Seeing red after a call from Citigroup Mortgage

[sixmile]

My mortgage company just called me to demand $10.70 that I owe on my mortgage then refused to let me pay it with my next payment and threatened to report me to the credit agency. It seems I rounded down a few payments by pennies and now they're sending the posse out to collect.

I know Citibank is a big ponzi scheme, but do they RELLY need this money right now?
Thanks for letting me vent.

[Ian David]

1. Can you send them $10.71 and then demand they return the extra penny? n/t

[sixmile]

6. Why can't consumers report companies to the credit bureaus?

Or better yet. Where's our fucking credit bureau?
I've never even spoken with this company after years of paying my mortgage, and they feel I'm worth a harassment call.

[glowing]

2. Dumb asses. Acting like the mob.. Seriously, we ALL need to take one

month and NOT pay any of our c.c. bills or mortgages. Then mainstreet would finally see the relief we need.

[Fresh_Start]

3. they don't have the option of not counting you delinquent

even if its only a small part of your scheduled payment amount.
Why take a chance of occurring penalty rates over $10.70 that you acknowledge that you owe?

[sixmile]

14. Why don't they have the option?

If George Bailey were running Citibank they would have the option. If anything that had a soul was running Citibank they would have the option.

All too often it seems the hidden hand of the 'system' runs things and people use it as an excuse to be assholes.

[Fresh_Start]

21. people don't decide if the account is delinquent

the system determines it.

[percussivemadness]

4. here`s a good one for you, I have done it myself, and it really pisses them off

Buy a fish, write you account details on it, including routing etc...then add the amount and sign it, put it in a box and mail it to them. Once your signature is on it (anything can be a check) they are obliged to accept it.

[kirby]

7. What an ass n/t

[percussivemadness]

9. yes mate!!! well done, brilliant put down

you must be so proud of yourself....now run off and play with your legos, I see you have managed to build a great avatar for yourself..

here`s a thought, perhaps if people like you were more proactive, then we wouldn`t have prop 8...

something to think about...

[sixmile]

12. It's extreme but I get the point

[kirby]

42. Well me personally...

I feel some compassion for the poor worker who has to open some rotting fish parcel from that doofus in the other post. Not to mention that the banking industry is pretty clear about what constitutes a check instrument. You can be assured a 'fish' with a routing #/banking account # is not within the guidelines. There is a recent concept of the a substitute check, part of the Check21 method the Fed implemented to reduce hold times on checks, but I'm pretty sure a fish is not considered a facsimile.

As for your situation, I can understand how pissed you are in the context of Citi getting a bailout. Kinda like when I read the story yesterday of Discover Card getting in line for a bailout. They will get to borrow money from the Treasury at rock bottom interest rates while continuing to charge their customers 15-20% interest rates. It is maddening. Of course you do owe the money. I wouldn't risk your credit for such an oversight. To avoid what happened to you, some banks will return the entire check to you if it is not the correct amount. That can cause extra late fees and such which apparently Citi didnt do, so you ended up better off. Once my mortgage payment was a $1 short and they returned the check. Luckily my payment was early so I sent another one before the due date.

[Ian David]

8. OMG!!! That is TOO FUNNY! I have to try that!!!

How can you be sure that the ink stays on the fish long enough for them to receive it?

[percussivemadness]

11. :)

[Tangerine LaBamba]

15. "... anything can be a check..."????

Wherever you got your information, it's as fucked up as your idea.

[Ghost in the Machine]

20. You might want to back up a little bit and do some research first...

"
A check is a check -- whatever it's printed on
By Holden Lewis • Bankrate.com

What if you won the lottery and you got one of those giant cardboard checks -- could you deposit it at the bank?

Yes, if the proper information were written on it.

In fact, a check doesn't necessarily have to be written on paper. There are legends, probably apocryphal, of checks written on the backs of shirts (by tax protesters) and on watermelon rinds (by goodness knows whom -- maybe madcap farmers), even on skin. If they were written in the right format, they could be cashed.

"It has to contain certain features, and it can be written on anything," says Brian Black, managing director of operations and technology for the Bank Administration Institute. "As long as it has the elements, the surface doesn't make a difference. A check is an order to pay someone, that's all it is.

"I've heard of things," Black continues. "That at one time someone wrote a check on someone else's back. Pieces of cloth -- I've heard of that, too." He has never been able to confirm these tales.

So let's say some smartypants decides to protest his tax bill by writing a check on "the shirt off his back" and mailing it to the IRS. As long as it has the account owner's name, the date, the words "Pay to the order of" followed by the payee's name, the dollar amount in numerical and in written form, the name of the bank where the account is held (along with the bank's city and state) and the signature of the account owner, it's valid."

http://www.bankrate.com/brm/news/chk/20010320a.asp?prodtype=bank

[Tangerine LaBamba]

26. I think you missed this part:

"I've heard of things," Black continues. "That at one time someone wrote a check on someone else's back. Pieces of cloth -- I've heard of that, too." He has never been able to confirm these tales.

