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GE Money Bank / Charged fees after closing account

1 United States Review updated:

GE has been found guilty of so many counts of criminal and fraudulent behavior since 1977 it is amazing that they are still in business. Radioactive testing on humans, fines for pollution, and for illegal credit collection practices totaling hundreds of millions are just a few (http://www.cleanupge.org/gemisdeeds.html).

I have had my fair share of horrible experiences with them. My wife and I purchased two TVs on a zero percent interest plan (or so we thought). GE Money would only approve two separate loans to cover the purchase amount one for me, and one for my wife (hmm). We thought this was odd, but we decided to do it anyway. We received a statement from them in our second month of the loan informing us that we had not made full payments on each loan (note: we had not made any payment). On both loans they charged us a late fee, removed the zero percent plan, and increased the interest rates. We thought that we had no payments for 12 months. We called GE Money they said that we were supposed to make minimum monthly payments, but that is not why they removed the plan after the first month. In a very rude and disrespectful tone, the GE Money person said that our credit limit did not cover the full amount of the purchase on each of the two loans. Each loan had a very small amount due something like $300 combined against a $5000 purchase. Sure enough there was about $150 due showing on each statement. To maintain the zero percent program we were supposed to pay the $300 or so dollars the first month. The store where we purchased the TVs did not disclose this. They were shocked when we brought it up. GE Money was not upfront when we entered into the zero percent loan agreement. They could have required that we paid these amounts as a down payment when we purchased the TVs, but they didn’t. These amounts owed were not disclosed at the time of purchase, and they are simply odd. I wonder how many millions of people GE Money has pulled this stunt with. The retail store that sold us the TVs was willing to write a letter on our behalf, but we decided to pay off and close both accounts, but I will never forget the experience.

Round two; my wife needed some emergency dental care. She opened an account with the dentist and did not notice that it was GE Money thinking it was some company named Care Credit. The amount was $500 (with a much higher credit limit for more work needed). We had some confusion on payments owed again. The short story is that after 2 months they charged us $59 in fees, terminated our low interest plan, and charged $30 in finance charges. Here is the interesting part. I called them at 2.5 months into the loan and asked for the total amount owed (the pay-off). I paid it and closed the account, which they verified. I get another a statement the next month informing me that they received the payoff amount (thank you), but that they want an additional $30 finance charge, and $10 check fee, which they neglected to collect at time of payoff. I don’t understand how they have a right to continue to ask for additional, retroactive, interest after they provide a payoff and acknowledge closure of the account. Is this legal? It should not matter that its $500 (plus about $100 in fees and interest in 2.5 months) what matters is the horrible behavior of these people. The fact is that if I don’t just pay it they will charge late fees up the wazzoo. Why do Americans continue to put up with this ongoing abuse? We are to blame if we don’t do something about it.

Ma
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Comments

  • Sa
      13th of Apr, 2007
    0 Votes

    I agree...this GE Money Bank is absolutely TERRIBLE!!!! Spread the word do NOT let anyone you know use them. I purchased appliances on a no-interest deal and all was fine until it came time for the end of my term and I had to pay off my last payment before the promotional deal was finished. I tried to make an online payment a full month before it was due to be sure there were no problems.

    I noticed it says 'your payment could take 30 or whatever to process' (what the hell? every other online payment I make processes on the next business day??) so I called the service line and SPECIFICALLY ASKED them if what I did was right and made sure that I would not be charged a huge interest at the end...they told me I was fine. Then I get a statement in the mail that I owe$2000+ in interest!! Almost more than the original amount.

    So after talking to 2 people on the phone for over an hour...they agree I did try to make the payment but that someone should have told me it wouldn't have been made in time and I should have paid over the phone. They agreed to waive the $2000+ interest.

    So that day I asked them to payoff my balance so that it was $0. Got the nice letter in the mail that I made a phone payment that cost me $15. Then today I see they just took $2500 out of my bank account!!!!!!!!! I called again...oh they can send me my money back in 30 DAYS!! I told them I want the interest they owe me now and my check wired to my bank...they said I need to call back and talk to a supervisor! I intend to. Does anyone know who is the president of this company?

