I agree. As a punitive measure, the bank should not only pay everything back but also pay double: double the amount misappropriated, double the amount paid to lawyers, double the amount he lost, and even pay a fine of tens of millions. Only by making their pockets hurt do these bastards understand.
@thumbprint9 it means "always read the contract in its entirety" The fine print is what you NEED to read because it can have stipulations that null many clauses of the contract if not followed. One could be signing forms of liability away. It's not morally right, but we all know how laws are manipulated.
@@PeenWienerstienExcept it isn't free money, it is money he entrusted to them. It seems that he is not the only person who has found that Citibank's consumer protection measures are lacking in protection. In January, New York AG Leticia James filed suit against them for the same thing.
My dad had a check stolen from his mailbox (he insists on mailing checks for all of his bills, despite everything I and my sisters have done to try and dissuade him). His neighbor saw the person who stole it and told him right away, so he called the bank and put a stop payment on the check...this was within an hour of it being stolen. A few days later, the check clears his account. The person who stole it washed the ink off of it and made it out for $4,000 and the bank payed it out. Dad calls the bank..."Hey, I put a stop payment on this check and you even charged me a fee to do so!" What does the bank say? "Oh, well, stop payments can take several days to go into effect." Unbelievable. Luckily, they did refund his money after several weeks of "investigation." But the lack of security at some of these banks is appalling.
@@xpusostomos Sadly common. Company had a check that had been paid, and processed by the bank, washed by somebody who got it from the bank, and who washed it, and presented it as cash 2 seeks later. Same check number, so it should have been flagged, but was not. However this bank ate the cost after we flagged the transaction, though of course the police did nothing about the case.
Wow, that's like having a credit card stolen, calling the bank right away to report it, and then the bank telling you "Okay, but it might take several days for us to disable the card." What good does that do?!? Disable that shit right freaking now!!!! So infuriating.
Does your dad still write checks for all his bills ? There are very specific pens/ink that should be used to prevent check washing ..do a search. Generally called gel pens.
@@DJdoppIer These days of online accounts, you can "lock" your card to stop any transactions. I don't know how many CC companies have that option, but most of my cards do.
I agree. It's in almost every business contract with the public now. It seems literally the same as being forced to sign off on the company being able to enslave you or murder you over and above the Constitution and general law. How it it legal? Oh, wait, 21st century corporation dominated USA.
Only purpose for it is between two equals who each have legal representation and the ability to negotiate a contract. It should be forbhidden in take it or leave it contracts imposed on consumers by businesses
So he got the money back, interest on the money, attorney fees, but still not the cost to buy another house similar to the one he lost because of their nonsense? Sounds like he still hasn't been made whole to me. Far from it.
This illustrates how 'Arbitration' works. It's like H.R.-- protects the company, Not You. He would have been made Much 'wholer' in Court, with a Lawyer-- and flushed out many more victims.
Not to mention the time and aggravation spent dealing with all this. In cases against a big company with all the power, I believe the victim should be indemnifies to 100% plus another 2x just to get the attention of the big company that if they chose to try to grind someone down in court, they better be sure they are right or end up paying over and above the actual costs involved. Otherwise, they just treat these things as part of the cost of doing business.
@@TheBigAECyour response has no relevance. Op is saying that how they thought they had it in the bag to win. Not that you will always lose against them but that the companies THINK the arbitration would be in their favor.
The man lost his house over this! How did he not get "made whole" for that? In a jury trial, he probably would have been awarded millions for having to go through this while caring for a disabled relative. Shame on Citibank for not providing him a new house and round the clock care for his sister, to truly give him the relief he is due.
There is no way this was not an inside job at the bank. Not only did Citibank not follow their own procedure, or normal notifications, all the safety mechanism somehow just didn't work, over two days?
The people who approved of the transfers, even after the bank being alerted to the fraud, should be charged with wire fraud at the least. The least they should get is to be fired. Not only did they not follow bank policies, they broke federal law. Have to hold people accountable. Maybe even have the FDIC look into monetary fines for the banks themselves. Maybe then they'll be a little more careful about protecting against fraud, and helping victims of fraud instead of fighting them tooth & nail in court. Banks who operate this way don't deserve to stay in business. Don't care if it's Wells Fargo or BOA, or any other major bank.
That just means some random guy, who probably followed all their training and protocols, gets fired. It's cheaper for the bank to pay out the precious few arbitrations than to revamp their processes to actually make a difference.
@@MinionNumber3 No, they clearly ignored protocol. The bank already admitted it. After the fraud was alerted, no other transfers should have been approved but they were anyway. Once the bank was notified, the person (people) who approved fraudulent transfers was abetting a crime and should be held accountable. As the old saying goes; ignorance of the law is not an excuse.
@@time.worn-soul8243You don't know what their protocol or training is, the company says one thing to manipulate customers into banking then they will half ass training and overwork their employees. I wouldn't be surprised if they get disciplined if they spend too much time thinking about these cases
It cost CITI $20K lawyer fees, plus their own legal costs. No penalties. So why wouldn't CITI try it on in every case. The only meaningful action is from NY AG. There should be penalties severe enough to make it expensive for the bank to be this negligent.
@@robertewalt7789 1: From the video, NY AG is going after city bank 2: The NY AG is quite capable of doing more than 1 thing at once 3: Are you implying the NY AG should not go after fraudsters and election cheaters?
@@spidalackwho got defrauded? I'll wait. Who cheated? Provide evidence please. Facts don't care about your feelings, the FEC says no, they have the jurisdiction. Bragg is Soros tool.
Thanks for doing this story, Steve. I'm closing my Citibank accounts. If this is how they "protect" their account holders, I'm not interested in being an account holder any longer.
Isn’t it amazing that businesses and politicians can be so corrupted that they have no accountability, and it’s the innocent parties that end up paying for it. Sickening.
Yet when a normal citizen breaks the law- "Oh you should know the law. No excuse" When politicians or people in power do it- "oh they're human too! Mistakes happen!"
@@aleks_joneshonestly every form of government seems to be corrupt.... Maybe the problem is not the type of government... It might be people in general
It's because of the government that the companies can be corrupt. The government gives them protections through incorporating and licensing. In this case, banks get all sorts of special provisions by the government they wouldn't have in a free market. That's why banks today only have around 20-25% reserves, when they used to have 90-100+ percent reserves prior to the creation of The Federal Reserve, and back then interest rates were always 2-3 percent.
@@jaykoernerpeople given unchecked power become corrupt. This is why accountability is so important. If you just give a bunch of people power and no repercussions for mistakes, then they aren’t going to care if they make a mistake or not.
With the whole "company choosing a different arbitrator if they don't rule in the company's favor often enough" bit, how is that not an illegal conflict of interest? I never understood how that could even be allowed.
I'm guessing this was an inside job. Somebody went looking for inactive accounts, and gave the info to an accomplice. This could also explain why internal alarms were ignored.