Confirm one for me, and I'll give up 30+ years as a Washington lawyer and tell you that you're right.

You shouldn't believe all these things you read, you know.

[Ghost in the Machine]

27. Maybe *you* missed *this* part??

"It has to contain certain features, and it can be written on anything," says Brian Black, managing director of operations and technology for the Bank Administration Institute. "As long as it has the elements, the surface doesn't make a difference. A check is an order to pay someone, that's all it is."


:shrug:

[Tangerine LaBamba]

29. You're flailing.....

There's a world of difference between theory and operation.

Tell you what - you put a check into the mail written on a fish, and when you present me with written proof that that transaction was honored, I'll give you a hundred bucks. Cash.

Have at it. The field is wide open.

[Ghost in the Machine]

35. No, I'm citing facts, backed up with a link...

I can't help it if you can't understand it when it's right in front of you in plain english...

What part of: "It has to contain certain features, and it can be written on anything," says Brian Black, managing director of operations and technology for the Bank Administration Institute. "As long as it has the elements, the surface doesn't make a difference. A check is an order to pay someone, that's all it is." was ambiguous to you?


I'll make a better deal with you, since I don't have a checking account. It won't be as messy as a fish, either. *You* either bake or buy a cake, then write yourself a check for $100 on the cake with one of those writing tips. Take the cake/check to *your* bank and tell them you need to cash it. When they cash it for you, you PM me and I'll give you my address to send my $100 to. That way you're proving it to yourself and not having to take my word that the check was cashed. You can do this tomorrow, and even let the bank tellers keep the cake as a treat for the holidays.

Here's the information needed, as was in my original reply above:

"As long as it has the account owner's name, the date, the words "Pay to the order of" followed by the payee's name, the dollar amount in numerical and in written form, the name of the bank where the account is held (along with the bank's city and state) and the signature of the account owner, it's valid."

I'll trust you and take you at your word as to whether or not your bank honors your "check", even though you admit to being a lawyer ( LOL! just messing with you!)

There's your counter offer/challenge... the ball's back in your court..

Peace,

Ghost

[Tangerine LaBamba]

37. I'll try again

You don't have a checking account?

OK, I'm playing with my food here.

Good luck.

[Ghost in the Machine]

39. I'm not quite sure how to take that...

Are you baking a cake.. or do you think I'm food for you?

[conscious evolution]

40. Actually,I know someone

who used a non check check for a bill.Wrote it on a piece of cardboard.Bank took it.
They also held it for two weeks to 'clear' the funds.But they took it.

Come to think of it,if checks had to be on paper we would not have debit or check cards.

[Wilber_Stool]

41. Send them one

like this:

>
/1/>

Let them figure it out.

[bertman]

38. If you did that to me I'd hold it for two weeks unrefrigerated, then return it to you wrapped in a

different box with gift wrapping.

[chemenger]

46. How do you write on a fish?

And what does the fish have to say about your treatment of it?

:-)

[bunnies]

48. Thats a shit thing to do to the people in the mail room.

My sister used to work the mail room at a mortgage bank. She opened letters with random powder, threats, garbage, shit...

The big bad company heads are not effected at all. Its the peons that get screwed when you do something like that. Nice job.

[Mike 03]

5. Wow, Citi is desperate.

That is pathetic beyond belief that they are playing hardball with you over ten dollars.

That is a great reason for nobody to even consider buying stock in Citi, and I know some people have been.

Shocking and sad.

A few months ago, for fun, I wrote them a check to pay off my credit card balance, and there was a one cent at the end of the number, and I did not send them that penny.

To my amazement, my next statement showed I had paid my balance in full. I thought for sure I'd have to pay a penny interest on that penny.

Make no mistake: Citi is in dire straits.

[SoCalDem]

13. I transposed a number with a Sears Charge

I tell my husband to use the damned debit card, but NOOOOO he HAD to use the damned Sears card (which I thought we had CUT up..but that's another story)..anyway

I accidentally left a 99cent balance, and the next month...my bill had a $ 2.00 amount due.. That's right $1.01 finance change for a 99 cent balance..

I made him take them the $2.00 and pay it at the store..:)

and dammit..if he didn't use the thing AGAIN this month..handed me a bill for $179.34...which I immediately went online and paid..and triple checked the amount..

apparently he gets a minute discount by using their damned card, when he buys some cockamamie tool..(Our garage has a bigger "tool department" than most Sears' stores)

[Fresh_Start]

10. my company charges me an additional $225 if I don't

make full payment by the due date even if its only 1 day late.

added Chase Mortgage Company

[sixmile]

16. Assholes.

JP Morgan Chase, yes?

