I had a credit card at a different institution which I called to close my account about six months ago. I didn't have a balance, but I was paying an annual fee. The other reason I wanted to cancel the card is because I did not want the credit line out there. There was no reason for me to keep it open. Well, the first cust. service rep. transferred me to an account specialist (both were in India) who tried their best to get me to stay…. I think most people would have relented and kept their account open just so they wouldn't have to go back and forth with the account specialist. But I can be single-minded at times and so there was no giving up for me.

I think the next time I cancel some banking relationship I'll just tell them that I'm unemployeed and wanted to close the account rather than run up a balance that I wouldn't be able to pay off later….. I should actually try that out and see what happens.

It seems that each successive generation further from the Great Depression spends more freely and takes risks. This includes individual consumers and business leaders. The only quibble (to use mikkel's word) I have with your post is this (and perhaps you can consider it as a different angle on your take):

“The failures of Citigroup, other financial institutions, and other large corporations now mean that they know lots of things that don’t work. They’re free to innovate. The number one cause of failure, as these fat cow corporations have learned, is success. But the number one cause of success is failure and the mind-clearing openness to experimentation and risk that it fosters.”

While I agree with the underlying philosophy, the fact of the matter is that Citi (and many other institutions) took unnecessary risks, which is what started this downward spiral they are in. Citi was greedy and wanted to generate profits for its shareholders.

This is where leadership comes in. Our leadership needs to accept the fundamental truths of our challenges and seek to guide our country along a new direction. Once there is acceptance, sacrifice and resolve, we can start expending energy and resources in ways that are sustainable and will help us in the future. It's at that point that excess fear is detrimental.

I own or owned a visa card from them. I charged up $4000 worth of stuff.

I had a 7 percent rate. I was 4 days late paying the payment. Rate went to 32.20 percent the next month. I called. Raised hell. Rate dropped back to 7 percent. I paid several months. was late with another payment by 5 or 6 days. Rate went to 28.80 percent. I called and wanted to pay them off by check by phone. They refused to let me pay the balance off. Sent me back and forth between 3 or 4 different people trying to convince me to accept their 7 percent rate. I finally conceded. Went several more months was finally late with a payment by a couple more days and yep here comes my credit card bill with my new 28.8 percent interest rate. Oh and incidently they give no grace period and about every third or fourth month I would not receive a bill at all.

I tried to set up a payment to be drawn from my bank and that gave me ulcers before I finally gave up on that.

AFter several months of smooth sailing I was a few days late again and yep you guessed it back goes my credit card to 28.8 percent along with of course each time they charged me a 39 late fee for being a couple days past the due date. This was the last straw. I called and wanted to pay them off. The girl who could barely speak english said no. We will offer you 3.99 percent interest. NO I want to pay this off and close the account. Well let me transfer you. NO I want to pay you off by check by phone. NO….YES……NO. I cant do that. WHY NOT? Cause I have to let you talk to an account specialist to pay off your account and close it.

Fine…….Account specialist belittles and berates me for wanting to pay off my account instead of accepting his fine outstanding offer of 3.99 percent interest rate. FINE Ill accept it if you guarantee in writing that if Im a few days late you wont raise my rate to 28.80 percent. No sir you should pay your bills on time.

Listen you dumbshit. I am calling to pay this off. I want to give you a check by phone and pay this account off and close it, not get a lecture on how I should pay my bill. ON an on. Well your an idiot for not accepting my gracious terms of 3.99 percent. Guarantee it. NO…..you must pay your bills on time. LIFE happens. Occassionally something comes up and your a few days late. Not our problem we have our GREEDY, AVARICE driven POLICY of gouging, screwing and otherwise pillaging our stupid ass customers.

What part of this dont you understand. CLOSE my account and accept this payment by phone. Fine. Thank you good bye.

HUH? He hung up on me. Im trying to PAY THEM OFF AND HE HUNG UP ON ME.

I call back. I get another girl who wants to xfer me to another account specialist.

I hang up. I call back this time Im smily, friendly and simply tell the girl I want to make a payment. I can do that she replies. How much you want to pay? How much do I owe? She tells me. I say thats how much I want to pay. Will this pay off the account in full? No.

Why not. I cant tell you how much you owe? You cant? No their are more finanace charges that will accrue. There is? Even after I pay off the entire balance? Yes. Explain that please. She gives me some lame excuse. Fine let me just make a payment. PUHLEASE.

Okay I can take that information. Fine this is a savings account. Do you take payments from savings accounts? Yes. Okay heres my numbers. Fine thank you have a good day.

10 days later I get a call. Your account is past due and you owe 206.87 cents. Livid I call customer service. Well sorry we dont take payments from savings accounts.

So after more discussion they decide to WAIVE the 39 late fee. the 15 dollar bounced check fee and the additonal accrued interest if I make a check my phone. Ill call back. I have to go get the money from my savings account and put in my checking account. 2 different accounts. I do. Call back. She takes the payment and tells me that I will still owe more money. Why cant I just pay you what I owe you today and be done with it. Well you just cant.

Okay I want to pay more then what I owe…you cant. Sir My manager wants to talk with you. Fine. Hello Mr. So and So. We trust that your experience with Citi has been favorable.

You are a cancer. Once I have you card in my wallet I need radical proceedures to remove you from my life.

CITI……….I hope of all the companies in this country that they go under and go under with a bang. They are the classic example of whats wrong with American businesses today. Inept and unable due to overwhelming desire to gouge the customer instead of engage in customer satisfaction above all else.

My vote? LET THEM BURN.