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 Citibank Should Reverse ATM Foreign Currency Charges
Posted Wed June 25, 2008 12:00 pm, by Debra N. written to Citibank N A
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Citibank clearly states the following below off their website and in their written Customer Agreement policy in using their ATMS that if you use a Citibank ATM in a foreign country you will not be charged a foreign currency fee.
This is not true. I am in Buenos Aires Argentina. Every time I use a Citibank ATM I am charged the 1% foreign currency fee regardless of what is stated in their customer agreement.
I emailed and have called the Citigold customer service centers and told that they charge it regardless of the ATM being used. They refuse to reverse the charges.
The main reason I chose Citibank is because of their vast ATM network and the agreement stipulating that no fees were to be charged IF you use their ATMS.
Here is the customer agreement copied off the website. Please note the last sentence:
The transaction charge imposed will be 1% of the transaction amount (including credit and reversals) for Citigold, Private Bank, International Personal Banking and Global Executive Banking customers; and 3% of the transaction amount (including credit and reversals) for all other customers. The charge does not apply to withdrawals at Citibank ATMs
I would like the charges to be reversed in accordance with the customer service agreement and to NOT be charged again. Argentina is listed in the group of countries where customers are able to use all services. There is no excuse.
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by dasy d. Posted Tue August 5, 2008 @ 11:07 PM
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It's 3% that they just started to charge in Hong Kong and China. For
people that opened an account in the US but now live overseas, this is
completely unfair. For those unhappy with this new charge, it is hard
to protest by changing banks since is not so easy to change to another
US bank without a US visit.
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by S S. Posted Thu June 26, 2008 @ 2:11 AM
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Wasn't there a recent class action suit against Citi because of this
very issue?
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by Sarah L. Posted Wed June 25, 2008 @ 1:56 PM
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After reading the contract for the Citibank ATM I found this:
Outside of the U.S., you can use your Citibank Banking Card at more
than 1,000,000 ATMs. However, there is a foreign exchange fee of 2%
(1% for Citigold clients). For example, if you withdrew 100 Euros at
any ATM in Italy, and the value in USD was $125, then the 2% fee would
be $2.50 ($1.25 for Citigold clients). This exchange fee also applies
if you use your Citibank Banking Card to make purchases overseas.
I do have a suggestion though. After Nov 2007 there was a settlement
that people got for using their cards overseas because the foreign
transaction was not put in a lot of contracts, just snuck in. Almost
all banks have this fee, I have found that CapitolOne (some people
hate them) does not charge international or other services fees when
traveling overseas. Also they do go by the international exchange rate
so you tend to get a better rate anyway than using an ATM. As long as
you pay off your balance in full you shouldn't have any issues.
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Well, it sure seems pretty clear: You're using Citibank ATMs, and
they say you won't be charged for using them. I'm curious as to
whether they'll even respond to your letter. If they do, please share
their response with us. I'm wondering how they plan to weasel out of
this.
Good luck!
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