Lawyer seeks class action for credit card rates lawsuit
10:33 AM Thu, Nov 12, 2009 | Permalink
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PROVIDENCE, R.I. -- A Rhode Island woman is suing Citibank, claiming the financial giant is trying to squeeze money out of its credit-card customers in advance of changes in federal law due to take place in February 2010. The lawsuit filed in U.S. District Court earlier this week by Providence lawyer Peter N. Wasylyk on behalf of Portsmouth resident Michol K. Murphy states that Citibank has violated the terms of her credit-card agreement by jacking up the annual percentage rate on her account without cause. Wasylyk is asking the court to certify the case as a class-action lawsuit. The lawsuit follows in the wake of an August case Wasylyk filed against Citizens Financial Group on behalf of a Woonsocket man who claims that ATM withdrawals and debit transactions are a trap into which unwary customers fall. That lawsuit, which also seeks certification as a class action, is still pending. Consumers such as Murphy and Hunt have been complaining loudly about the alleged abusive practices of financial institutions, leading to the passage in May 2009 of the federal Credit Card Accountability, Responsibility, and Disclosure Act. In July 2009, Citibank notified Murphy that it was raising the variable annual percentage rate on her card to 29.99 percent, despite that her account was in good standing and that her original credit agreement does not expire until April 30, 2010. 
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I'm glad to see people taking action against credit card companies and banks.
With the economy in the situation it's in and people having to use more credit cards you would think they would be benefiting from this. We charge, we keep the economy going and they raise our rates so now we can't pay. How does that seem right. I think everyone with credit cards who's finance charges have increased should stop paying their bills. (Boycott the credit card companies and institutions) until they lower the finance rates.
What difference does it make. If you can't pay the larger payment amount, you get bad credit. So why pay at all.
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Count me in, from 15% APR to 29.9%.
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They jacked my rate to 29.9% because i made a $50 payment when I should have paid $51.40. Over a $1.40 misjuggement they lost a good customer.
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I want to be a part of this. They jacked me up after being a good customer for many years, and never a late payment.
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This is great news.
2 or 3 years ago, such a lawsuit probably would have been dead on arrival. But that was before the taxpayers bailed these banks out to the tune of billions of dollars, and the banks showed their gratitude by stabbing those same taxpayers/customers in the back with these exorbitant rates.
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I had mine go from 7.99 to 14.99 after Chase bought out WaMu with MY and OUR money! In fact, the first statement issued by Chase indicated an increase from 7.99 to 10.24, despite the fact that I paid them over $1500.00, a good chunk of my tax return. My minimum payment was under $100.00. I was never late and always paid OVER my limit. Then they were about to raise it to 14.99 again despite continued on time payments, at which point I closed with the f ckers.
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Count me in to join the class-action as these banks dont understand the language of humanity and they are just counting on their big bonuses based on the bogus banking practices..my rate jumped from a low of 11.24% to a high of 29.99% without any fault or wrongdoing by me.
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A Citibank customer service rep told me that Citibank raised ALL cardholders' rates to 29.99% . The excuse: Citibank's costs have increased !!
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