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GE Money Bank Complaints - Claimed they never recieved our final payment, charged us huge interest fee!

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GE Money Bank

Posted: 2009-05-29 by   Danette Boni
Claimed they never recieved our final payment, charged us huge interest fee!
Complaint Rating:  100 % with 3 votes
Company information:
GE Money Bank
United States

We made a purchase a year ago on a GE Money Bank loan. The loan was no interest or payments for 1 year. After that year it will go to the adjusted rate for interest. Well my husband and I sent in our final payment to payoff the loan before the due date. GE Money Bank claims they never recieved it. I found all this out when I recieved a bill in the mail for ALL the acrewed interest over the year of the loan. I immediatly called them and asked what happened. They said, " they never recieved the bill and that we owed the entire amout of interest $1300.00. I told me that I did send the payment, they did not seem to believe me or care at all. I spoke with the supervisor who was very aloof and dissconected from the world. His attitude was " too bad for you". I immediatly made an electronic payment on there web site for the entire amount owed. I also stopped payment on the check that I originally sent it. I mailed all this info with a letter explaining what had happened. I got a letter back stating, "who cares". I am just amazed at a company that would be so unforginving and with no understanding of a certain situation. I will never do business with GE Money bank and I will tell all of my friends and family not to as well.
Comments United States Loans
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 122 days ago by   Jan M 0 Votes
IT IS VERY IMPERATIVE THAT YOU UNDERSTAND HOW THE PROMOTION THAT YOU ARE ENTERING INTO WORKS! You must read the fine print on every credit card agreement that you enter into, which includes promotions. GE Money is actually exceptionally helpful with allowing us (the Walmart Credit Card Customers) to reallocate any payment made directly to the promotional balance, the only bad thing is you have to call 48-72 hours after you make the payment. Majority of the time the promotional problems I've come to realize aren't even GE's fault, it is the Walmart Cashier who doesn't scan the promotion or understand how the back of the certificate clearly explains the instructions. As for the situation above, it is self explanatory, "I told me that I did send the payment." From what I could make of this situation, this individual didn't read or take the time to understand how nice this promo really is and how any payment made from the time the promo was started can be reallocated to the promo bal, GE is nice that the payments made first pay off the purchases that are subject to finance charges, yet every customer is offered the ability to move part or all of their payments to the promo balance if they would like to pay it off. GE Money is honestly a very fair and understanding company. They have worked with me if I can't make a payment, they have worked with me lowering my store interest rate, they have been there to help me whenever I request help prior to defaulting. As for the credit line, I've had several of my credit lines decreased, not just with GE, but honestly this isn't a bad thing, this makes sense and if the credit score doesn't meet what each of the bank's request, then so be it, I don't need so much open credit. It doesn't look good on the credit bureau. Also, REMEMBER CREDIT Limit’s are not your money! It is the bank lending it to you, if they lower it... SO WHAT? IT isn't yours and honestly it helping keeping you out of debt; if you get so angry about a decrease then you shouldn't have any credit. If you don't get this, then please don't own a credit card! Hopes this is helpful and explains some economics to those who think that the credit card companies are, "just out to get them". If this individual was to receive 1300.00 in F/C on a 12 Month Defered Interest Promo, they would have had to purchase almost $21, 000 @ 15.87% APR from Walmart on promo. I don't even think Walmart would issue that kind of credit line, expect maybe to a Business. Don't knock a good company for your own fault!

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