Citibank will pay refunds and damages totaling $18 million to settle charges that the financial services company emptied the dormant accounts of credit card customers, California's attorney general announced Tuesday. A three-year investigation concluded that Citibank used an "account sweeping" program between 1992 and 2003 to quietly shift accrued money from 53,000 cardholders' accounts. A former employee who reportedly was fired after asking about the sweeps will receive $300,000 in the settlement.
Citibank to Pay $18 Million to Settle Calif. AG's Claims of Theft From Customers
August 27, 2008