I'm actually fairly sure it wasn't and this was just corporate incompetence. I worked for BofA a little over a decade ago, and their software was just a bad GUI plastered over a far more robust system. A lot of the things they had in the software their frontline staff used either didn't work, or was tied to the wrong system. If you investigated you would be told some office myth, but all their machines had their legacy software from the 90s that actually had 100% functionality and (if you were quick, because call times were a real ball buster) you could go in and verify which systems matched up correctly and which just didn't exist in the new system. What I suspect happened is that the guy called in and spoke to Support, and the Support rep left notes. But the system they have to flag the account *doesn't actually flag it* for any system outside of Support. So the only way for someone in wire transfer to intervene would've been to 1. have it flagged for manual review, and 2. pull up the Support notes and read through as part of the review. IF the first happened, it's unlikely (and probably outside the manual reviewer's process) to have read the notes, because there'll be a *different* flag that gets applied by non-Support departments. After all, you wouldn't want the people making minimum wage to be able to lock an account just because the account holder suspects fraud, that might inconvenience someone. So the transaction could've been flagged, reviewer sees no other warnings and does a minimal look into things before waving it through. Some time later some supervisor gets an escalation call from the guy and actually puts a proper flag on the account. And so wire transfers happen *after* the guy calls about the fraud. The arbitrator sees the notes from Support on the account, and also that the transfer happens. CB IT will review, determine the problem is that Support's flag isn't the same flag as everyone else's, and put in a ticket for their software team. Who will sit on the ticket for years, because it technically counts as an enhancement and isn't one they've got someone breathing down their necks about, and so that ticket is at the top of the low-priority pile that wont even get a glance in the next five years.
I love how banks “cant get money back” yet they hold your funds for up to two weeks in case the money that was sent to you, gets recalled from the sending bank … 🤔
Who filed out the paperwork for when you take out more than $10,000 or sent it out of county? Sounds like the bank is funding terrorist groups and should be investigated and have to hire lawyers at their expense to represent them
4/26/24...WHY ARE ALL THESE BANKS SUDDENLY HAVING ALL THESE "MISTAKES"????? TRANSFERRING MONEY WITHOUT ACTUALLY "INVESTIGATING" THAT THE REQUESTED TRANSFER IS LEGAL? AND ALL THE FORECLOSURES POPPING UP SUDDENLY???? WE NEVER USED TO HAVE SUCH STUPID BANKERS OR CASHIERS OR "MISTAKES" ALL THE TIME... AND SURPRISE SURPRISE B/C THE BANK IS SOMEHOW "ALWAYS RIGHT" + DRAGS THEIR FEET 🐾 IN EVERY CASE.+ ACTUALLY STILL CLAIM "NO RESPONSIBILITY" GOR ALL THEIR OWN "IN HOUSE" MISTAKES...
We need to spread it around that when a company refuses to comment on a case like this it is a direct admission of guilt. I think the childish tactic of playing silent will go away very quickly.
Banks are like cops. I keep hearing people say there a good ones, but I've never met or seen or heard of one and the ones I have seen are pretty terrible
@@RedKincaidthis. At this point you have to avoid the big ones, and you would be well advised to split your money up into multiple smaller accounts in unrelated banks to prevent a total wipe of an account
with me it's wells fargo and bank of america. one time i cashed a military pay check at a base over seas and bank of america was the only bank on many bases. the bank gave me just about half my paycheck in counterfeit money. i have not used BOA since and it's been 50 years. i do know BOA had a lot of problems with NCIS for a long time after that.
@@anned8634 Worked for BofA in 2010 on credit cards. Can confirm there were several points where we were explicitly trained to NOT do something because BofA had been fined millions of dollars for, and yet as soon as you got on the floor you were told you had to do them or would be fired. I would assume the same problem exists, seeing as several of the managers from then are still working for the company.
Unfortunately some people take that attitude so far as to say it should be illegal for you to rent your money to someone. And if you rent someone a house, you've got horns and a barbed tail.
BTW, I know we’re a “paperless “ society, mostly. Shouldn’t there be a rule that for “X” amounts you have to come into the branch and approve or fill out paperwork?
@@BTheBoomXer Many banks these days barely have branches at all, and there are a few by me that are all online, barely even having a head office and regional offices.
I travel +100 miles from home and my bank queries me about debit and credit card use before I can make a payment for $30 worth of gas. Citi Bank, "$100,000+ overseas, sure no problem, routing and account number please?" 🤪
Well consider this. Those laws would have to be passed by politicians that are funded by those big businesses. If those politicians go against the business those bribes... I mean donations... go to whoever is running against them.
The whole arbitration clause thing has gotten out of hand. Almost every good and service we use is gonna have us sign away our right to sue before long.
SCOTUS has already ruled in favor of forced arbitration. Original court, and circuit appeals court ruled against, SCOTUS reversed their ruling in a case against AT&T.
When I was moving money to buy my house it was, for me, a big deal. It was an every-day thing for the solicitor of course, no big deal. When it was all confirmed ok, I sat down for a cup of tea.
A gentleman I know accidentally left his bank card at a convenience store. Within 10 minutes realized that it was gone and canceled the card. 2 weeks and repeated calls later his account was still being drained. His card had never been deactivated. He went to them and demanded that they return his money. We have to investigate first. 6 months minimum. Oh. Ok. I’m active duty military working with the FBI let me ask them about it. His money was back in 24 hours.
I'm still genuinely surprised that even got them to move. They just seem like the kind of company that'd have you talk to someone with no power to do anything and then call your threat idle.
This situation is exactly why having special protections for military is a blatant violation of equal protection clause. You shouldn’t have to be hired muscle for the system in order to have your rights protected. We have a law against that, it’s called the constitution.
@@EarthIsNotFlat If I had to guess, they didn’t make him whole because he’s military, but because they didn’t want the FBI looking into their shady business practices.
This was a inside conspiracy with someone at the bank and and the only way this got resolved was the addition of the govt. Otherwise, it would still be in limbo and he still needs to file for loss of his house. This still isn't right by any means and Citi Bank needs to be audited for this pattern of theft. This isn't the only one.
They could just as easily 'accidentally' wire transfer customer's money into their own accounts, and say there's no way to fix it. I highly suspect an insider (working with the foreign scammers) did the transfer. When your money gets stolen, you trace it right back to where it was taken from. That's HIS BANK. Whoever sent the transfer through is more than likely complicit in the crime.
@@hxhdfjifzirstc894easily. People don't know that complex criminal organizations will go as far as to work for a company and wait to move up to a position in a company just to steal and disperse the theft to others.
So why are they allowed to send a criminal case(fraud) to a civil arbitration? If a felony has been committed it seems the case belongs in actual court.
You're confusing the criminal and civil case. The criminal case has to do with determining if a crime has been committed and what the punishment should be. The criminal case is determined if the plaintiff was damaged and who is responsible.
