Citibank Credit Card and Finance CompanyCitibank was founded in 1812 as City Bank
of New York. In 1894 it became the largest bank in the United States.
In 1902 it began expanding internationally and became the first major
US bank to establish a foreign department. By 1930 it became the
largest bank in the world with 100 branches in 23 countries outside
the United States. It changed its name to The First National City
Bank of New York in 1955, then again to First National City Bank
in 1962, and to Citibank in 1976. In 1981, Citibank rechartered itself
in South Dakota to take advantage of new laws that raised the state's
maximum permissible interest rate on loans to 25 percent (then the
highest in the nation).
Citibank
and ATM’s Citibank's operations in California are fairly recent, since it
bought out Cal-Fed back in 2001. Also in 2001 Citibank settled
a lawsuit for improperly assessing late fees. The class action
lawsuit was for 45 million dollars. Following this Citibank lobbied
in Congress (who they give huge donations to), to pass legislation
that would limit class action lawsuits to 5 million dollars unless
they were initiated on a federal level. Many consumer advocate
websites report that Citibank is still improperly assessing late
fees. Citigroup In addition to the standard banking transactions, Citibank offers
insurance, Credit Card and investment products. Their online services
division is among the most successful in the field, claiming about
15 million users. Citibank Fast Facts Key people Citibank’s
top competitors include Bank of America, Deutsche Bank, J.P.
Morgan
Chase, and Wachovia.
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