Citibank Bank Guarantee: Fill & Download for Free

This is an International Court of Business Disputes and SettlementsThey settle business disputes between Companies from all countries working in China.Do you know their procedures? The Systems? The Procedures?They are all in compliance with International Business Practices.The Average Settlement Time for a Normal Dispute is 87 Days and for a Prolonged Dispute is 141 Days.If the Judgment is not acceptable to the Foreign Company - China allows the same Foreign Company to register a case in a Court in their own country - and accepts the Judgment of that Legal System.That is how Transparent things are.The Judgments are so fair that only 16.5% of the Judgments have been refused and taken to foreign courts.Meanwhile in Our BharatWe follow our own procedure - Court to Court to Court with Supreme Court making decisions they have no clue about.The average case resolution period - 6 Years and 83 daysIf the Judgment is not acceptable to the foreign company - They have no choice but to go only to the ICJ where it will take another 3 years at the very least to get a decision. They cannot file in their own countrys courts.Almost 94% of the Judgments have been appealed in India.Thats how Opaque things are.Do you know almost all Chinese business give Foreign Bank Guarantees to ensure that their customers and clients are relaxed. You have guarantees from DBS, JP MOrgan, RBS , Citibank etc that ensure that the Customers dont fear a Chinese Bank dominated by the CCP running things and strangling projects.They use US and UK accountants as wellOur very own Bharat - has only SBI guarantees as per Archaic Procedures. SBI Guarantees sometimes need Co Guarantees from other banks (Like Adani case in Australia).They have local accountants as well.Thats the difference.China is far more transparent than India is in everything but Politics where they are a closed book.

Remember the $335 million in interest that Citibank ‘found’ it had overcharged credit card customers and was voluntarily refunding to customers: Citi credit card holders are getting $335 million—here’s whyWhat no one heard was that Citibank was doing this to avoid having to repay billions in interest and penalties.What Citibank didn’t admit to, and regulators kept mum about, was that many of those credit card customers should never have had their interest rate raised to begin with!Okay, so here’s what happened. Shortly after the 2008 financial crisis, just after Citibank received hundreds of billions in ballot and guarantees, it was put under heavy scrutiny by the regulators.In order to make sure everything was copacetic the IT division began hiding serious computer system problems that affected a large number of customers or involved high dollar amounts, usually over $100 million dollars. In order to make sure this went undetected the IT division also had to hide these problems from the business divisions, such as the credit card business , mortgage lending and so on.And then, something interesting happened. Profits in these business divisions went up. That is, interest rate revenue began increasing at a rapid rate within these divisions. Profits went up, the bank’s financial standing improved and regulators were pleased with the bank’s progress and stability.This practice continued until one of the guys responsible for reducing system problems began speaking out. It continued until one of the business heads asked this person to investigate why he was hearing about serious system problems from commercial customers rather than the IT division.That person was shortly thereafter dismissed and blacklisted for reporting the malfeasance to the business heads.Now, here is how this affected you: let’s say you mail in your credit card payment just before the due date, but allowing enough time for the post office to deliver the payment and the bank to actually receive the payment prior to the due date, as many people do.Every once in a while the computer system hiccups and a transaction file, with payments or withdrawals, may not get processed on time. Depending on the nature of the problem, it may take several days for those payments to get processed. Normally, when this happens the IT division informs customer service for the affected business so they can make adjustments to the affected customers (such as revising payment date from when the problem was fixed to when the payment should have been processed). If you should call while this is happening, customer service will tell you an adjustment is being made and that you will not be flagged as sending in a late payment.When the IT division hides these delayed payments, customer service is unaware of any issues and the interest rate on your credit card will go up as a result of a late payment. If you call customer service, not hearing of any system delays, they will be less inclined to help you, believing it is your responsibility to account for postal service delays.This practice continued at Citibank for over five years. Citibank continued collecting these ill-gotten interest rate profits until the whistleblower finally got hold of a regulator who was interested. Six months later, Citibank ‘admits’ it overcharged credit card customers by not lowering rates as the law required, but never admitted that interest rates should never have been raised for many of these same customers.So, if you find your bank had increased the interest rate on your credit card due to a late payment, which you know was mailed on time, call them out on it.If they refuse to make a correction, file a complaint with the Consumer Financial Protection Bureau (CFPB).

Too big to fail banks are, by definition, banks that are so big, it's impossible to carry adequate insurance and their failure would pose systemic risk. That's why they got bailed out. Now that they've been identified, we need to treat these banks as we would any other bank that is underinsured.A great many institutions have rules against dealing with vendors, including banks, who are underinsured. The bail outs gave these depositors a window so that they can move their affairs to other banks that are not underinsured. That window has not yet closed but because we don't say that Citibank is underinsured, a great deal of money unwisely stays in these underinsured banks, guaranteeing that there will be a further round of bailouts at the next big crisis.I am against breaking up these big banks because breaking them up is likely to be as ineffective as breaking up Ma Bell was. In a generation, they'll consolidate back up unless there is a persistent force that keeps them from being too big to fail. Fortunately there is and I've just laid it out.Bank size should never exceed the ability of carried insurance to make things right. When it does, people should be notified and institutions that have a fiduciary duty should move their money out and people and institutions should keep doing this until they naturally shrink out of the TBTF category. Knowing this, and the pain it would cause to lose that business, bank management would stop their unwise empire building and we would have an actual, permanent fix to the problem. One other aspect is important. This fix does not require legislation.But there is another aspect. The government should never, ever, give out insurance for free. Between 1997 to 2006, we did, offering "well capitalized", "Supervisory Group A" institutions insurance without paying any premium fees whatsoever. 95% of institutions during this time period fit this profile according to the FDIC. That's appalling and should lead us to be wary of the idea that the government knows what it's doing in banking insurance.Bank insurance would have been much better capitalized had we not offered insurance for free and well capitalized insurance reserves would allow for bigger banks, and that's ok. If something goes wrong, the money to fix it will be sitting, waiting over at the FDIC or whatever competent institution we decide to use who know better than to offer insurance for free.