    Who can we write to or call to stop this MADNESS??? I do everything online and have NEVER had any problems beside this HORRIBLE COMPANY.

  • Jo
      15th of May, 2007
    0 Votes

    Sounds like both of you need to inform yourself a bit more before making agreements with credit card companies and stop playing the victim.

  • Ge
      27th of May, 2007
    0 Votes

    Good luck to all of you! I have had just about every experience with ge money that each of you has posted!

    It began with the purchase of a motorcycle 4/06. I received my first loan payment notice 4/28/06, with a due date of 5/10/06. On 4/29/06 I mailed out a check for the amount due.

    On 5/10/06 the phone began to ring... guess who.

    After a brief, and rather "curt" discussion with a cs rep, I checked my online bank statement to find that ge's check cleared my bank on 5/4/06. I called that fabulous "800#" and wound up arguing with several cs reps and "managers" who insisted I was a deadbeat and trying to get out of paying my bill.

    I let it go and waited for the next statement to arrive. Lo and behold, late fees for the month of May; the payment, which cleared my bank on May 4th, was not credited to my account until May12 by ge.

    I travel frequently for business. I didn't take the time to immediately call them to straighten this matter out. Instead, I came home to an upset wife wanting to know why I hadn't sent ge a payment. Apparently they had been calling daily to remind me the June payment must reach them on time, even though it was not yet due; they claimed they were calling me out of courtesy because I was late the month before.

    The events go on and on. I could fill up an entire server.

    I am currently working with our state agencies to file charges of fraud and unfair collection practices.

    I have filed with the BBB and the FTC but as one of you mentioned, this company does not care and does not respond to anyone.

    DO NOT DO BUSINESS WITH GE MONEY BANK!!! YOU WILL REGRET IT!!!

  • Dd
      31st of Aug, 2007
    0 Votes

    I totally agree. In my opinion, GE Money Bank is a complete ripoff. I have had a similar experience.

  • No
      15th of Jan, 2008
    0 Votes

    You're stupid. Do you believe everything you read on the internet?? GE is also the manufacturer of your Washing Machine, OVEN, Dishwasher... CAn't be all that bad can they? In your statement you had some confusion with your payments? Why are you confused. You borrowed the money, pay it back!! If you dont pay for 2 months you're going to get late fees * DUH*. Pay your bills and you won't get fees!!!!! Quityer[censored]en!

  • Co
      16th of Jan, 2008
    0 Votes

    Ge money is not honoring its introductory rate it gave me and has started to charge me over double the intro rate and callind ten times a day I have no choice but to sue I would love to get that idiot that most certainly works for GE in a dark ally some night. DO NOT DO BUSINESS WITH GE...

  • Sa
      18th of Jan, 2008
    0 Votes

    My Account will be close Because My Account Clear The cheque Please refund My cheque My Account close DatreIs 27.12.2007

  • Ja
      4th of Feb, 2008
    0 Votes

    I am so worn out from this bad experience with GEMB. I also paid a bill in full prior to the expiration of the intro rate. They confirmed it but later sent a statement reversing the check and adding fees and interest, saying my bank wouldnt honor payment.. My bank actually was never contacted by GEMB for payment! This is such a scam I can't believe they are getting away with it. What can we do? This has gone on for 11 months for me... no response. Certainly no professionalism or ethics.

  • Fe
      26th of Apr, 2008
    0 Votes

    I am extremely creditworthy and have always paid my bills in full and on time. My complaint has nothing to do with being slammed with an incorrect late charge or interest fees. Nor am I "stupid, " as presumptiously assumed by one of the other posters on this blog. (I am always immediately suspicious of those who call others "stupid" for reporting corporate misbehavior and always have to wonder whose side is buttering their bread anyway.)

    At any rate, it strikes me that GE Money Bank now has their fingers into everything. They have just taken over my Chevron gas credit card which I have held for years.

