Citibank called today and asked me about my payment being late and if there was a problem.   I said

no, I am just not going to make any more payments to you because of your criminal 30% rates.

Sir, your rate is ONLY at 21.99%.

That is not what it shows on my statement.  (Statement shows $7,414 @ 29.99% and 5,031 @ 21.99@)

A few mores of blah, blah, blah and

I have no intention on making any more payments.

Well, sir there is still a chance of a lower interest rate.

I don't care.  I still have no intention on making any more payments.

OK, have a good day... click.

Citibank is the largest issuer of credit cards in the United States.  Maybe Citibank is even more dependent upon credit cards than the consumers.  Maybe Citibank is over its head in credit card debt.  Perhaps Citibank has used poor judgment in trusting that loyal customers would behave as sheep in the way that we customers used poor judgment in trusting the people who run Citibank to treat loyal customer honestly and with respect instead of like trash.  What would happen if millions of people or even 100's of thousands or even 10's of thousands make one payment late into the following month.   Or, better yet, what if these people called Citibank and told the bank that they refused to make any more payments.  From my experience it feels empowering.  I am no longer feel victimized by FICO, Big Bank and the Brotherhood of bank whores.  Try it, you will like it.

Today I canceled all automatic computer driven payments to credit cards and my primary mortgage with Chase.  I did not pay my CITIBANK on the 18th and will start conserving cash.  CHASE informed me of increasing my interest to 23.99 percent on the heals of the others.   In spite of Congress, the banks have no intention on making reasonable real estate loans and in changing the credit limits have artificially lowered FICO scores.  Nothing changed between the times I started to get a refinance and now except the limit differenece.  And then, of course, they use that to justify higher interest rates and lower limits from other cards creating an artificial but very profitable earning stream.  The kind of earning only associated with usuery and loan sharks.  I mean really 29.99% interest?  How do you employees who work at Bank of America, Chase and Citibank sleep at night?

When I canceled my automatic payment on the Chase mortgage the dropdown box asked for a reason, so I selected "Filing Bankruptcy".  We will see if the perks their interest!  I doubt it though.

So now I search for the best credit union and other alternatives in my area.  Tell me about the best in your area.  Thanks.

I will start listing alternates credit cards and banks that people can switch to to save money and deal with ethical businesses.  This additional feature is the result of the following email that I received from a reader:  He send me a link about a better card and I though it could be an identify theft kind of thing so thanked him for his suggestion but declined to apply for the credit card.  His response to me was:

"Hi Don,

Thanks for the response.

I'm not promoting anything and Amalgamated Bank of Chicago is an actual business and not an identity theft site.  Check these ==>
http://en.wikipedia.org/wiki/Amalgamated_bank_of_chicago
http://www.credit-land.com/1010/1010_page_4248_4882.php
http://www.linkedin.com/companies/amalgamated-bank-of-chicago
I suggested this card because it was the only one I had that treated me fairly when I was having financial problems.  It is also the only one I kept.  If more people shifted to a bank like this then the national ones would have to change their practices.

My suggestion was that an effective boycott will never work if you ask people to boycott all banking.  If an alternative is given to those tired of predatory action, they may decide to dump the predator and change to a better bank.  I will not do business with Citi, Bank Of America, or Chase and was able to canceled all of the credit cards I had with them because I found an alternative.  Although I cannot control who buys my mortgage, I CAN control who I negotiate with whenever I refinance so the fees won't go to a company I don't like.  I think we all have a good reason to boycott certain banks; many of us just don't know how.  I think if you posted some alternatives, you may get a better response.

I think you're doing a great job trying to spread the truth about shady bank practices.

Good luck with the boycott and I'll post your site on any message boards I happen to be on.

Dave"

I thanked him for this follow-up and will now start listing alternatives to get your and me away from these vicious pyranhas.

Bank of America decreased my credit limit without warning.  Not that I was surprised by that, but the weasels decreased my limit from $35,000 to $15,400 --- just one payment above my minimum payment.  So if I miss one payment, I go over my limit with additional fees and higher interest rates.  IS THIS THE KIND OF BANK YOU WANT TO DO BUSINESS WITH? 

Those of you who work for this bank should be ashamed of yourselves and change jobs.  Is that how you mother and father raised you.  To beat up on people, milk them dry and then tighten more until you get blood.  Who said you can't get blood from a turnip.  Bank of America probably invented the technique.  I am sure they have a hidden branch somewhere hidden in some dark hills somewhere where they train you to torture people so you learn to tolerate and eventually even enjoy the yelling and screaming of former customers.  Former customers, I say, because anyone who has an ounce of brains would never treat a real customer like Bank of America does. 

And, you, the employees, are Bank of America,  It is not a place that you work.  You are Bank of America because you make it work.  if you have not noticed.  It does not matter if you are a Vice-President, a secretary, a teller, an accountant, in advertising or credit card services, you are all part of and make up an evil company with evil policies that are hurting people.  Do you hear them yelling in pain and screaming from being entrapped, tortured and spit out like useless garbage.  That is you - the company.  Really!  How do you sleep at night?  Is the pay that good?  Have you been bought out of your morals and upbringing?   Do you try to leave your soul on the door step at work and pick it up on your way out at night?   If you think that works, i have news for you.  The souls still knows and your heart still knows.   For God's shake change jobs.  Get out of there and save yourself from the toxic environment that places greed above common decency. 

The truly free credit report is available at www.annualcreditreport.com.

But be careful of other "free" credit reports websites heavily promoted on the web and TV.

