Penalty Charges for Citibank Credit-Card Holders.

Bangkok Post (Bangkok, Thailand)

| June 03, 2002 | COPYRIGHT 2002 Bangkok Post. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Jun. 3--Citibank credit-card holders should check their account statements for last month.

Some found they were charged penalty interest as changes in the accounting system had caused technical delays in booking payments before the due date.

A Citibank customer told the Bangkok Post that the bank had asked for holders of its credit cards to replace them with new ones.

This step requires the holders to change their credit-card accounts, causing a three-to-five day delay in booking payments while data is transferred to the new accounts. Penalty interest was automatically calculated by computer.

The bank says that it will take corrective ...

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