    I only found out about the GE Money Bank take-over of my Chevron account after recently requesting a copy of my credit report. My credit report is showing TWO different Chevron accounts in my name, and both accounts are showing as currently active and open (I have only ONE Chevron account). One of the postings is showing an account number that I have not yet been apprised of AND the entry is showing that the account was just opened this month, an action that was NOT initiated by the customer.

    After contacting Chevron's service representative to question this matter, it was explained that G.E. Money Bank was in the process of taking over my Chevron account and that I would soon be receiving a new Chevron card reflecting the new account number. It was further explained that during the “transition” period, two different accounts would be reporting to the credit bureaus (even though I have only the one) and that the former account would “eventually” reflect as “transferred” to the newly opened account.

    In these times of customers having to meticulously monitor the opening of unauthorized accounts in their names, I find it unacceptable that Chevron is already reporting a newly opened account in my name without clearly noting the transition matter in the customer’s records with the credit reporting agencies. While it may be standard procedure for corporations to do this, it is still an extremely poor policy.

    The Chevron customer service representative that I spoke with let it slip that they have had a number of phone calls from concerned customers questioning this matter, which is indicative of the great deal of unnecessary time this is taking on the cutomer's part to investigate the situation.

    I have written Chevron a letter requesting immediate closure of my long-held account and demanding that my credit records be properly adjusted to reflect the correct status. I don't need this type of aggravation, all because GE Money Bank cannot keep customers properly informed and implement proper reporting measures to the credit bureaus.

  • El
      26th of Aug, 2008
    0 Votes

    I just received a letter from Universal Fidelity Collection Agency stating that Chevron/GE Money Bank has turned over a bill for collection. They claim that I owe them $224.30. My husband has been dead for 5 years and I have not used the card. In fact, I shredded the thing. We opened the account when we were traveling to New York in 2001 and that is the only time that it was used. Its strange that I never received a bill for over 5 years. Explain that one!!!

  • Ro
      29th of Jul, 2010
    0 Votes

    Yes agreed Ge Money demonstates unethical and ruthless business practice

    The evidence speaks for itself

    Check out this site for detailed info on GE Money's track record

    ASIC acts on GE Money’s insurance and debt collection practices
    http://www.australian-real-estate.net.au/investing/2008/05/30/asic-acts-on-ge-moneys-insurance-and-debt-collection-practices/

    GE Money’s consumer complaints mount
    http://www.australian-real-estate.net.au/investing/2008/07/01/consumer-complaints-about-ge-money-mount/

    ASIC helps Australian consumers understand new credit laws
    http://www.australian-real-estate.net.au/investing/2010/07/26/asic-helps-australian-consumers-understand-new-credit-laws/

    The more consumers that can access reliable information in a timely manner to better

    Consumers should be able to research finance companies first before making a decision to apply for a finance product.

    If consumers can see that GE Money products have distinct disadvantages, that the customer service is poor, the interest rates higher, and the debt collection process is very aggressive and damaging for the consumer it is more likely that consumers will not take up GE Money products.

    Loss of business for GE Money and lower profits will really make an impact against GE Money

    Hit GE Money financially and make a difference

    Spread the word about GE Money complaints

    GE Money’s consumer complaints mount
    http://www.australian-real-estate.net.au/investing/2008/07/01/consumer-complaints-about-ge-money-mount/

  • Ca
      11th of Mar, 2011
    0 Votes

    GE money bank just took over my Citi account. The account was closed. I only know because Citi left their number on their answering machine for inquiries about the change. GE money never sent a statement. That alone tells me they wanted me to be late so they could charge a late fee. I closed the account with Citi because I did not need it. Only owed a little ove $1, 100. I will post this any where and every where will be be praying strongly for the company to fail in tirely in the business market. They are unscrupoulous and do not have good business practice and do not deserve to exist in the business wolrd. When this countries wolrd market does finally fall, I hope they fall the hardess. Everyone reaps what they sow.

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