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Citigroup will refund customers $335 million after discovering it charged too much credit-card interest [Los Angeles Times (CA)]

CITIGROUP (C)  More Company Research Source: Los Angeles Times
Last citigroup earnings: 7/13 07:59 am Check Earnings Report
US:NYSE Investor Relations: citigroup.com/citi/investor/pres.htm
PDF Citigroup will refund customers $335 million after discovering it charged too much credit-card interest Citigroup Inc., one of the world's largest credit-card issuers, said it will refund $335 million to U.S. customers whose annual percentage rate should have been lower. The lender determined that a method it was using to calculate APRs didn't properly reflect the full benefit customers should have received for good behavior, such as paying on time, the New York-based bank said Friday in a securities filing. It's currently reviewing accounts and plans to have refund checks in the mail by the second half of the year. The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 requires lenders to periodically review accounts whose APR had been raised to see if subsequent good behavior makes them eligible for a rate reduction. From 2011 to 2017, the bank delivered $3 billion in savings through such reviews. That was about 90% of what customers should have received. "C [Read more]

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