Mannlicher
Member
I say this is bogus.
Citi Credit Card Rejects Firearms Industry
- Thread starter Henry Bowman
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siglite
Member
If it's true, any enterprising financial folks, there's a sudden market void for firearms related CC transaction processing. For every moronic company that would turn down transaction processing for firearms dealers, there are 50 banks that'll take that business Right Now.
HOME DEPOT GEORGE
Member
Citi bank wont lose any money from gun owners cancelling their cards, they'll just follow bank of america and start giving cards to illegal aliens.
armoredman
Member
Ya know, he's got a point, and all those illegals fleeing AZ's new employment law will need credit cards...
oldschool
Member
Citi Bank
I have nothing Highroad to say about Citi Bank. Its all negative and its all verifiable & all true. I don't have an active HomeDepot card either because CitiBank covers that one too. Credit line for the new couch went to Wells Fargo I told the sales person if the credit has to go through Citi there will be "no sale." Oh, yeah and freeze my card because I put the payment in the mail on my way to fulfill my fathers living will. Check
CitiBank's Saudi investors are a little torqued because their business side isn't turning enough profit. That's ironic and funny in countless ways.
Sorry for the rant CitiBank's 1 redeeming quality is the call center jobs it brings here locally but I refuse to do personal business with them.
I have nothing Highroad to say about Citi Bank. Its all negative and its all verifiable & all true. I don't have an active HomeDepot card either because CitiBank covers that one too. Credit line for the new couch went to Wells Fargo I told the sales person if the credit has to go through Citi there will be "no sale." Oh, yeah and freeze my card because I put the payment in the mail on my way to fulfill my fathers living will. Check
CitiBank's Saudi investors are a little torqued because their business side isn't turning enough profit. That's ironic and funny in countless ways.
Sorry for the rant CitiBank's 1 redeeming quality is the call center jobs it brings here locally but I refuse to do personal business with them.
bluestarlizzard
Member
i'm not a big fan of credit cards period, but this makes me so glad i don't have one with them. yucky yucky.
41magsnub
Member
I still have a Citibank card, but have not used it for a while for other reasons. I have a lot of miles built up on it that I will not throw away, but once they are used up the card goes bye bye.
As a side note.. is Citibank is the financial position right now to turn away any business? I thought they basically had to get bailed out?
As a side note.. is Citibank is the financial position right now to turn away any business? I thought they basically had to get bailed out?
boredelmo
member
You know what's funny? My cousin is a senior exec at First Data. And she has a lot to do with this. I'm going to call her tomorrow.
boredelmo
member
Nope. Probably not going to name her though. And i suppose you folks will think its just a tall tale, but im calling her anyways.
chris in va
Member
Let us know what develops, boredelmo. Very curious.
boredelmo
member
You'd think they would know better than to turn away legitimate business considering they're about to get their asses handed to them by sub-prime:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aqYaLg9W6sv8&refer=home
Citigroup to Take
$16 Billion Writedown, Merrill Says
By Edward Evans
Jan. 8 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank, may be forced to write down $16 billion in the fourth quarter and post a larger loss than previously estimated, Merrill Lynch & Co. analyst Guy Moszkowski said.
Moszkowski almost doubled his estimate for Citigroup's loss to $1.43 a share from 73 cents, he wrote in a note to clients today. Moszkowski, the top-rated U.S. bank analyst according to Institutional Investor magazine, maintained his ``neutral'' rating on the New York-based bank.
Sanford C. Bernstein & Co. and Goldman Sachs Group Inc. have also cut their estimates for Citigroup on concern the bank will mark down some of its $55 billion of subprime and collateralized debt obligation holdings. U.S. subprime-mortgage defaults have forced financial institutions to announce at least $100 billion of asset writedowns and losses on bad loans.
