I didn't realize it at the time, but I tranfered my associates balance to my citibank account. Citibank just aquired Associates bank. Will this is considered "kiting" and what exactly happens?? Thanks Mom
RE: Balance tranfers "kit How are you supposed to know they just aquired them? Did either company send you a letter?
RE: Balance tranfers "kit Nope, I just read about on various boards. According to my statements it is still bank of Delaware. So would I be safe then?? I am just not sure how kiting works or how it affects you?? Mom
RE: Balance tranfers "kit Yes you are "kiting".The only thing that will happen citink will decline your balance transfer request,and send you the reason why. Just be careful the next time.
But it went through I did it last week and it has already posted to my account?? Will they take it back then??
RE: Balance tranfers "kit I would think (common Sense, not that banks use it)that you are not liable unless you knew they are the same bank. Plus even though one bnak owns another, that does not make them the same bank. They usually work like sister banks not merged banks. Example: BankOne owns First USA and First USA owns Wingspan. They all work together, but a BankOne won't let you come into a brancha dn conduct business like you are a Bank One Customer. Citi and Associates will probable keep their own brands. I think many banks are buying smaller banks for more profit. They don't want to dirty their hands with high risk customers, but they want the high risk customer profits. I wouldn't worry about the kiting. The average customer would have no clue Citi bought Associates. Most people don't read the WSJ.
RE: But it went through Well let me put it this way maybe citibank hasn't completed their transaction with associatesbank yet.If that is the case you will not be "kiting" for now.Does anyone out there know it's a done deal yet?Please let us know.
Thanks Eboni Yes if not for these boards I would have never known. And as far as your average customer, your statements don't mention citibank anywhere. The balance tranfer went through, it did concern me though b/c I just realized I did know, but I was never informed by them. Plus the balance tranfer went through in 2 days, that had me a little alarmed. But it did go through so I guess I'm okay. Mom
RE: But it went through Not sure I know Citibank rep said they had aquired Associates but don't know how long it takes and like Eboni mentioned I would think they would tell their customers, or would they? I just hope since it went through everything is okay. Mom
Ble You said it wouldn't be considering kiting "NOW", but would it be considered kiting "Later"?? Sorry I realize what kiting means but does it refer to trying to balance tranfer to same bank or the act of actually transferring??
RE: Bottom Line Mom You are safe. That's the same thing that happen to one of my transfers, it posted in 2 days, because they wired the funds to the company and the company was called Associates Commerce Solutions, but that's not the name of the company when I personnally mail them my payments. So, therefore it's an internal thing with Citibank and Associates, and trust me, if there was a problem, the transfer would have never taken place that quickly and easily. Don't worry, everything is fine.
Thanks Lady Thanks Lady, I feel much better now. yes O wondered too, that tranfer cleared 2 days, Fidelity still hasn't posted yet. Mom
RE: But it went through Yes citibank would be required to inform you that they have aquirred associates bank.I hope everything is alright since the transfer went through.Sorry i taken alittle to long to respond back.Have a good day. BLE
citibank/associates deal not g Associates shareholders just voted to be acquired by citibank but the deal is subject to regulatory approval. Consumer groups are mounting opposition accusing both banks of predatory pricing.
RE: Balance tranfers "kit I was told "KITING" meant that you deposited a check into bank "A" from bank "B" and back again and really never had the funds in eather account. BALANCE TRANSFERS HAVE NOTHING TO DO WITH "KITING"!!!!
Thanks George I had heard of it but didn't know exactly what is was, then I was reading another board and I got the impression it had to do with balance tranfers?? Mom
RE: Thanks George FROM WWW.DICTIONARY.COM...(cut and paste) 1.To use (a bad check) to sustain credit or raise money. 2.To increase the amount of (a check) fraudulently.
