I've been sitting on this for a few weeks now. I just can't seem to get myself to spend _more_ time in front of a computer after I get home from work. However, I feel others should be forewarned.
I called Citibank a few weeks ago. I happen to have quite a bit in student loans from them, and I was following up on a phone call I made back in January, wherein they told me to call back in May.
Interest rates are low low LOW right now. I've been lying in wait, trying to capitalize on these low rates by consolidating the few loans I have left that are unconsolidated (which are now at a whopping 7.22%). The current student loan rate is 3.5%.
So yes, that's quite a savings.
I call them up and say "Hey, I'd like to consolidate these loans!"
And they say, "No can-do, Ma'am."
I'm sorry, - wha?
I get the manager on the phone, who tells me the same thing. "I'm sorry ma'am, but as of May 1, we no longer offer that service."
Not only was I TOLD to call back in May (fed rates usually change July 1, so I wanted to call closer to that date) but I was NOT informed that Citibank would "no longer be offering this service as of May 1."
How come I wasn't notified?
"We're not required by law to do that, ma'am."
This makes me so angry. It's not my fault that Citibank stock is languishing; that for a bank that manages money, they're not so good at managing their own. I think the thing that makes me the most angry is that, while they take liberties to inform me of just about every other g__d__m service they DO provide, my legal friend (who writes BOOKs on this stuff) believes that they are not legally required to inform me when they stop.
Now, my master plan is to find another lending institution that will buy out my current loan and replace my interest rates with something, shall we say, more favorable. However, easier said than done. I may talk a big game, but I'm thus far only ankle deep in my adult finances and I suspect this will take longer for me to figure out that just a ranty blog post. Although I have faith in my ability to figure it out, this might be a tough one to do alone.
Anyway, consider yourself notified.
And SCREW YOU, Citibank.