@@jon9103 He reported fraud on his account then after the report they continued with more fraudulent transfers.... That sure seems like the bank was committing fraud at that point to me. He told them to stop and they didn't.
After working in cybercrime for 5 years I am convinced we are lambs for the slaughter. Billions are being lost every year and the banks have shown no interest in protecting their customers.
It's not just banks, though. Virtually no corporation is putting in even reasonable effort to secure their processes. They'll spend billions to make sure management can micromanage employees but their entire security training consists of half-a-dozen badly-made videos that don't change year to year and can be slept through. It's cheaper for them to all kick in a few bucks to form a third party that makes up arbitrarily low standards than to actually put effort into doing their diligence.
Why would they? The big banks own every politician in the Western world. They get bailouts at will, they hand pick the Federal Reserve Board, and they literally write laws that their government shills pass behind closed doors in the middle of the night.
This poor arbitrator will never be hired by any business again. They will make sure the arbitrator will rule in their favor before they even begin. It is rigged.
Not if Letitia James sinks CITI Bank. Then he'll write a book and transition to the speaking circuit, because he'll be the whistleblower whose principled stand brought consequences down on the fraudsters. I.e. he'll pull a Michael Cohen.
Hopefully the man is an attorney. (assuming he is) "I got fired from an arbitration company for finding in the consumer's favor" I would hire that man for a lawsuit based on that advertisement alone.
Try to buy a TV with a debit card and the "fraud protection" kicks in forcing you to call the bank while standing at the register, meanwhile banks are letting international wire transfers go through unchecked? INSIDE JOB!
Our credit union cut off my debit card because some random radio station in Australia charged my account $5. Good job by them. However, we were on vacation. Luckily we're not stupid with our money and had tons of available credit on the credit card. When our daughter was lucky enough to travel to the UK, we let the credit union know in advance to prevent this from happening.
@@arribaficationwineho32 Actually they can, and SCOTUS has ruled in favor of forced arbitration. Now, to get a job, rent an apartment, get a cell phone, everything includes an arbitration clause. CA stepped in an made in illegal to require an arbitration agreement for employment, but now companies just don't hire those who decline the agreement.
Citi bank should have had to buy the guy a house. Had this been a lawsuit they would have lost a lot more. Arbitration needs to be made illegal. It is done to benifit the companies.
This reminds me of a friend of mine from back before covid, he had been using chime as his only bank and got his tax return to it and the day it cleared chime froze and closed his account. He couldn't get the $ back and even talked to a lawyer and was told that in the TOS its not a real bank, and no real protections, and no guarantees, banks and other similar institutions should be more regulated
I'm not a lawyer but couldn't Citibank also face federal charges for violating the "Know Your Customer" statutes? Given money left the country, sure seems like that definitely makes it apply and obviously they performed no due diligence as required under those laws.
We just bought land in New Hampshire and the transfer was done by a third party company through a special web portal. But yeah banks are out of control, I had Capital One deny the most obvious chargeback for counterfeit goods. What's crazy is the amount of money we spent on those business credit cards every year, I told them we would chop them if they didn't complete the charge back and they didn't care, I was completely shocked that they would trade that account for stupidity. It made no sense at all, these banks are simply too big to care....
Steve why wasn't" federal law in the electronic fund transfer Act banks are obligated to restore funds lost in an unauthorized transactions." Looks like the bank fail to take care of their customers. Awesome he got his money back, but waiting for three years and the pain and suffering he suffer. Should of sue them for the pathetic conduct from Citi.
We can thank AT&T and the SCOTUS for forced arbitration. Original Court and circuit appeals court ruled in favor of the plaintiff, SCOTUS reversed the decision, making forced arbitration law. Now EVERYTHING you do comes with an arbitration clause. Employment, lease, cell phone... EVERYTHING!
Don’t any money transfers greater than $9999 have to be reported to the federal government? This kind of thing makes me glad that I bank at Cullen-Frost Bank.
Yes, but even less is suspended as "structuring" your deposits to avoid the rule. I also believe there was more recent federal legislation to lower that amount to 5k. Same rules about structuring would apply.
If all of the internal policies are ignored like this, is it incompetence or maybe someone on the inside is being paid to look the other way. Judging by the way the management seems to have failed to conduct their own internal investigation as well, it appears their negligence allows this type of activity to thrive. Hopefully the New York AG brings the hammer down on them. Frankly I think their negligence is so blantantly appearant, that their insistence on not reimbursing their customer should itself require damages.
Our local bank suddenly had allowed phone numbers that were not mine to be added to all our accounts for 2nd step validation. They were not local. They gave us new account numbers and within days the phone numbers were back on our accounts. They did not see a problem.
I tried googling and I only found estimates ranging from 2 to 15 percent Saudi ownership. The most recent of those estimates was two years ago NYT. Do you have a more recent source I could check?
Reminds me of the article I saw where some company enforced an arbitration clause and then when everyone went after them it turned out the arbitration was going to cost them so, so much money because each case had to be resolved individually. So they cried to a judge saying they wanted it moved to a class action but the judge denied it, saying 'you wanted the arbitration and each of the victims followed the rules you put in place. Just because it's going to cost you a lot of money doesn't mean you can suddenly change the rules. Let it go to arbitration'. Such a great win for everyone of the victims.
@@ericwilliams1659Yes, millions of scammers are eyeballing big bank's 'automating' vulnerabilities, all day long. I hope smaller credit unions survive automation.
The reason the arbitrator beat them with attorneys fees and interest is because he either knew or suspected or realized that city bank was complicit...large account..... inactive... continues to send $$ after being notified??? This stinks of corruption.😮
At one time, I guess it was many moons ago, a company was worried about their reputation and would make a person whole and not admit fault. . It is disheartening that Citibank took the FU stand . He was fortunate he had an honest arbitrator. Thanks for the video.
It's absurd that you have to pay your own attorney's fee in the US even when you win. In Italy (and probably the rest of Europe), the loser of a lawsuit pays legal costs for all parties
I'm glad he got the attorney's fees too. Should have paid a penalty as well, given the guy lost his house while fighting this case of Citi's gross negligence.
Had scammers make hundreds of transactions with like 4 or 5 different accounts over a couple days, draining over 1000 dollars. They were under $4 each transaction. I don't check my bank everyday. Called up my bank (USAA) and the representative was so helpful and got me all the fraudulent transactions refunded. It took a while but she was a trooper about it.
But he also had lost his house in order to continue the care for his sister because the money was gone. The arbitrator should have awarded him enough to recover his home.
I think it's sad we have a system where it is a surprise when a person wins arbitration against a company. It's already bad that you can't do anything w/o signing an arbitration clause. The argument that you could get service elsewhere doesn't hold water when anywhere else you would go also requires arbitration clauses be signed.
