In March of 2002 I signed up for the C2it online payment system, hoping to use C2it for internet payments such as online auction payments. On about March 10th, I "won" an auction on ebay, and paid the seller $9.20 using the C2it payment system. On April 13th, I received my Visa bill, and in addition to the $9.20 payment to the auction seller, I was hit with a $20 **FINANCE CHARGE** CASH ADVANCE FEE by my VISA company, Bank of America ! It is my understanding that most if not all credit card companies charge fees for "wire transfers" which is what C2it used to bill the $9.20 on my account. Let's see, a total of $29.20 to pay for a $9.20 item. NOT A GOOD DEAL ! In my area, a money order costs 25 cents. I am cancelling the C2it service and want others to know what a poor service I feel this is for the consumer. This is a quote from the C2it website www.c2it.com (4/13/2002) "The secure way buyers and sellers can send and receive money via email within the U.S.�FREE." (C2it is a service of Citibank, FSB. Member FDIC.) Maybe they themselves don't charge the fee, but they cause the Cash Advance Fee to be imposed on your credit card. They DO mention this in the fine print, but I (and perhaps many others) did not read that fine print as overshadowing all the "free" statements. Below is a scan of the 2 charges on my bill, notice the transaction number, "240" links the cash advance fee to the $9.20 charge to C2it. Update July 1, 2003 : As of sometime in early 2003, sending money via c2it is no longer free. Check their website for full and current details. The Cash advance fees I mention above are still possible, so you might end up with a fee from c2it and another fee from your credit card issuer. Update October 27th, 2003 : This message has appeared on the c2it website:"IMPORTANT NOTICE: c2it service will be discontinued as of November 9, 2003. Effective November 9, 2003, you will not be able to conduct financial transactions on the www.c2it.com website. However, you may continue to log on to manage your membership information and view your statements until February 22, 2004."
Charles G. P.S. After more than a year of this webpage being online, I have never been contacted by C2it to dispute any of the information relayed here. I think that the lack of any rebuttal or "defense" of this incident by C2it speaks to the accuracy of my information. cg 7/1/2003
This information is shared as a public service, as an accurate account of my experience with the C2it online payment system. Use this information as you see fit. As always, caveat emptor - Buyer beware !