I have a Citi banking account from which I make the credit card payments to my Citi credit card. I always schedule my payments online (electronic payments) 2-3 days in advance of the due date. Apparently, there is now a considerable delay in transferring the funds from the bank account to the credit card, and hence I miss the due date and start incurring finance charges. The explanation given by customer service is that I must schedule at least 7 days in advance for the payment to be processed, although it usually should be done the same day since it is an electronic transfer between Citi bank and Citi card.
It seems that the business model adopted now is to process the payments after the due date so that finance charges become an additional source of income until the payment is received in full. We all know what happens when there is a delay in payment. It is disappointing to experience that Citi is now adopting such non-consumer-friendly and non-banking practices.
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