The recent announcement of Mexican bank Citibanamex that they will be cutting 6000 jobs due to the oil industry crisis has many locals scrambling for answers.
While it’s easy enough to find information about the company itself, people are just as interested in finding out what Citibanamex customers can expect or how this will affect them specifically.
This article will explore possible scenarios that Citibanamex customers can expect – ranging from the good to the bad and the ugly – based on what information has been released.
What happens to Citibanamex credit cards?
The Bank of Mexico (Banxico), who is responsible for regulating and supervising banks in Mexico, announced that Citibanamex customers could continue using their credit cards as usual and paying them off as they normally would.
Customers can expect to keep seeing the monthly amount deducted from their accounts but if these balances aren’t paid by the due date there will be a significant increase in interest. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
Will Citibanamex change anything about its policies?
There has been no announcement of any changes to account holders’ terms and conditions – meaning that banks will still be responsible for reporting any suspicious transactions made with credit cards
However, given that temporary employees – also known as interiors in Mexico – are the ones who usually handle these cases, it’s possible that they may not be able to report anything at all pending when Citibanamex gets back on its feet.
Will Citibanamex cut credit lines?
No indication has been made that there will be any changes to existing lines of credit but it’s important to remember that if customers fail to make payments on time their interest rates will increase. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
Citibanamex has announced plans to increase their call centers by 100% so if customers have any questions or concerns this would be the easiest way to get in touch with them.
Can Citibanamex customers still cash in on their credits and mortgages?
Citibanamex customers who have received pre-approved offers for credit and mortgages should expect to be contacted by the bank soon. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
Until any changes are made, customers can continue using their cards as usual and paying them off as they normally would. If these balances aren’t paid by the due date there will be a significant increase in interest. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
What happens if Citibanamex customers are abroad?
Any bills that haven’t been paid by the due date will have significant increases in interest. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else. Customers who are abroad or who have started moving overseas – whether for business, pleasure or an expatriate assignment – should remember that they can set up automatic payments so they don’t have to worry about manually paying their account on time every month. If these balances aren’t paid by the due date there will be a significant increase in interest. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else. Remember: If Citibanamex customers fail to make payments on time their interest rates will increase. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
What’s going to happen with Citibanamex credit cards?
Customers who have received pre-approved offers of credit or new mortgages should expect a call from Citibank soon – this is because Banco de México (Banmxico), the bank regulator, has frozen its assets, making it impossible for them to lend any more money.
Existing cardholders can continue using their cards as usual and paying them off as they normally would. But if the balance isn’t paid by the due date there will be a significant increase in interest. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
Remember: If Citibanamex customers fail to make payments on time their interest rates will increase . This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
What happens if Citibanamex customers have credit cards?
Any bills that haven’t been paid by the due date will have significant increases in interest. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else. Customers who are abroad or who have started moving overseas – whether for business, pleasure or an expatriate assignment – should remember that they can set up automatic payments so they don’t have to worry about manually paying their account on time every month. If these balances aren’t paid by the due date there will be a significant increase in interest. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
Remember: If Citibanamex customers fail to make payments on time their interest rates will increase. This is because Banxico froze Citibanamex’s assets; thus making it impossible for them to lend money to anyone else.
So,
If you’re a Citibanamex customer your bank statement pays your mortgage, credit card bills and other current accounts – this includes credits and debits
• Make sure that the balance due gets paid by the due date: Significant increases in interest (increases of at least 3%) will kick in if balances aren’t paid by the due date remembered: If Citibanamex customers fail to make payments on time their interest rates will increase.
• If you’ll be abroad or starting to move overseas make sure that payments are made automatically: You can set up automatic payments so you don’t have to worry about manually paying your account on time every month – remember these balances aren’t paid by the due date; Significant increases in interest (increases of at least 3%) will kick in if balances aren’t paid by the due date remembered: If Citibanamex customers fail to make payments on time their interest rates will increase.
• Customers who are abroad or who have started moving overseas should remember they can set up automatic payments so they don’t have to worry about manually paying their account on time every month remember these balances aren’t paid by the due date; Significant increases in interest (increases of at least 3%) will kick in if balances aren’t paid by the due date remembered: If Citibanamex customers fail to make payments on time their interest rates will increase.
