To me, this indicates two things.
The first, which is obvious, is that Citi ain’t worth squat and is definitely not a stock that I have any interest in owning or purchasing in the short term even if it is so affordable.
Secondly, and more important in the grand scheme of things (to me, anyway), this clearly indicates that ATM fees are much, much, much too high.
Now, I do my best to always use Bank of America ATM’s because that’s where my checking account is, you know, to avoid ever having to pay an ATM fee.
In fact, the biggest reason that my checking account is with them is because it’s tough to find yourself anywhere in the continental United States and not find a BoA presence.
But the last time that I was actually dinged with an ATM fee, it was from Citi (and then BoA for the same transaction! sheesh…) so I’ve got an old bone to pick.
It was years ago — August 13, 2002 to be exact — and CitiBank, as they were called back then, hit me for $2.75 on a $20 withdrawal.
As outrageous as that is on its own it’s even more outrageous to think that I could almost buy 3 shares of the company for a fee like that…