Writedowns at Bear Stearns Cos. and Lehman Brothers Holdings Inc., whose fiscal year ends a month earlier than Citigroup in November, suggest ``substantial deterioration in the value of the underlying securities'' as well as the failure of some hedging strategies, Moszkowski wrote. ``Further, overall fixed-income trading results were abysmal at all most November year-end firms and likely worsened in December,'' he wrote.
Citigroup Chief Executive Officer Charles Prince stepped down two months ago after the bank said it may write down as much as $11 billion on top of more than $6 billion of charges reported for the third quarter.
Sanford Bernstein's Howard Mason said Citigroup may have to cut the value of holdings by $12 billion in the fourth quarter. Goldman's William Tanona predicted an $18.7 billion reduction.
Moszkowski also cut his fourth-quarter earnings estimates for JPMorgan Chase & Co. to 94 cents a share from $1.04, saying the No. 3 U.S. bank after Citigroup and Bank of America Corp. may have to write down the value of subprime assets by about $1.4 billion.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aqYaLg9W6sv8&refer=home
Citigroup to Take
$16 Billion Writedown, Merrill SaysBy Edward Evans
Jan. 8 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank, may be forced to write down $16 billion in the fourth quarter and post a larger loss than previously estimated, Merrill Lynch & Co. analyst Guy Moszkowski said.
Moszkowski almost doubled his estimate for Citigroup's loss to $1.43 a share from 73 cents, he wrote in a note to clients today. Moszkowski, the top-rated U.S. bank analyst according to Institutional Investor magazine, maintained his ``neutral'' rating on the New York-based bank.
Sanford C. Bernstein & Co. and Goldman Sachs Group Inc. have also cut their estimates for Citigroup on concern the bank will mark down some of its $55 billion of subprime and collateralized debt obligation holdings. U.S. subprime-mortgage defaults have forced financial institutions to announce at least $100 billion of asset writedowns and losses on bad loans.
Writedowns at Bear Stearns Cos. and Lehman Brothers Holdings Inc., whose fiscal year ends a month earlier than Citigroup in November, suggest ``substantial deterioration in the value of the underlying securities'' as well as the failure of some hedging strategies, Moszkowski wrote. ``Further, overall fixed-income trading results were abysmal at all most November year-end firms and likely worsened in December,'' he wrote.
Citigroup Chief Executive Officer Charles Prince stepped down two months ago after the bank said it may write down as much as $11 billion on top of more than $6 billion of charges reported for the third quarter.
Sanford Bernstein's Howard Mason said Citigroup may have to cut the value of holdings by $12 billion in the fourth quarter. Goldman's William Tanona predicted an $18.7 billion reduction.
Moszkowski also cut his fourth-quarter earnings estimates for JPMorgan Chase & Co. to 94 cents a share from $1.04, saying the No. 3 U.S. bank after Citigroup and Bank of America Corp. may have to write down the value of subprime assets by about $1.4 billion.
Bubbles
Member
Are you kidding? Citi started doing it years before BoA.
http://cbs4denver.com/business/bank.Of.America.2.280004.html
I really don't understand Citi/FA's deal with this. As was mentioned earlier, Citi got nailed hard by the subprime mortgage fiasco. There is no way they can afford to turn away profitable business. Granted, most gun stores aren't profitable, but Citi makes 2-3% on purchases even if the cardholder pays off the card each month. The interest is gravy. Ok, thick gravy.
uhhhh
This is crazy. Would they rather have people paying in cash? Seriously, you cannot trace cash. So these idiots are (in some cases) taking away "evidence" from the police, by forcing more transactions to be in cash. Seems to me that these idiots are letting an agenda stand in the way of common sense.
This is crazy. Would they rather have people paying in cash? Seriously, you cannot trace cash. So these idiots are (in some cases) taking away "evidence" from the police, by forcing more transactions to be in cash. Seems to me that these idiots are letting an agenda stand in the way of common sense.
Justin
Moderator Emeritus
This First Data stockholder is officially confused as to why, if CDNN has violated the law, the BATFE isn't involved, and if they haven't violated the law, why they're refusing to do business with CDNN.