[hfojvt]

17. a big Ponzi scheme? They leant you money to buy a house.

You call that a scheme? I think they suck. In fact, on my favorites menu is a link to their website, and I labelled the link "Citimortgage - we suck" but you really oughta pay what you owe too.

[sixmile]

18. No. They did not.

They bought my mortgage from another company. And I do pay what I owe, thank you.

[RB TexLa]

22. Now that's just crazy talk.

Saying someone has to pay back money they borrowed, especially if it has to be paid back to a corporation of all things! You must be a republican!

[Javaman]

19. Next time, try rounding up. nt

[Terran]

23. Why would you round your payments down?

By that I assume you mean you were paying slightly less than the minimum? That's just asking for trouble.

[tammywammy]

24. Why were you rounding your payment?

It's a set amount that's due.

[sixmile]

25. When I say rounding down

I paid $____.20 instead of $____.70, but to be fair, you're missing the point of the OP

[tammywammy]

28. I'm not missing the point

You're pissed b/c they wanted their money today and not with your next payment. You think they should wait because it's only $10.70 that you owe. That they correctly told you that you're behind on your payments and that they could report it to the credit agencies.

If you're going to be mad at anyone, it should be yourself for failing to pay the correct amount in the first place.

[sixmile]

31. Are you with Citibank?

You sound like I need a good scolding for being behind $10.00 on my mortgage. But consider this. How many people did it take at Citibank to call me, etc. regarding the $10.00 that could have been sent in a letter, e-mail or fax? Likely cost far more man hours than the amount that was due.

[gollygee]

32. Be careful! You're rounding down again!

Seriously though, accountants hate that kind of thing. Just send the money and stop rounding down.

[tammywammy]

33. I'm an accountant that works in accounts receivable

I personally make all our collections phone calls. I'll call people over $15 or $10 if it's past due. I'll personally spend time writing out the letters and calling. I'll call every two days until someone pays me. I even *gasp* sent the paperwork to file a criminal case against someone that bounced a check with us today!

And sorry, it's your fault that you failed to send in the right amount in the first place.

[Tangerine LaBamba]

30. You shorted them?

Are you nuts? If you're going to round anything off, you ALWAYS do it in favor of a surplus.

No wonder they nailed you. If you were doing it in drips and drabs of fifty cents, as per your example, it sounds like they've let you ride for year.

Round up, not down.

[Stinky The Clown]

34. We're saddled with them, too. I HATE them. They fucked up paying our taxes and WE had to pay .......

.... the late fees.

We own a rental. It has what is called ground rent. (An antiquated concept whereby one owns the house but not the dirt. VERY common in Maryland.) Anyway, the rent is like $13 every six months. Yes. THIRTEEN DOLLARS. But failure to pay can lose you the house to the guy that owns the land, which is partially why these ground rents have so much value and no one wants to sell them.

Anyway, Citi failed to pay the thing. So we get this letter saying if we don't pay the ground rent and the (perfectly legal) 100% late fee **right**fucking**now** we will be in court facing loss of the property. So we write the check for TWENTY SIX DOLLARS and then go after Citi to contact the ground rent guy and EXPLAIN THAT THEY FUCKED UP.

Explain that to some guy who is not really named "Tom" and who speaks with a Bangalore accent.

I won't even talk about them hounding us for the $4.00 adjustment in our escrow that we protested. Late fees there, too. Until they REDUCED IT, like we said they should and refunded us the overcharge.

I HATE these bloodsuckers.

[golddigger]

36. Jesus H. Christ! Just pay the damn $10.70, is it worth screwing up your credit.

:eyes:

[wroberts189]

44. I agree.. just send it to them before they start charging late fees. eom

[pipi_k]

43. I have to agree with some of the others who said

you should always round UP...not down.

As to the rant about why they would want their money NOW instead of later, there's this funny little phrase that appears on a credit report...at least it does on mine....

next to each creditor it says, "Pays as agreed"

If you agree to make payments of xx amount at xx time...if you sign a contract, and then don't follow through on it, then yeah...your creditor is going to be a tad bit annoyed.

Acting like they have no right to be annoyed...I just don't understand that. No offense, but it's really rather irresponsible.

Just make the payments as you agreed to in the contract. Send them a bit extra. Send the money ON TIME...or even a couple of days early, if possible.

Like someone else said...is being right (even if you're not) worth your credit rating?

[Morrisons Ghost]

45. Yes

the amount you round up goes right to principle! Do it enough over a long enough period of time,you can knock payments off of the term.:toast:

[JCMach1]

47. They need the cash because they just loaned 8 billion to Dubai

I DO NOT kid


Dubai state-owned companies has gotten more than 8 billion U.S. dollars of financing from U.S. banking giant Citigroup in recent months, the website of Arabian Business quoted the bank as saying on Monday... http://news.xinhuanet.com/english/2008-12/15/content_10508255.htm