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Citibank has a big problem: It mistakenly wired roughly $175 million to Brigade Capital Management, and the hedge fund hasn't returned the money. The US banking giant filed a lawsuit Monday in the Southern District of New York, seeking the return of funds that it said were transferred in an "operational mistake." Citibank (C) said in court documents that it meant to send Brigade Capital around $1.5 million in interest payments on a loan the hedge fund made to troubled cosmetics company Revlon (REV). Instead, it wired roughly 100 times that amount of its own funds to the hedge fund. Other Revlon creditors also received erroneous payments adding up to $900 million. Citibank, which acts as an administrative agent on the Revlon loan, alleges in court documents that Brigade Capital is refusing to return the money. "Brigade has taken the baseless position that Citibank's overpayment ... served to pay off Revlon's entire principal balance as well," the bank wrote in its complaint. To support that allegation, the bank includes a message purportedly sent by Brigade Capital that says it's "not at all clear that the funds were sent as a result of 'clerical mistake.' " The court placed a preliminary injunction against Brigade Capital on Tuesday, ordering it to either pay back the money or to not withdraw or dispose of it until a court appearance on August 31. Brigade Capital declined to comment when contacted by CNN Business. Citibank said Brigade Capital's actions are "unconscionable" and asked the court to force the return of the money. "Any other outcome would threaten the stability of the banking system [and] reward bad actors that try to capitalize on operational mistakes," the bank said in its complaint. "We quickly caught our payment error and are taking the appropriate actions to recover those funds," a spokesperson added when contacted by CNN Business. Unexpected windfalls can result in major headaches for ordinary Americans, as banks typically demand the money be returned. Depending on the state, consumers can face criminal charges if they spend money erroneously deposited in their account. A Pennsylvania couple faced felony theft charges last year after they spent $120,000 that their bank accidentally put in their account. In 2016, Revlon acquired Elizabeth Arden, another American cosmetics brand, in a deal financed by a $1.8 billion loan of which Brigade Capital holds a slice. Under the credit agreement, Citibank collect payments from Revlon to give to the lenders. Makeup brands have struggled during the pandemic because people are spending more time at home. Revlon shares are trading at $7.71 a share, down from recent high above $27 posted in October 2019. In its complaint, Citibank said that Brigade Capital had no reason to expect a large payment from Revlon. "Virtually no company, let alone a distressed retail and consumer company such as Revlon, would ever make such a substantial prepayment while dealing with the significant financial consequences caused by the ongoing pandemic," the complaint reads. https://edition.cnn.com/2020/08/18/investing/citibank-sues-brigade-capital/

Better check if you kenna shafted by your legal ah long. http://forums.condosingapore.com/showthread.php/23448-Citibank-is-unilaterllay-rasing-the-spread-on-its-existing-Sibor-loan-customers-!/page2

Since UOB is out of Shell and HSBC and citi came in, which is a better choice at Shell? just to round up: HSBC Visa: 10% (station) + 8% (rebate, need to spend 600+ every month, not necessary to be patrol) = FES 17.2% Citi Dividen: 10% (station) + 4% (cash rebate) + 4% (Dividen rebate min 50 spend in patrol) = FES 18.1% BUT!!!! for HSBC card, whenever you spend, like dining or shopping or NTUCing, S$5 = 1 escape point and fyi 600 points = 20 dollar shell voucher. very very complicated! why they cant just give discount when we pump. haiz... have been using Citi for months and now thinking to switch to HSBC. what.s your thought?

Is the addn 3% off for ESSO using dividend card still on? If it is not, I am thinking of switching to DBS ESSO.

Any of our local authories check our credit cards companies and its offer of add-on services ??? ..... Always received calls from banks on their other services offered with the credit card.. Yahoo news: Citi to refund $700 million for deceptive card practices NEW YORK (AP) -- Nine million credit card customers will receive refund checks from Citigroup after U.S. regulators forced the bank to repay $700 million and fined it $70 million for illegal and deceptive practices. The order, coming from the Consumer Financial Protection Bureau, is the latest multimillion dollar settlement against the largest credit card issuers for their role in selling "add-on" products to customers, such as credit score monitoring or "rush" processing of payments. Bank of America reached a similar, slightly larger settlement with regulators in 2014 and JPMorgan Chase was fined in 2013. Under an agreement announced Tuesday with the CFPB, Citi will issue refunds to 8.8 million affected consumers who paid for these types of add-on products, and will pay two separate $35 million fines to the CFPB and to the federal bank regulator the Office of the Comptroller of the Currency. The settlement comes on the five-year anniversary of the creation of the CFPB, which came into existence through the passage of the Dodd-Frank law that overhauled the financial industry following the 2008 financial crisis. "We continue to uncover illegal credit card add-on practices that are costing unknowing consumers millions of dollars," CFPB Director Richard Cordray said in a statement. "This is the tenth action we've taken against companies in this space for deceiving consumers." Some of the illegal activity by Citi goes back to as early as 2000, the CFPB said, and ended in 2013, and covers a range of products sold by Citi and third-party affiliates. In one allegation, Citi telemarketers were said to have sold consumers identity theft protection services with a 30-day "free" trial, when no such free trial existed; or signed up consumers for an add-on service when it was ambiguous whether the consumer actually said they wanted it. In another situation, Citi sold credit monitoring services when Citi wasn't performing such services at all, or were not actively monitoring a consumer's credit file with credit reporting bureaus. Citi also allegedly misrepresented its customers by charging a $14.95 "expedited" payment fee to customers who made over-the-phone payments and did not tell consumers about no-fee options. Credit card add-on services were a lucrative source of revenue for banks for several years, sold to consumers as ways to protect their credit scores or identities or protect them if they lost their jobs. Banks' marketing of such services largely ended after increased regulatory scrutiny. "Add-on services, for the most part, provide no benefit to consumers and people should be very careful to sign up for them," said Nick Bourke, an expert at the Pew Charitable Trusts specializing in consumer lending issues. While credit card companies have largely ended the practice, Bourke and other consumer financial advocates say they are still sold by some high-cost installment loan providers or payday lenders. In a statement, Citi said it stopped the practices and has been issuing statement credits since 2013 to the affected customers. For the customer who no longer has an account at Citi, a check will be mailed. more stories, link : https://sg.finance.yahoo.com/news/citi-refund-700-million-deceptive-151407945.html

Pls take note. forums.hardwarezone.com.sg/credit-cards-line-credit-facilities-243/citibank-dividend-card-cashback-downgraded-3800370.html

Just realised the other day tat if i buy <$50 of petrol on my citi dividend card, i only get 0.5% cashback and not the 5% as i expected. Anybody can verify this? (see the attached citibank chart's fine print at the bottom)

is citi discount at esso? hsbc discount at caltex? how about spc?

so which stations has discounts for it exxonmobil aside?