Attention CitiCorp shareholders. Your company is burning money, wasting it to no purpose other than stupidity and selfishness.
Click below to read all about it.
Apparently Principal Financial sold my mortgage to CitiMortgage last year.
No problem. I set up my bank to pay the mortgage electronically.
First of the month comes, and I find out the bank had to pay CitiMortgage by check.
I call. We talk. We spend a half hour on the phone. Then my bank calls CitiMortgage, with me on the line. We ask, me and the bank, "do you take electronic payments?"
No skin off my nose. I can have my bank write a check, and mail it, and let CitiCorp wait two weeks for money that could easily be sent electronically. My bank wastes money, they waste money, but it's not my money.
Then I go to the CitiMortgage Web site and learn the rest of the story.
Seems they do have an electronic payment acceptance system, called "E-Z Pay". Which they want to charge me for.
Not only do they want to charge me for saving them money, they want to make me register with them in the process so they can market to me.
Think I'm buying anything from CitiMortgage, or any other CitiBank unit, for as long as I should live? Think I want you doing it?
Now this doesn't seem to matter to the people at CitiMortgage. Maybe they figure, go ahead, buy your loan somewhere else, we'll just buy it from them and force you to do business with us.
This is arrogance taken to the point of lunacy.
And that, CitiCorp shareholders, is how your company is costing you money. They're wasting money taking checks, they're angering loan customers to no good purpose, and they're losing future opportunities because they're too lazy, greedy, and stupid to take electronic payments from other financial institutions.
We now return you to your normal tech blog.
UPDATE: As you may see in the comments that follow, this is a general attitude around CitiCorp, that customers should pay CitiCorp for saving CitiCorp money. Clueless.