As someone who worked in financial trust services for a decade, I can confirm this is extremely common and due to 1 single thing, corporate greed. It is far cheaper to off-shore your call centers and hire marginally competent employees than it is to pay the appropriate people to run a business the way it is supposed to. As Chuck Palahniuk mentioned in Fight Club: "its simple arithmetic"; as long as the cost of paying 3rd world workers and settling lawsuits is less than the cost of hiring competent workers to provide an actual good service and protect their costumers, financial institutions won't change their modus operandi.
In Canada, lawyers for a group of Bank of Montreal customers are in the process of getting a class action lawsuit certified. In some instances, their funds at the bank were mysteriously transferred out soon after a visit to the branch. Not helping the bank is the fact that it employs many IT and other personnel from the Indian sub-continent.
@@werefrogofassyria6609 What we need to do is disqualify everybody who actually wants to hold political office. Then we pick from the people who are highly qualified but have no interest, then draft them to serve a term just like jury duty.
@@ostlandr: The problem with draftees, is that they're not as likely to willingly "deliver the goods" as they would if they'd volunteered/applied for the job. Steve would probably be one of those very rare exceptions, but he'd probably only serve for one term.
The way the funds were stolen sounds like a much more egregious version of something that happened to me last year, I noticed a bunch of fraudulent Amazon purchases posting to my debit card so I called the bank and had them shut the card down. Two days later, before I was able to visit a branch for a replacement card, more pending transactions started to appear. I called them back livid and they were like "uhh sorry, no idea what happened but the card never got disabled, it's off for sure now" 🤦♂ All told, nearly the entire balance of my checking account was wiped out, and it took nearly a week to have the charges refunded. Luckily I'm at a point in my life where I have plenty of money elsewhere that I can access, but if that had happened 8 or 10 years ago I'd have been up the creek sans paddle.
He should also be “made whole” from the loss of his house. He would not have lost it if CitiBank had done the right thing.
I'm sure he waived consequential damages in the fine print
1000 times damages would seem a reasonable amount
I agree. As a punitive measure, the bank should not only pay everything back but also pay double: double the amount misappropriated, double the amount paid to lawyers, double the amount he lost, and even pay a fine of tens of millions. Only by making their pockets hurt do these bastards understand.
@@raterus Hi. What does this mean?
@thumbprint9 it means "always read the contract in its entirety"
The fine print is what you NEED to read because it can have stipulations that null many clauses of the contract if not followed.
One could be signing forms of liability away.
It's not morally right, but we all know how laws are manipulated.
This argument was over $121,000… that is a lot of money to you & me, but almost nothing to City Bank.
They fought hard, for a dime.
Its about the principal. Banks that hand out free money dont last long.
@@PeenWienerstienExcept it isn't free money, it is money he entrusted to them.
It seems that he is not the only person who has found that Citibank's consumer protection measures are lacking in protection. In January, New York AG Leticia James filed suit against them for the same thing.
Big money beat small money everytime.The American way wonder why its dying.
@@PeenWienerstien Citibank is protected by the federal government, Bailout.
My dad had a check stolen from his mailbox (he insists on mailing checks for all of his bills, despite everything I and my sisters have done to try and dissuade him). His neighbor saw the person who stole it and told him right away, so he called the bank and put a stop payment on the check...this was within an hour of it being stolen. A few days later, the check clears his account. The person who stole it washed the ink off of it and made it out for $4,000 and the bank payed it out. Dad calls the bank..."Hey, I put a stop payment on this check and you even charged me a fee to do so!" What does the bank say? "Oh, well, stop payments can take several days to go into effect." Unbelievable. Luckily, they did refund his money after several weeks of "investigation." But the lack of security at some of these banks is appalling.
My god
@@xpusostomos Sadly common. Company had a check that had been paid, and processed by the bank, washed by somebody who got it from the bank, and who washed it, and presented it as cash 2 seeks later. Same check number, so it should have been flagged, but was not. However this bank ate the cost after we flagged the transaction, though of course the police did nothing about the case.
Wow, that's like having a credit card stolen, calling the bank right away to report it, and then the bank telling you "Okay, but it might take several days for us to disable the card." What good does that do?!? Disable that shit right freaking now!!!! So infuriating.
Does your dad still write checks for all his bills ? There are very specific pens/ink that should be used to prevent check washing ..do a search. Generally called gel pens.
@@DJdoppIer These days of online accounts, you can "lock" your card to stop any transactions.
I don't know how many CC companies have that option, but most of my cards do.
You can bet that Citibank fired that arbitrator. Arbitration clauses are a scam.
Citi Bank called the lawsuit "misguided"... They truly expect they should have zero accountability.
In the age of Donald Trump, are they wrong to think that?
Why do the brainwashed zealots try to make everything into Trump/Biden, it’s patently absurd at best
yeah, not doing business with them ever
I mean its 2024 what do you expect? People to take accountability for their own actions when theres a scapegoat nearby?
Zero Account⁉️
City bank: Zero Accountability ❗️🤡
SMH
forced arbitration should be illegal. the right to seek legal remedy through our nation's justice system should be inalienable
I agree. It's in almost every business contract with the public now. It seems literally the same as being forced to sign off on the company being able to enslave you or murder you over and above the Constitution and general law. How it it legal? Oh, wait, 21st century corporation dominated USA.
Only purpose for it is between two equals who each have legal representation and the ability to negotiate a contract. It should be forbhidden in take it or leave it contracts imposed on consumers by businesses
arbitration is *part* of our justice system champ. think before you speak.
@@DellikkilleD So is the death penalty and the misuse of either of these is a miscarriage of justice.
@@DellikkilleD You're talking about what is, he's talking about what ought to be.
So take your own advice.
So he got the money back, interest on the money, attorney fees, but still not the cost to buy another house similar to the one he lost because of their nonsense? Sounds like he still hasn't been made whole to me. Far from it.
This illustrates how 'Arbitration' works. It's like H.R.-- protects the company, Not You. He would have been made Much 'wholer' in Court, with a Lawyer-- and flushed out many more victims.
Here is you money sir, we've generously included the $1.50 in interest... have a nice day.
It's New York, he should go squat in a New York branch 😁 & make the bank his home
Not to mention the time and aggravation spent dealing with all this. In cases against a big company with all the power, I believe the victim should be indemnifies to 100% plus another 2x just to get the attention of the big company that if they chose to try to grind someone down in court, they better be sure they are right or end up paying over and above the actual costs involved. Otherwise, they just treat these things as part of the cost of doing business.
That the company thinks they'll win in arbitration automatically tells you all you need to know about how fair arbitration really is.
Yes. Because they pick and pay the arbitrator, and they usually win.
Often it us one of THEIR arbitration firms. I NEVER sign contracts where "we agree to arbitrate and disputes with an 'independent' panel".
The fact the guy actually won kinda says otherwise.
