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PHONE BANKING Introduction PHONE BANKING Introduction Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. As of March 2010, Citigroup is the third largest bank holding company in the United States by total assets, after Bank of America and JP Morgan Chase.[1] Citibank has retail banking operations in more than 100 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, Dallas, and Washington, D.C., metropolitan areas. In addition to the standard banking transactions, Citibank offers insurance, credit card and investment products. Their online services division is among the most successful in the field, [citation needed] claiming about 15 million users. As a result of the global financial crisis of 2008–2009 and huge losses in the value of its subprime mortgage assets, Citibank was rescued by the U.S. government under plans agreed for Citigroup. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion.[2] Since this time, Citibank has repaid their government loans in full. [3] Founded in 1812 as the City Bank of New York, ownership and management of the bank was taken over by Moses Taylor, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.[citation needed] The first president of City Bank was Col. Samuel Osgood, born in North Andover, MA. In 1863, the bank joined the U.S.'s new national banking system and became The National City Bank of New York. By 1868, it was considered one of the largest banks in the United States, and in 1897, it became the first major U.S. bank to establish a foreign department. National City became the first U.S. national bank to open an overseas banking office when its branch in Buenos Aires, Argentina, was opened in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta, and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., at that time an activity forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. By 1919, the bank had become the first U.S. bank to have US$1 billion in assets.[citation needed] Charles E. Mitchell was elected president in 1921 and in 1929 was made chairman, a position he held until 1933. Under Mitchell the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by historical economists as one of the prime causes of the stock market crash of 1929, which led ultimately to the Great Depression.[citation needed] In 1933 a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions dollars in losses, excessive pay, and tax avoidance. Senator Carter Glass said of him: "Mitchell more than any 50 men is responsible for this stock crash."[4] On December 24, 1927, its headquarters in Buenos Aires, Argentina, were blown up by the Italian anarchist Severino Di Giovanni, in the frame of the international campaign supporting Sacco and Vanzetti.[citation needed] In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (the brother of John D.) branch. In 1960, his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's long-time New York rival for dominance in the banking industry in America.[citation needed] Why choose Citibank? Access You get easy access to your accounts—online, by phone, and through our worldwide network of ATMs and branches. Experience the power. Open a Citibank account and you're opening the door to worldwide account access, an award-winning web site, relationship pricing, and the convenience of managing all your accounts in one place. Control Get cash when you need it with a variable-rate credit line or a fixed-rate personal loan. Apply online and find out in minutes if you're approved. Personal Lines & Loans at-a-glance Whether you want a line of credit you can use on demand, a lump sum for that dream vacation, or overdraft protection for your checking account — there's a line or loan that meets your needs. Convenience You can do almost everything you need to online—pay bills, make transfers, view your balance, see your statement, and more. Security Your accounts are protected with advanced technologies and services including 128-bit encryption and online fraud protection. Learn more Citibank at Work brings the bank to your workplace. With a global outlook, we have a particular understanding of your needs and can provide banking products and services to match your lifestyle at preferential terms. At our one-stop shop, you benefit from: a choice of Bank Accounts to suit your needs and park your assets a Credit Card that complements your lifestyle and rewards you as you spend* a Loan that helps turn your dreams into realities* a personalized service that acknowledges your true worth - we have it all! Banking On line Banking with bill pay Checking Saving and Money Markets IRA’S and Rollover Certificates of Deposit Mobile Banking Credit Cards • Most Popular Credit Cards • Low Interest Credit Cards • Rewards Credit Cards • ThankYou ® Credit Cards • Student Credit Cards • Business Credit Cards See all Lines & Loans • Home Equity Line of Credit • Home Equity Loan • Mortgages • Overdraft Protection • Personal Lines & Loans • Student Loans See all Business • Business Banking • Business Credit Cards • CitiBusiness ® Online See all Investing • Citi Personal Wealth Management One of the problem in citbank is phone banking What is CitiPhone Banking®? It's a FREE1 service that lets you do your banking by phone. In fact, you can use CitiPhone Banking to do many of the same things you can do online or at a Citibank Financial Center 2. Here's a quick rundown of what CitiPhone Banking offers. How it works To use CitiPhone Banking, just call the number on the back of your Citibank® Banking Card and enter one of the following: • 1.Your Citibank Banking Card number (press 1). • 2. Your Social Security Number or Individual Taxpayer ID (press 2). • 3. Your account number (press 3). Next, enter your telephone personal ID code (TPIC). If you don't have one, stay on the line and Customer Service will help you set one up. Costs CitiPhone Banking is FREE.1 If you pay bills by speaking with a representative (as opposed to using the automated phone service), it's $4.95 per month for unlimited payments. • You can bypass the CitiPhone Banking recording using this quick guide. • You can reset your telephone access code online at any Citibank ATM or by calling the number on the back of your Citibank®Banking Card. • When outside the U.S., you can access CitiPhone Banking by calling the international toll-free number on the back of your Citibank® Banking Card. Regular account fees apply. In addition, there may be fees for services accessed via CitiPhone Banking®, such as staff-assisted bill payments, checkbook reorders, and stop payment requests. CitiPhone Banking will not permit you to transfer funds if you provide an incorrect access code, attempt to transfer an amount greater than the available balance in the source account, or if the transfer exceeds the number allowed for a particular account. Your accounts are a call away. Not near a computer? Then use CitiPhone Banking®to access your accounts. You can make transfers, pay bills, get your balances — you can even hear a summary of your ThankYou® Points. Phone banking should be simplified as follows: 1.Itshould be easier 2.It should not be time consuming 3.Caller should not hold for long time to speak to operator 4.It is difficult to operate if client is illiterate. Other related problems are lower rate of interest in the fixed Deposit If your appetite for risk is minimal, your banker can advise you on time deposits (also known as fixed deposits) as forms of investment. There are various kinds of time deposits available in different tenures and currencies. You lock your money in for a fixed amount of time at a fixed rate of interest. Upon maturity of the time deposits, you can withdraw your principal sum plus the interest earned. Foreign currency time deposits work just like ordinary time deposits, except they are not in local currency. The element of risk is present because exchange rate can go up or down. Term Deposits are a great way to secure higher rates of interest, if you don't need immediate access to your funds. Citibank's range of Term Deposits offer: • Competitive interest rates, with interest calculated daily • Tiered interest rates - higher rates available for larger investment amounts • A wide range of terms varying from 8 days to 5 years • An innovative Ladder Term Deposit - your rate steps up during your term • No up-front or account keeping fees when held to maturity Consumer Term Deposit • Interest calculated daily and paid either annually or at maturity • Terms from 1 month to 5 years • Minimum investment $10,000 • Ladder Term Deposit • Interest calculated daily paid at each rate step and then at maturity • 12 month term only • Minimum investment $10,000 Money Market Term Deposit • Interest calculated daily and paid at maturity only • Terms from 8 days to 12 months • Minimum investment $100,000 Some of the major bank brands include Suntrust, Compass, etc.
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