FWIW, I left June a voicemail asking these question. Robert Tenenbaum's voicemail box, however, seems to be full.
FWIW, I left June a voicemail asking these question. Robert Tenenbaum's voicemail box, however, seems to be full.
evan price
Member
A large local gunshop (Largest in area) offered 6-months same-as-cash on $500 and up purchase. Last year they had to terminate the program because Wells-Fargo (Who was underwriting the loans) changed management and the new management decided that supporting gun sales was not in their best interests. They also terminated the gunshop merchant agreement when the contract expired. Explicitly they said they do not want gun sales, period.
So Wells-Fargo is no better than Citi.
Shcrew alla dem guys, pay cash!
highorder
Member
since did money grubbing corporations start caring about where the profits come from?
arthurcw
Member
AMEN!!!! Pay Cash. If you are in debt; get out as FAST as you can. If you have to eat rice and beans for a year, do it! The fewer masters you have the better off you will be.
The added benefit is if you have HARD cash, you get better deals.
I'll send CDNN a Money Order and wait the extra few days.
Funny, I’ve never bought anything form them, but I just started.
damien
Member
This is totally possible. What do you think cash advances are for?
damien
Member
My very thought. Way back when I used to pay for guns with credit cards. It is very convenient. For the last five years or so, cash only. I figure it gives "them" one less piece of information if there ever is a confiscation. Anyway, it's fun to show up with $2000 in 100s to buy an expensive gun.
Charles Daly
Member
I repeat here the post I made in the Activism section:
This story is definitely true. I spoke with Mr. Crawford at CDNN who later faxed me a copy of the termination letter he received from First Data.
During a phone conversation that Mr. Crawford had with First Data, First Data told him he was no better than someone running a brothel, and that if his actions selling guns was not illegal then it was certainly immoral and First Data would have nothing more to do with them. This to a company, CDNN, who pays on average $50,000 in fees to First Data monthly.
First Data can cancel the contract, that is perfectly legal. I'm not sure of the $75,000 reserve they are taking for 6 months. That would seem extreme to me. However, CDNN will find another credit card processor and First Data will lose about $600,000 in revenue from CDNN's account.
What we should hope to do here is spread the word of this travesty and make sure anyone in our industry that uses First Data as their credit card processer change immediately. Perhaps First Data will lose several millions of dollars and perhaps the idiot in charge of this policy at First Data will soon be looking for a job. That is about the best outcome we can hope for out of this.
This story is definitely true. I spoke with Mr. Crawford at CDNN who later faxed me a copy of the termination letter he received from First Data.
During a phone conversation that Mr. Crawford had with First Data, First Data told him he was no better than someone running a brothel, and that if his actions selling guns was not illegal then it was certainly immoral and First Data would have nothing more to do with them. This to a company, CDNN, who pays on average $50,000 in fees to First Data monthly.
First Data can cancel the contract, that is perfectly legal. I'm not sure of the $75,000 reserve they are taking for 6 months. That would seem extreme to me. However, CDNN will find another credit card processor and First Data will lose about $600,000 in revenue from CDNN's account.
What we should hope to do here is spread the word of this travesty and make sure anyone in our industry that uses First Data as their credit card processer change immediately. Perhaps First Data will lose several millions of dollars and perhaps the idiot in charge of this policy at First Data will soon be looking for a job. That is about the best outcome we can hope for out of this.
jfh
Member.
A possible way to put pressure on is to start e-mailing / faxing / contacting First Data's upper end CEOs and members of the board.
Regardless of personal beliefs, the Upper End Management does not want to loose profit or income, and this kind of personal injection into corporate account policy is way out of line.
I did this with some telco provider back in the 90's--don't remember the details. IIRC, it "kind of" worked.
Jim H.
Regardless of personal beliefs, the Upper End Management does not want to loose profit or income, and this kind of personal injection into corporate account policy is way out of line.
I did this with some telco provider back in the 90's--don't remember the details. IIRC, it "kind of" worked.
Jim H.
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