Monday, June 07, 2010

Good Riddance CitiBank

Off Topic Post...

So I had an old checking account with CitiBank that had a $0.00 balance. I recently received a letter stating that I had a negative $49 balance because of monthly fees, which compounded into overdraft fees. So I went to a local CitiBank branch to explain the situation and they stated that I had to pay… Yes, pay them $49 for the right to close my account. Umm… I don’t think so! I told them that I was going to file a complaint with the Office of Currency Compliance and they had no idea who that was… This is the US Government agency that watches over you guys! Anyways, I called up their customer service one more time to give them one last chance to fix this issue. This time, the representative credited my account the fees and closed it. After this experience, I’ll never be a CitiBank customer again and I’ll never consider purchasing any CitiBank stock.

Sunday, June 06, 2010

SkillSoft = Done Deal, But...

So... SkillSoft officially closed on May 26th, but the cash won't be paid out until June 9th. I have to wait an additional 2 weeks for payment, which is an eternity when you're playing a risk arb deal. As they say, time is money. This cuts into your annualized rate of return. This is the longest I've had to wait for the cash after a close. What's up with that!?