@@TheBigAECyour response has no relevance. Op is saying that how they thought they had it in the bag to win. Not that you will always lose against them but that the companies THINK the arbitration would be in their favor.
What about the loss of his house? It seems to me that he is still not yet made whole.
Agreed 100%. But this is the way the system is set up.
Since the house was not a part of the original case, it is separate. I think he needs to file a separate case for it.
The man lost his house over this! How did he not get "made whole" for that? In a jury trial, he probably would have been awarded millions for having to go through this while caring for a disabled relative. Shame on Citibank for not providing him a new house and round the clock care for his sister, to truly give him the relief he is due.
There is no way this was not an inside job at the bank. Not only did Citibank not follow their own procedure, or normal notifications, all the safety mechanism somehow just didn't work, over two days?
Banks a criminals
Yep. Somebody went looking for inactive accounts.
I was thinking that too. Especially since the transfers kept going after the account owner informed them.
Never underestimate the ineptitude and laziness of office drones and bureaucrats.
You wanna guess how much Citi pays their employees?
The people who approved of the transfers, even after the bank being alerted to the fraud, should be charged with wire fraud at the least. The least they should get is to be fired. Not only did they not follow bank policies, they broke federal law.
Have to hold people accountable. Maybe even have the FDIC look into monetary fines for the banks themselves. Maybe then they'll be a little more careful about protecting against fraud, and helping victims of fraud instead of fighting them tooth & nail in court.
Banks who operate this way don't deserve to stay in business. Don't care if it's Wells Fargo or BOA, or any other major bank.
That just means some random guy, who probably followed all their training and protocols, gets fired. It's cheaper for the bank to pay out the precious few arbitrations than to revamp their processes to actually make a difference.
@@MinionNumber3 No, they clearly ignored protocol. The bank already admitted it. After the fraud was alerted, no other transfers should have been approved but they were anyway. Once the bank was notified, the person (people) who approved fraudulent transfers was abetting a crime and should be held accountable. As the old saying goes; ignorance of the law is not an excuse.
@@time.worn-soul8243You don't know what their protocol or training is, the company says one thing to manipulate customers into banking then they will half ass training and overwork their employees. I wouldn't be surprised if they get disciplined if they spend too much time thinking about these cases
A win is still a loss in this case. The bank owes him a new house.
It's funny how banks expect bailouts, but don't expect that they should be held accountable for not even bothering to make sure funds are secure.
It cost CITI $20K lawyer fees, plus their own legal costs. No penalties. So why wouldn't CITI try it on in every case. The only meaningful action is from NY AG. There should be penalties severe enough to make it expensive for the bank to be this negligent.
But NY AG is too busy going after Trump.
Citibank is an offshore Rogue bank.
@@robertewalt7789 1: From the video, NY AG is going after city bank
2: The NY AG is quite capable of doing more than 1 thing at once
3: Are you implying the NY AG should not go after fraudsters and election cheaters?
@@dawhike Know one that isn't?. Banking is about fleecing sheep.
@@spidalackwho got defrauded? I'll wait.
Who cheated? Provide evidence please.
Facts don't care about your feelings, the FEC says no, they have the jurisdiction. Bragg is Soros tool.
Victim should have been awarded damages above being made whole as well! Lost his house? Wow, that's horrible!
Didn't get his house back, or rhree years of his life or lots of other consequential losses.
True, but there's always hope he'll get a form letter from Citibank admitting fault...
@@rpm773they will never admit fault.
Need to sue C bank for $100M in a civil court. Banks usually loss because most Jurors are ticked off with bank shenanigans
Thanks for doing this story, Steve. I'm closing my Citibank accounts. If this is how they "protect" their account holders, I'm not interested in being an account holder any longer.
I HATE BANKS, CABLE COMPANIES, CREDIT CARD COMPANIES, CELL PHONE COMPANIES. NECESSARY EVILS.
Isn’t it amazing that businesses and politicians can be so corrupted that they have no accountability, and it’s the innocent parties that end up paying for it. Sickening.
Yet when a normal citizen breaks the law- "Oh you should know the law. No excuse"
When politicians or people in power do it- "oh they're human too! Mistakes happen!"
@@aleks_joneshonestly every form of government seems to be corrupt.... Maybe the problem is not the type of government... It might be people in general
That's the Judicial System's fault.
It's because of the government that the companies can be corrupt. The government gives them protections through incorporating and licensing. In this case, banks get all sorts of special provisions by the government they wouldn't have in a free market. That's why banks today only have around 20-25% reserves, when they used to have 90-100+ percent reserves prior to the creation of The Federal Reserve, and back then interest rates were always 2-3 percent.
@@jaykoernerpeople given unchecked power become corrupt. This is why accountability is so important. If you just give a bunch of people power and no repercussions for mistakes, then they aren’t going to care if they make a mistake or not.
With the whole "company choosing a different arbitrator if they don't rule in the company's favor often enough" bit, how is that not an illegal conflict of interest? I never understood how that could even be allowed.
I'm guessing this was an inside job. Somebody went looking for inactive accounts, and gave the info to an accomplice. This could also explain why internal alarms were ignored.
Pretty good observation. It would be hard to audit all employee bank accounts but probably would find who.
I'm actually fairly sure it wasn't and this was just corporate incompetence.
I worked for BofA a little over a decade ago, and their software was just a bad GUI plastered over a far more robust system. A lot of the things they had in the software their frontline staff used either didn't work, or was tied to the wrong system. If you investigated you would be told some office myth, but all their machines had their legacy software from the 90s that actually had 100% functionality and (if you were quick, because call times were a real ball buster) you could go in and verify which systems matched up correctly and which just didn't exist in the new system.
What I suspect happened is that the guy called in and spoke to Support, and the Support rep left notes. But the system they have to flag the account *doesn't actually flag it* for any system outside of Support. So the only way for someone in wire transfer to intervene would've been to 1. have it flagged for manual review, and 2. pull up the Support notes and read through as part of the review. IF the first happened, it's unlikely (and probably outside the manual reviewer's process) to have read the notes, because there'll be a *different* flag that gets applied by non-Support departments. After all, you wouldn't want the people making minimum wage to be able to lock an account just because the account holder suspects fraud, that might inconvenience someone. So the transaction could've been flagged, reviewer sees no other warnings and does a minimal look into things before waving it through. Some time later some supervisor gets an escalation call from the guy and actually puts a proper flag on the account.
And so wire transfers happen *after* the guy calls about the fraud. The arbitrator sees the notes from Support on the account, and also that the transfer happens. CB IT will review, determine the problem is that Support's flag isn't the same flag as everyone else's, and put in a ticket for their software team. Who will sit on the ticket for years, because it technically counts as an enhancement and isn't one they've got someone breathing down their necks about, and so that ticket is at the top of the low-priority pile that wont even get a glance in the next five years.
Computers probably did it all but they need guards and limits installed as well.
We have a credit union and they are very proactive. So grateful.
