Daily Outrage: Citigroup pockets customers’ positive balances

WHO: Citigroup Inc.

WHAT: The bank for years automatically “swept” money from positive balances created by overpayments or refunds out of customers’ credit card accounts and into its own coffers without any notification.

WHY THEY’RE DOING IT: California Attorney General Jerry Brown said the company “knowingly stole from its customers.” Citigroup disputes that description and has agreed to pay $18 million in refunds and charges to settle the issue.

WHY IT’S A BAD IDEA: The “account sweeping program” affected 53,000 customers nationwide from 1992 to 2003.

WHERE TO VENT: California Attorney General’s Office, (800) 952-5225.

Daily OutrageJerry BrownOpinionOther Opinion

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