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9346. CitiBank Approval

inkie@desirecuss.com
Subject: Your Citi Card approval
Date: Wed, May 14, 2014 10:41 AM

Dear Carlos.Arriba@Hombres.Locos.mx,

Ready For Use: Activate your CitiBank or Capital One Card Wednesday

Higher spending limits have been approved - limited time remains to claim


Confirm your information >>>

Thank you

 

 

 

 

 

 

 

 

When the international banking giant Citibank moved its credit-card operations to Sioux Falls, S.D. in 1981, it altered the small Midwestern city overnight. With a population of barely 80,000 at the time, Sioux Falls still had an economy built on agriculture and meat-packing. But when state leaders, desperate to attract outside businesses during the economic recession of the early 1980s, changed South Dakota's usury laws to eliminate the cap on interest rates and fees, Citibank came calling.

The company initially promised to bring 500 jobs to the area and to build a large facility in northwest Sioux Falls. Citibank now employs more than 2,900 workers in the city, and it anchors a financial sector that provides more than 16,000 jobs in a metro area with a growing population of nearly 230,000 residents. And according to the Federal Deposit Insurance Corp., South Dakota holds more bank assets?$2.5 trillion?than any other state in the country.

At the time, South Dakota was the only state with this unusually lax approach to banking laws, and Citibank was soon joined by Wells Fargo, Capital One, First Premier, and other financial institutions that were eager to relocate their credit-card operations to the Mount Rushmore State. A handful of other states, including Delaware and Nevada, have since followed suit, but other tax incentives such as the absence of personal and corporate income taxes?South Dakota eliminated both in the 1940s?provided a significant draw.

 

 

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