First Bank Of Delaware / Scam and cheating!
An immediate family member received an application several weeks ago from Continental Finance Company, LLC, an affiliate of First Bank of Delaware. I watched him shred the application (as we have taught him to do with most documents for security reasons). He never acknowledged nor applied for the outrageously expensive card. ($200 activation fee for a $300 credit card limit PLUS a $50 service fee and thereafter a $12 per month 'service fee)!
Despite the fact that he never engaged this company, today, in the mail came a invoice from this shyster organization. He has written them a certified letter demanding that they cease and desist from contacting him again and that he has not nor does he intend to apply for their predatory card. He has also contacted the Massachusetts Consumer Protection Commission to make sure they are aware of their fraudulent tactics.
There are many reports on the internet showing these same tactics employed by First Delaware (dba First Continental Finance Company LLC) with others. The card is marketed as a high risk credit card in which those with damaged credit can repair their credit history. Yet the tactical structure of the card is obviously about gouging the last drops of financial blood out of those who can least afford yet another financial problem.
I encourage anyone who has a similar experience with this predator to contact their state consumer protection agency and the banking commission. In a civilized society these rascals would be behind bars not desks.
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