My credit union is very proactive as well. I have NEVER had an issue with mine
This is not a win for this guy, he lost his house. City Bank should also pay him for the loss of his house too.
I love how banks “cant get money back” yet they hold your funds for up to two weeks in case the money that was sent to you, gets recalled from the sending bank … 🤔
Who filed out the paperwork for when you take out more than $10,000 or sent it out of county? Sounds like the bank is funding terrorist groups and should be investigated and have to hire lawyers at their expense to represent them
The Taiwanese would likely have "structured" the 3 transfers to around 7k each to avoid the rule.
@@michaelamick8295 He lost 120,000 not 21,000
4/26/24...WHY ARE ALL THESE BANKS SUDDENLY HAVING ALL THESE "MISTAKES"?????
TRANSFERRING MONEY WITHOUT ACTUALLY "INVESTIGATING" THAT THE REQUESTED TRANSFER IS LEGAL?
AND ALL THE FORECLOSURES POPPING UP SUDDENLY????
WE NEVER USED TO HAVE SUCH STUPID BANKERS OR CASHIERS OR "MISTAKES" ALL THE TIME...
AND SURPRISE SURPRISE B/C THE BANK IS SOMEHOW "ALWAYS RIGHT" + DRAGS THEIR FEET 🐾 IN EVERY CASE.+ ACTUALLY STILL CLAIM "NO RESPONSIBILITY" GOR ALL THEIR OWN "IN HOUSE" MISTAKES...
@@michaelamick8295Thailand, not Taiwan. And structuring transactions like this is supposed to trigger extra alerts
We need to spread it around that when a company refuses to comment on a case like this it is a direct admission of guilt. I think the childish tactic of playing silent will go away very quickly.
Citibank and Wells Fargo are two banks I avoid like the plague.
And Bank of America
Banks are like cops. I keep hearing people say there a good ones, but I've never met or seen or heard of one and the ones I have seen are pretty terrible
@@RedKincaidthis. At this point you have to avoid the big ones, and you would be well advised to split your money up into multiple smaller accounts in unrelated banks to prevent a total wipe of an account
with me it's wells fargo and bank of america.
one time i cashed a military pay check at a base over seas and bank of america was the only bank on many bases.
the bank gave me just about half my paycheck in counterfeit money.
i have not used BOA since and it's been 50 years.
i do know BOA had a lot of problems with NCIS for a long time after that.
@@anned8634 Worked for BofA in 2010 on credit cards. Can confirm there were several points where we were explicitly trained to NOT do something because BofA had been fined millions of dollars for, and yet as soon as you got on the floor you were told you had to do them or would be fired. I would assume the same problem exists, seeing as several of the managers from then are still working for the company.
A Judge asked a Bank robber what he had to say for himself . He responded , "What is robbing a Bank ,
, compared to owning one ?""
Unfortunately some people take that attitude so far as to say it should be illegal for you to rent your money to someone. And if you rent someone a house, you've got horns and a barbed tail.
I hope the FBI looks into his case. I'd be curious to see if the person who approved the transfer, had any personal ties to the receiving account.
Well they are also likely in breach of RICO statutes as well, wonder if the FBI is going to investigate this for money laundering as well by the bank.
TheFBI doesn’t care
BTW, I know we’re a “paperless “ society, mostly. Shouldn’t there be a rule that for “X” amounts you have to come into the branch and approve or fill out paperwork?
@@BTheBoomXer Many banks these days barely have branches at all, and there are a few by me that are all online, barely even having a head office and regional offices.
FBI couldn't even keep track of a crackheads laptop so i don't have much faith in them on anything.
I travel +100 miles from home and my bank queries me about debit and credit card use before I can make a payment for $30 worth of gas. Citi Bank, "$100,000+ overseas, sure no problem, routing and account number please?" 🤪
If laws can be passed to ban forced arbitration for these large corporations, we might actually see quality of customer service increase.
Well consider this. Those laws would have to be passed by politicians that are funded by those big businesses. If those politicians go against the business those bribes... I mean donations... go to whoever is running against them.
The whole arbitration clause thing has gotten out of hand. Almost every good and service we use is gonna have us sign away our right to sue before long.
Thanks to technology over people, customer service quality only goes in one direction. Wanna guess which one?
SCOTUS has already ruled in favor of forced arbitration. Original court, and circuit appeals court ruled against, SCOTUS reversed their ruling in a case against AT&T.
@@TruthAndMoreTruth well, the current SCOTUS is well known to be onnthe take.
I just wired $14 million for my employer for the purchase of a building. Talk about sweating bullets that all the numbers were in correctly!
When I was moving money to buy my house it was, for me, a big deal. It was an every-day thing for the solicitor of course, no big deal.
When it was all confirmed ok, I sat down for a cup of tea.
A gentleman I know accidentally left his bank card at a convenience store. Within 10 minutes realized that it was gone and canceled the card. 2 weeks and repeated calls later his account was still being drained. His card had never been deactivated. He went to them and demanded that they return his money. We have to investigate first. 6 months minimum. Oh. Ok. I’m active duty military working with the FBI let me ask them about it. His money was back in 24 hours.
If only the Canadian armed forces and RCMP could command the same respect.
I'm still genuinely surprised that even got them to move. They just seem like the kind of company that'd have you talk to someone with no power to do anything and then call your threat idle.
Nice!!!
This situation is exactly why having special protections for military is a blatant violation of equal protection clause. You shouldn’t have to be hired muscle for the system in order to have your rights protected. We have a law against that, it’s called the constitution.
@@EarthIsNotFlat If I had to guess, they didn’t make him whole because he’s military, but because they didn’t want the FBI looking into their shady business practices.
This was a inside conspiracy with someone at the bank and and the only way this got resolved was the addition of the govt. Otherwise, it would still be in limbo and he still needs to file for loss of his house. This still isn't right by any means and Citi Bank needs to be audited for this pattern of theft. This isn't the only one.
How is the victim whole. The guy lost his house. Nevermind the stress. There are significant second order costs borne by the victim.
The bank had to know this was going to go bad, its why they paid the man's fees.
Its insane that CB thinks they have no responsibility here. It is ENTIRELY theirs!
Why would they think they had any liability? The next time they fail the government will take the liability again.
They have paid a lot of good money to politicians in an effort to ensure that they are never held accountable.
They could just as easily 'accidentally' wire transfer customer's money into their own accounts, and say there's no way to fix it.
I highly suspect an insider (working with the foreign scammers) did the transfer. When your money gets stolen, you trace it right back to where it was taken from. That's HIS BANK. Whoever sent the transfer through is more than likely complicit in the crime.
I bet you anything this was an inside job.
@@hxhdfjifzirstc894easily. People don't know that complex criminal organizations will go as far as to work for a company and wait to move up to a position in a company just to steal and disperse the theft to others.
No, Citybank isn't thinking they shouldn't arbitrate these cases, they are thinking we need to find a friendlier arbitration company.
