Citigroup to refund $335 million in credit card interest charges [CNBC]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
Check Earnings Report
US:NYSE Investor Relations:
citigroup.com/citi/investor/pres.htm
Company Research
Source: CNBC
Citigroup said on Friday that it had failed to properly reduce interest charges on some 1.75 million credit card accounts since 2011, prompting a $335 million refund to customers later this year. The refund, which will average $190 per account, stems from the bank's discovery that it had not used a proper method for reducing interest charges for cardholders who resumed timely payments after having had to pay penalty rates for lapses. The errors amounted to about 10 percent of the interest reductions cardholders were due, the bank said. It estimated that the other 90 percent of rate savings were properly credited to accounts. The cost of the reimbursements has already been factored in to Citigroup's 2017 results. Under a federal law known as the CARD Act, banks have been required since 2011 to cut back on penalty interest rates after cardholders resume timely payments. The bank said it found it erred in how it calculated some of those reductions. While we believed ou
Show less
Read more
Impact Snapshot
Event Time:
C
Last Price
Price Change
Price Change%
Volume Shares
Max Up
Max Down
%
Volume Ratio
Performance Comparison
Updated
Event Day
Stock performance from the time of news release until the following 4pm ET market close
|
Last price at news event
|
Since Event
Multi-day stock performance from the time of the news release
|
---|---|---|
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
|
LAST
PRICE AT NEWS EVENT |
SINCE EVENT
Multi-day stock performance from the time of the news release
|
Last Price | ||
VWAP | ||
High:
|
Max Up |
High:
|
Low:
|
Max Down |
Low:
|
%
|
Post news range |
%
|
|
Price change |
|
|
Price Change Percentage |
|
|
S&P 500 (SPX) |
|
%
|
Volume ratio |
%
|
Volume | ||
Ticks | ||
|
Avg transaction size |
|
Don't Miss Out On The Next BIG Stock Move
Event day
Event Day Chart will not be displayed beyond 90-day period of the event
Performance since event
Time And Velocity Analysis
Be the first to know
Opt in for alerts from News Quantifed
Sign Up Today
Opt-in for
C alerts
Learn More With NQ
Reading the Impact Report
Help Me Understand This Data
Help Me Understand This Data
How NQ Works
What is news-based trading?
And why is it so successful?
And why is it so successful?
Movers & Shakers
The biggest gainers and losers and WHY it moved
C alerts
High impacting Citigroup, Inc. news events
Weekly update
A roundup of the hottest topics
C
News
- World Bank Unlocks Secret Data for Emerging Market Finance [Yahoo! Finance]Yahoo! Finance
- World Bank Unlocks Secret Data for Emerging Market Finance [BNN Bloomberg (Canada)]BNN Bloomberg
- Citi Says 42% of Energy Clients Unprepared for Low-Carbon Future [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Billionaire Salinas Battles AMLO Over Taxes, Seized Golf Course [BNN Bloomberg (Canada)]BNN Bloomberg
- Citigroup: Riding The Wave And Undervalued [Seeking Alpha]Seeking Alpha
C
Earnings
- 1/12/24 - Beat
C
Sec Filings
- 3/28/24 - Form 424B2
- 3/28/24 - Form 424B2
- 3/28/24 - Form FWP
- C's page on the SEC website