To show you how sly, deceptive and greedy the credit report agencies are, one of the agencies Experian falsely advertises that you can get your "free" reports after signing up for their $14.95 monthly service on the freecreditreport.com website.  The Feds have failed to stop the ads even with more than $1 million in sanctions.   No wonder!  What is a million dollar find when you are raking in hundreds of millions?  The credit card reform bill signed into law by the president aims to curb the ads by requiring them to include the following statement: "This is not the free credit report provided for by Federal law."  Big deal.  Why not just arrest them and throw them in jail like a common criminal, or is that a "not so common criminal"?  So much for the effectiveness of Congress, big lobby money and consumer protection. 

My recent experience with OSU Federal Credit Union brings to light that OSU has lost focus of its purpose as much as the banks have.  Few know that Bank of America originated from the devastating 1909 earthquake in San Francisco.  The Italian founder stood on a wooden box and handed out cash loans to people to rebuild their houses and businesses ... to rebuild San Francisco.  No FICO scores.  No applications.  Now look at the greedy BofA.  Not the same institution.

On the OSU Federal website there is a quaint discription of how this credit union was started from a shoebox by an OSU professor.  As if that quaint beginning has any merit today.  Yes, they give a long list of donations to charities and are better than the national banks at returning money to the community, but really ... really ... their practices and policies do not reflect a true community spirit of believing in their members and the needs of those looking for a loan.  It is all show and self righteous behavior.  The proof is in their actions as a lending institution.  In their policies they are no different than the non-community based banks.  Issueing credit cards and collecting those fees, using the VISA debit cards collecting those fees, charging $25.00 for over-draft protection and collecting those fees.  No difference. 

Today I withdrew most of my saving and only left enough in checking to cover some near term checks.  I put that money into CHASE until my checks for this month clear and I can plan closing down that account.

In the meanwhile, I will be searching for a new local bank or credit union and pick the one that I consider most financially ethical.  Not one that gives me the most benefits or freebies or credit card/debit card "rewards" or a change to win a "purchase" whenever I use my debit card as CHASE does.  No, one that is the most financially ethical.  As I have time I will report on my findings and decision.

Finally, in putting my money where my mouth is I have decided to sell my rental property just to pay off and get rid of my credit cards forever and ever.  Once they are gone, they are history, will be destroyed and the accounts closed along with my CHASE and OSU Federal account.

Well maybe I am wrong or in fantasy land regarding the community orientation and flexibility of credit unions.  My recent encounter with what has been my credit union until now, OSU Federal Credit Union, has left me stunned.

I applied for a personal loan to pay off credit cards, one by CITIBANK, that went to 29.99% with no justification other than greed.  When I explained to the loan officer that in my career, my work pattern is to work on contract for short periods often leading to a full-time hire at the client's request, followed by an end of contract and searching for a new project.  Periods between assignments would range from nothing to a month or two.  My credit report shows a clean payment history with not one blemish, including $160,000 line of credit with OSU Federal.  With an earnings history of over 6 figures as well as owning a number of pieces of real estate, I did not think that borrowing money to pay off credit cards would be a problem even though my most recent project ended last week.  But my work history and payment history did not matter to OSU Federal.  I was told if I did not have a job I could not get a loan ... period.   Well, in a way I was not surprised and could understand that policy.  But the loan officer did not even try to find out more information or try to help out.  Just a blunt no.   But what really shocked me was that she then said come back after you have been working for six months.  I said, "Six months!  That is unreasonable given my industry and unworkable for me.  If that is your policy, I will have to find another institution to do my banking with."  Maybe there is nothing better out there, but that experience sure killed my respect for the OSU Federal image as a community oriented bank.  Sure they give to charities and talk about community, but under all of the glitch it seems to me they act no differently than the Wall Street banks when it comes to lending.   They treat their members no differently that when I call CITIBANK to ask them about lowering the interest rate.  No compassion, no sensitivity, no flexibility just the same-o-same-o "protect my assets and maximize our return".   If you can't turn to your local credit union for help then who can you turn to?

At this stage, I would like to invite the Oregon Senators and Representatives to make a statement about bringing the banks and credit card industry under control, implementing national usery laws and implementing the financial manifesto statement found in the "Better 1 Than 1 Million" website.  We will not be happy with a forked tongue policitical response. 

Hundreds of billions of dollars have been given to prop up banks and Wall St firms while Main St America has continued to slip into a financial sink hole created by predatory lending, risky Wall St. investment schemes and lending entrapment by credit cards companies.   Million and millions of Americans need relieve from the crisis of the past few years and need to be made whole with drastic revisions to the way these institutions conduct business.  They furthermore need to pay restitution for their practices, even it such restitution bankrupts them.  It is better for 1 bank to go bankrupt than 1 million people.  We have suffered enough.  They have no shame and continue to cause harm and drive people into backruptcy due to their behavior not necessarily that of the debtors. 

Credit reports must be altered to remove bankruptcies caused by lending institutions over the past two years, that means all bankruptcies PERIOD, and those resulting from medical bill must never be treated as a bankruptcy in the future again. 

We will wait to hear from each of you.  We will follow up with other states as our movement evolves.  For now, however, as individuals, we will boycott VISA credit cards, debit cards and encourage stores we visit and others to do the same.  We will also transfer our financial business, including checking and savings accounts our of the national banks, starting with B of A, Citibank and Chase.  We will further more return to cash and check transactions to avoid debit fees from feeding the greedy financial industry and keep money in Oregon.  We will stop contributing to their lobby funds and vote you out should you not support the individual Oregonian but instead support the financial machinery as usual.

We are waiting...

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