Citibank should be required to reimburse the plaintiff for ALL losses and fees as well as the money he lost!
So why are they allowed to send a criminal case(fraud) to a civil arbitration? If a felony has been committed it seems the case belongs in actual court.
You're confusing the criminal and civil case. The criminal case has to do with determining if a crime has been committed and what the punishment should be. The criminal case is determined if the plaintiff was damaged and who is responsible.
@@jon9103 He reported fraud on his account then after the report they continued with more fraudulent transfers.... That sure seems like the bank was committing fraud at that point to me. He told them to stop and they didn't.
After working in cybercrime for 5 years I am convinced we are lambs for the slaughter. Billions are being lost every year and the banks have shown no interest in protecting their customers.
Spot on. It's horrendous.
It's not just banks, though. Virtually no corporation is putting in even reasonable effort to secure their processes. They'll spend billions to make sure management can micromanage employees but their entire security training consists of half-a-dozen badly-made videos that don't change year to year and can be slept through. It's cheaper for them to all kick in a few bucks to form a third party that makes up arbitrarily low standards than to actually put effort into doing their diligence.
If you can't beat em, join em
Why would they? The big banks own every politician in the Western world. They get bailouts at will, they hand pick the Federal Reserve Board, and they literally write laws that their government shills pass behind closed doors in the middle of the night.
My sister works in banking and is spending 400k a year on a 100k salary.
But he still lost his house. Disgusting, should have given him all the money for property and stress also.
This poor arbitrator will never be hired by any business again. They will make sure the arbitrator will rule in their favor before they even begin. It is rigged.
Not if Letitia James sinks CITI Bank. Then he'll write a book and transition to the speaking circuit, because he'll be the whistleblower whose principled stand brought consequences down on the fraudsters. I.e. he'll pull a Michael Cohen.
Hopefully the man is an attorney. (assuming he is)
"I got fired from an arbitration company for finding in the consumer's favor"
I would hire that man for a lawsuit based on that advertisement alone.
That's not really how it works
Yeah. Most arbiters find in favor of the person who hires them.
Problem if that arbitrator doesn't work in good faith then its null and void so it can go to lawsuit.
Try to buy a TV with a debit card and the "fraud protection" kicks in forcing you to call the bank while standing at the register, meanwhile banks are letting international wire transfers go through unchecked?
INSIDE JOB!
Our credit union cut off my debit card because some random radio station in Australia charged my account $5. Good job by them. However, we were on vacation. Luckily we're not stupid with our money and had tons of available credit on the credit card.
When our daughter was lucky enough to travel to the UK, we let the credit union know in advance to prevent this from happening.
What a horrible company. Time to pull out all your money from CB. Time to boycott.
Chase, Wells Fargo isn't any better. I use Navy Federal Credit Union.
Which isn’t any better either
@@DecrepitBiden Wells Fargo might be worse
Local credit unions are better than big banks.
@@lowermichigan4437 Wells Fargo just was the one found out being scummy......
The guy lost his house. He should be compensated for that as well.
Arbitration is a good option to exist. Forced arbitration should be completely unenforceable.
you misspelled PROHIBITED BY LAW.
No one can be compelled to give up the right to file suit
@@arribaficationwineho32 Actually they can, and SCOTUS has ruled in favor of forced arbitration. Now, to get a job, rent an apartment, get a cell phone, everything includes an arbitration clause. CA stepped in an made in illegal to require an arbitration agreement for employment, but now companies just don't hire those who decline the agreement.
@@arribaficationwineho32 So if the arbitrator rules against the bank, the bank should be able to ignore the decision?
@@davidhoward4715 of course not.
VERY happy they had to pay his attorney's fees. Also very happy that the arbitrator actually seemed to look at the case in an unbiased manner.
Citibank should be ashamed of their corporate security policies. This was a pathetic example of basic security failures.
You assume that sociopaths can feel shame.
Citi bank should have had to buy the guy a house. Had this been a lawsuit they would have lost a lot more. Arbitration needs to be made illegal. It is done to benifit the companies.
I had two Citi Bank Credit cards and dealing with them is a nightmare. They just don't care about their customers.
This reminds me of a friend of mine from back before covid, he had been using chime as his only bank and got his tax return to it and the day it cleared chime froze and closed his account. He couldn't get the $ back and even talked to a lawyer and was told that in the TOS its not a real bank, and no real protections, and no guarantees, banks and other similar institutions should be more regulated
I'm not a lawyer but couldn't Citibank also face federal charges for violating the "Know Your Customer" statutes? Given money left the country, sure seems like that definitely makes it apply and obviously they performed no due diligence as required under those laws.
We just bought land in New Hampshire and the transfer was done by a third party company through a special web portal. But yeah banks are out of control, I had Capital One deny the most obvious chargeback for counterfeit goods. What's crazy is the amount of money we spent on those business credit cards every year, I told them we would chop them if they didn't complete the charge back and they didn't care, I was completely shocked that they would trade that account for stupidity. It made no sense at all, these banks are simply too big to care....
Steve why wasn't" federal law in the electronic fund transfer Act banks are obligated to restore funds lost in an unauthorized transactions."
Looks like the bank fail to take care of their customers.
Awesome he got his money back, but waiting for three years and the pain and suffering he suffer.
Should of sue them for the pathetic conduct from Citi.
I’ll be closing my Citibank account after hearing this.
After experience with two banks other than Citibank, I’m calling BS on Citibank’s self serving statements.
We can thank AT&T and the SCOTUS for forced arbitration.
Original Court and circuit appeals court ruled in favor of the plaintiff, SCOTUS reversed the decision, making forced arbitration law.
Now EVERYTHING you do comes with an arbitration clause. Employment, lease, cell phone... EVERYTHING!
Don’t any money transfers greater than $9999 have to be reported to the federal government? This kind of thing makes me glad that I bank at Cullen-Frost Bank.
Yes, but even less is suspended as "structuring" your deposits to avoid the rule. I also believe there was more recent federal legislation to lower that amount to 5k. Same rules about structuring would apply.
I think that only applies to cash transactions
@@drbcrb
I think checks count as well.
If all of the internal policies are ignored like this, is it incompetence or maybe someone on the inside is being paid to look the other way. Judging by the way the management seems to have failed to conduct their own internal investigation as well, it appears their negligence allows this type of activity to thrive. Hopefully the New York AG brings the hammer down on them. Frankly I think their negligence is so blantantly appearant, that their insistence on not reimbursing their customer should itself require damages.
Our local bank suddenly had allowed phone numbers that were not mine to be added to all our accounts for 2nd step validation. They were not local. They gave us new account numbers and within days the phone numbers were back on our accounts. They did not see a problem.
That's an inside job.
You need to add a password to any call-in changes to the account (like adding phone numbers)
@@rmhartman What if the crooks add their own?
