NEW YORK–One big bank accounts for nearly a quarter of complaints by credit card-holders who say they have been hurt by the coronavirus pandemic and they are being treated unfairly.
Citibank customers accounted for nearly 37% of pandemic-related complaints to regulators about credit cards between March 16 and May 20, according to an analysis by Consumer Reports.
That was four times as much as the next-closest bank, an analysis of the CFPB complaints database by Consumer Reports found.
Among the biggest complaints by consumers: inflexible late fees and interest charges, and refusals to provide assistance for those with financial hardships.
"Citibank's practices are particularly egregious during a time of severe hardship when so many families have been pushed beyond the brink financially," said Syed Ejaz, policy analyst at Consumer Reports, in a statement.
World’s Biggest Issuer
Citi has described itself as the world’s largest credit card issuer and it has more than 55-million cards issued, including frequent flyer cards for American Airlines and affinity cards for brands that include Best Buy, Home Depot, ExxonMobil and Sears.
Citi has disputed the Consumer Reports analysis, saying the publication "grossly misrepresented" how the bank has supported its customers and contained multiple "factual inaccuracies."
"The complaints referenced in the CFPB database include those related to merchant disputes, as well as those received very early in the crisis just prior to credit card assistance being available, and in total, the 168 complaints represent a very small fraction — .008% of the 1.9 million customers assisted," the bank said in a statement to CNN Business.
Consumer Reports pointed to one statement by a Best Buy customer from Pennsylvania who filed a complaint in June to the CFPB database saying Citibank is charging $100 in monthly interest even though he or she was laid off because of the pandemic. "This is absolutely disgusting," the customer wrote.
The database indicates the complaint was closed without offering non-monetary relief and Citi chose not to make its response public, Consumer Report said.
Another borrower from Texas complained in June that Citi charged unnecessary late fees and interest.
Citi Urged to ‘Keep Promise’
Consumer Reports urged Citi to keep its promise to help borrowers seeking relief during the pandemic, and to needs to provide clear and reliable information about its relief programs on its websites, bills and mobile apps.
The group also said Citi should make the only requirement to access that relief an "attestation of hardship," and should automatically waive all late fees during the duration of the crisis and for at least 180 days after, CNN Business reported.
Citi responding by stressing the recommendations Consumer Reports called for are already in effect, including a dedicated COVID-19 website for customers and not requiring proof of hardship for borrowers to receive relief.
CNN Business reported Citi generated $2.3-billion in revenue during the first quarter from its branded-card business, up 7% from the year before.
Synchrony Bank (SYF) had the second-highest number of credit card complaints related to the pandemic during the March-May period that Consumer Reports analyzed.