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GE Money Bank / Unfair finance charges!

1 PO Box 981438El Paso, TX, United States Review updated:
Contact information:
Phone: 1-800-250-5411

I have yet another similar story with regard to GE Money Bank. I purchased exercise equipment on a 12 months same as cash account through GE Money Bank. Payment in full date was Dec. 5, 2007. I sent them a check on November 19, 2007 which was cashed and cleared my bank on November 26, 2007. Since then I have been the victim of several nasty phone calls from their credit department asking me to make a payment. I have explained to each person that has called (from various countries) the situation and they apparently do not understand a word of English. I have called GE Money Bank myself, faxed and sent via mail copies of the canceled check and still I have continued to be charged and nothing was posted to my account.

After 3 months of this run around, I contacted the Better Business Bureau, which I encourage everyone to do likewise at http://welcome.bbb.org/ and send them a copy of the complaint you have registered here. Within 10 days of contacting them, I received a note from GE Money Bank saying they now located my check and have posted it to my account and "in the interest of customer service removed the late fees that were charge for the period of time AFTER the due date"! They did NOT remove the finance charges that should never have been charged in the first place, because the bill was Paid In Full PRIOR to the due date! They also asked for my complaint to be removed from the BBB records and said this was an isolated incident! They apparently lie in addition to cheat hard working people out of their money.

I would like to know what genius works for GE Money Bank that considered themselves generous in removing a charge that should never have been charged in the first place and then went on to neglected to remove the finance charges on the original amount that was paid in FULL as per the agreement which states, and I quote: "You will incur no Finance Charges on a deferred interest promotional purchase, provided the promotional purchase amount is pain in full by the indicated promotional expiration date and you pay by the payment due date"!!

It is apparent to me that several people have been robbed by this company. I agree, a class action suit would be appropriate, when I add up the hours I have spent trying to resolve this problem, the least they can do is compensate me and all of you for our time, since they seem happy to charge US for theirs!

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Comments

  • St
      30th of Aug, 2007
    0 Votes

    Just like all the rest. I ALWAYS pay on time and now I got 2 late fees of 35.00 and all of a sudden my prom. period was up. I had no idea, I swear it's wrong, but they say it's right. For a 3,000.00 loan they want 535.00. It was due 6 days ago. 1,200.00 was pd off. How rude they were on the phone, unreal.

    Everyone with a complaint must write to the BBB, maybe it will help in the long run, but until then what do we do? Plz advise smb!

  • Rh
      26th of Feb, 2008
    0 Votes

    I AGREE THE COMPANY HAS ADDED ON UP TO DOUBLE THE AMOUNT THAT I OWE THEM. THEY WILL NOTHELP YOU AT ALL .THEY JUST ADD ON FEES THAT ARE NOT FOUNDED .

  • Ke
      1st of Apr, 2008
    0 Votes

    I have recently paid off my 6 months 0 interest, 0 payment on 3/25/2008. Final payment is not due till 4/04/08.

    Now they send me a bill 3/31/08 stating that I owe them $23.36 in interest.

    This bank needs to be shut down. THEIVES

  • Ou
      14th of Jun, 2008
    0 Votes

    This bank says that I owe 2228.80 in charges of which there are promotion charges of 1664.00, that have to be paid by November or I will owe all of the back interest, which continues to grow each month. Remind me to never deal with them again!

  • La
      27th of Oct, 2008
    0 Votes

    File formal complaints with the Federal Trade Commission and Office of Thrift Supervision

    These are Violations of the Fair Credit Billing Act and they are illegal.

    Let these offices know so they can start full scale investigations into the GEMB's illegal lending practices.

  • Pa
      28th of Jan, 2009
    0 Votes

    I was just charged 300 in interest. they had the wrong aDDRESS AND I CALLED ONE DAY AFTER THE PROMOTION ENDED. i TALKED TO SEVERAL PEOPLE AND THEY STILL REFUSE TO WAIVE THE FEE EVEN THOUGH THEY SENT IT TO THE WRON G ADDRESS.

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