Monday, October 3, 2011

Citibank's Kiss Of Death II

We posted back in the summer in about Citi's kiss of death. At the time, the post referred to Citi's reverse split. Sure enough, the stock has plummeted 50% since then. Citi's trading at the equivalent of $2.50 today sans reverse split.

BAC implemented  a different kiss of death last week by imposting an absurd $5 monthly fee on debit card users. maybe they wil follow with a reverse split too since theur stock is trasding around $6, possibly going to a $5 handle.

Now, the LA Times reports that Citi is following BAC and imposting new monthly fees too!

"Letters are going out across the country alerting Citi customers of account changes, said the bank's retail banking chief, Stephen Troutner. In many cases, that means customers will have to maintain fatter balances to avoid fees, although Troutner said a basic account option makes dodging charges easier".

What a dreadful chart:

In contrast, other banks in Canada offer rewards of 1% for using debit card fees, which are always free in Canada.

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