You know its bad when the arbitrator, payed for by the bank, says what was done was so very wrong.
But the man lost his house! Did Citibank compensate for all that hassle?
That's exactly what I wanted to know.
Citibank is 51% owned by the Saudi royal family.
I tried googling and I only found estimates ranging from 2 to 15 percent Saudi ownership. The most recent of those estimates was two years ago NYT. Do you have a more recent source I could check?
If the guy didn't get his house back, he wasn't made whole.
Reminds me of the article I saw where some company enforced an arbitration clause and then when everyone went after them it turned out the arbitration was going to cost them so, so much money because each case had to be resolved individually. So they cried to a judge saying they wanted it moved to a class action but the judge denied it, saying 'you wanted the arbitration and each of the victims followed the rules you put in place. Just because it's going to cost you a lot of money doesn't mean you can suddenly change the rules. Let it go to arbitration'. Such a great win for everyone of the victims.
Citibank: I will remember that.
Remember “Wells Fargo”
also.
The only two banks I completely refuse to do business with. And BofA not fantastic, either.
Is there a large bank with no history bad stuff? Serious question, I use local credit unions myself.
@@ericwilliams1659Yes, millions of scammers are eyeballing big bank's 'automating' vulnerabilities, all day long. I hope smaller credit unions survive automation.
Someone famous once said: remember it. Write it down, take a picture. I don't give a f***!
Arbitration clauses should be illegal. Full stop.
"Just grind down the other side"
Yep. That's the mantra of every thief throughout history.
NY AG sued because most banks are "housed" there as a financial center.
Somebody in the bank was in on it and did it and got a kickback....bet me a kopeck!!
Hunter Biden
Court awarded attorney fees are not for greedy attorneys but so the victim has the resource to be made whole.
A T Burke
I can almost guarantee that there's at insider working at the bank.
Citibank’s statement is completely at odds with the reality of this case . Shameful !
In most cases, arbitration clauses are pretty much just abuses of power.
The reason the arbitrator beat them with attorneys fees and interest is because he either knew or suspected or realized that city bank was complicit...large account..... inactive... continues to send $$ after being notified??? This stinks of corruption.😮
At one time, I guess it was many moons ago, a company was worried about their reputation and would make a person whole and not admit fault. . It is disheartening that Citibank took the FU stand . He was fortunate he had an honest arbitrator. Thanks for the video.
It's absurd that you have to pay your own attorney's fee in the US even when you win. In Italy (and probably the rest of Europe), the loser of a lawsuit pays legal costs for all parties
The Arbiter is a real boss! Having to pay attorney's fees is more encouragement for the banks to prevent fraud in the first place.
And do you think CB will ever send him another case?
Wow, crazy. This may be the first thing I've ever heard of where I agree with the NY AG on anything.
INSIDE JOB ! Scammers work with bank employee’s 🕵🏼♂️
And sometimes arbitrators too.
definitely.
It's like the card skimmers at gas stations, it's rare the employees aren't the ones doing it. Who else has unfettered access to in-store POS systems?
Seems like it.
I'm glad he got the attorney's fees too. Should have paid a penalty as well, given the guy lost his house while fighting this case of Citi's gross negligence.
First ive heard about this. I have a citibank account and this makes me worried for my savings.
Close it.
Find a local credit union.
Flee, and let them know why you're leaving 😊
you have nothing saved.... you have invested in the bank corporation. heads i win... tails you loose.
Close it and if you have a large account split it up..
Dude lost his house.
This doesn't make him whole.
He needs to be awarded DAMAGES as well.
Citi Bank owes him a HOUSE.
'Trust' assumes that there are morals involved.
Had scammers make hundreds of transactions with like 4 or 5 different accounts over a couple days, draining over 1000 dollars. They were under $4 each transaction. I don't check my bank everyday. Called up my bank (USAA) and the representative was so helpful and got me all the fraudulent transactions refunded. It took a while but she was a trooper about it.
Logic and integrity has nothing to do with the banks.
But he also had lost his house in order to continue the care for his sister because the money was gone. The arbitrator should have awarded him enough to recover his home.
I think it's sad we have a system where it is a surprise when a person wins arbitration against a company. It's already bad that you can't do anything w/o signing an arbitration clause. The argument that you could get service elsewhere doesn't hold water when anywhere else you would go also requires arbitration clauses be signed.
As someone who worked in financial trust services for a decade, I can confirm this is extremely common and due to 1 single thing, corporate greed. It is far cheaper to off-shore your call centers and hire marginally competent employees than it is to pay the appropriate people to run a business the way it is supposed to.
As Chuck Palahniuk mentioned in Fight Club: "its simple arithmetic"; as long as the cost of paying 3rd world workers and settling lawsuits is less than the cost of hiring competent workers to provide an actual good service and protect their costumers, financial institutions won't change their modus operandi.
Shiti Bank you say? It's incredibly immoral that it even went to arbitration given that it was so obviously the bank's mistake.
In Canada, lawyers for a group of Bank of Montreal customers are in the process of getting a class action lawsuit certified. In some instances, their funds at the bank were mysteriously transferred out soon after a visit to the branch. Not helping the bank is the fact that it employs many IT and other personnel from the Indian sub-continent.
Corporations are just laughing in our faces now...
ALWAYS THIS WAY‼️😡🙄🤷🏻♂️
A bank has one job: protect the money under their care. If they are either unwilling or unable to protect it then they shouldn’t be in business.
The USA needs one thing:
Chief Justice Steve Lehto
👏 👏
Steve doesn't want to be a judge, though.
He'll have to tough it out, for the good of the republic!
@@werefrogofassyria6609 What we need to do is disqualify everybody who actually wants to hold political office. Then we pick from the people who are highly qualified but have no interest, then draft them to serve a term just like jury duty.
@@ostlandr:
The problem with draftees, is that they're not as likely to willingly "deliver the goods" as they would if they'd volunteered/applied for the job.
Steve would probably be one of those very rare exceptions, but he'd probably only serve for one term.
The way the funds were stolen sounds like a much more egregious version of something that happened to me last year, I noticed a bunch of fraudulent Amazon purchases posting to my debit card so I called the bank and had them shut the card down. Two days later, before I was able to visit a branch for a replacement card, more pending transactions started to appear. I called them back livid and they were like "uhh sorry, no idea what happened but the card never got disabled, it's off for sure now" 🤦♂
All told, nearly the entire balance of my checking account was wiped out, and it took nearly a week to have the charges refunded. Luckily I'm at a point in my life where I have plenty of money elsewhere that I can access, but if that had happened 8 or 10 years ago I'd have been up the creek sans paddle.
I left CB 6 years ago with my business and personal. Best move ever. It's a horrible bank.
Citi: "The abitrator sided with the client once and made us pay attorney fees? Fire them. We'll find a new agency "
One phone call Would have prevented all of this.
Everyone should pull their money out of that bank