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GE Money Bank / illegal credit practices

1 MI, United States Review updated:

this company has decided to close an account of mine that was paid in full. also has lowered my credit linit on two cards and the customer rep "gilbert" had the nerve to tell me it was do to my "inabillity" to pay off balances. how does this person know what i can pay? payments were never late. there has to be something illegalabout this practice. this angered me so much that i closed the two credit cards. this company is trying to ruin my credit record.i will never shop in a store that uses ge money again. this includes walmart and lowes. even if i have cash it wont be spent in these participating stores.

Ja
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Te
  18th of Nov, 2008
Agree Disagree +1 Votes

Corporate Officers and Address located for GE MONEY BANK!
You can go to Business Week.com and search GE Money Bank to get additional information on CEO and Board of Director Information! (the average age of the CEO's is 48)... I would start flooding them with letters asap, in addition to filing complaint forms with your local attorney general offices, and start writing letters to their retailer accounts stating that you will not shop in their stores as long as they are associated with GE Money Bank! Believe it or not, there were people at our local mall passing out flyers in front of American Outfitters last night asking people not to patronize GE Money Bank Retailers! I am in the process of verifying a credit card law in which I believe any creditor has to provide a written 30 day notice to any change in terms of your account, which could also be a violation of this bank! Here is their address info! Happy writing!

GE Money Bank (866) 419-4096
1600 Summer Street
Stamford, Connecticut 06905

Officers: CEO - Colin Shave
Pres/CEO - William H. Cary
CEO - Yoshiaki Fujimori
Regional CEO - Richard Harvey
Chairman - Jeffrey R. Immelt

Co
  27th of Jan, 2009
Agree Disagree 0 Votes

i hate ge money bank i have they go down the tubes and ther all out of jobs i wish we could all sue them for bringing our credit scores down

Co
  21st of Apr, 2009
Agree Disagree 0 Votes

AGREE WITH EVERYTHING - GE MONEY BANK HAD NO PROBLEM TAKING BAIL OUT MONEY FROM THE US GOVT AND THE TAXPAYER AND THEY ARE CLOSING ACCOUNT AND PLACING A BAD MARK ON OUR CREDIT REPORTS FOR NO REASON. I HAVE SINCE CLOSED OUT ALL OTHER GE MONEY BANK ACCOUNT - THIS WOULD INCLUDE LOWES - WALMART - EBAY - PC RICHARDS - I WILL NO LONGER PATRONIZED THESE BUSINESS EITHER NOR WILL I PURCHASE ANOTHER GE PRODUCT IN MY LIFE. GE MONEY BANK IS A SHAM AND SHOULD BE PLACE OUT OF BUSINESS FOR PLACING BAD MARKS ON PEOPLE CREDIT THAT HAVE HAVE BEEN MAKING THEIR PAYMENT ON TIME. GE MONEY BANK SHOULD NO LONGER BE ABLE TO ACCEPT OR BE ELIGIBLE FOR ANY FURTHER TAXPAYER BAIL-OUT MONEIES / T.R.A.P. OR ANY OTHER FUTURE PROGRAMS. I URGE ANY AND EVERYONE TO WRITE THERE CONGRESSIONAL REPRESENTATIVES.

Sa
  5th of May, 2009
Agree Disagree +1 Votes

I hate ge money bank. GE MONEY CHEATING TO THE PEOPLE. THEY NEED ONLY MONEY. HYDERABAD GE EXECUTIVES ALSO CHEATING TO THE PEOPLE.

Sa
  5th of May, 2009
Agree Disagree 0 Votes

HI ALL,

IF YOU TAKE GE LOAN--- IF ANY ONE CHEQUE BOUNCE THEY WILL COLLECT MORE CHECK BOUNCE CHANGES. I NEVER SEEN ANY OTHER BANKS LIKE THAT. IF ANY QUERIES CONTACT MY NO: +91 - 9966066000.

Ha
  30th of Dec, 2009
Agree Disagree 0 Votes

GE MONEY BANK offers Dental and medical accounts that are a givena # of months interest free. However if you pass the end of your promotional date with a balance of even one cent you are charged the ENTIRE amount of interest on the account. To try and avoid this I tried to set up auto payments and encountered one deception after another
1. Reps on the phone did not have correct information
2. there is only one way to make contact and that is via phone which puts you on hold my hold was 50 minutes
3. There is no way to view your scheduled payments on line
4. You receive an email but it does not tell when the payment will begin
5. every rep I spoke to was rude and made me feel like I was asking for something I was not entitled to

My suggestion be careful dealing with GE. It appears they are trying to make communication difficult so you will default

Lo
  7th of Jan, 2010
Agree Disagree 0 Votes

I got myself into credit card debt through no fault but my own. I contacted all my creditors and they were all willing to help me get back on track with my accounts...except GE. Two of my creditors dropped my interest to 0%, while all the others dropped my interest to anywhere from 3%-6%. All the other creditors had hardship programs that last until your balance is paid. After three months of phone calls and letters, because I was told that they won't talk about hardship until you've missed three payments, GE did set me up on a temporary hardship program for a period of 6 months. At the end of the six months, my account goes back to the original terms. I made the decision to enroll in a debt management program to get rid of my GE accounts, and now when I contact them I was told that I can't disenroll for another month - and they are going to send my account to third party collections if I don't send them another payment today. They also closed my accounts before I ever missed any payments. I have never dealt with a company like this. After you are on hold for a half hour, they tell you that you need to call a different number to only wait another half hour. Their reps are rude and have no compassion. I am planning on writing a letter to the CEO to discuss their lack of customer service for no other reason than to make myself feel better. Like many others, I will not do business with anyone who uses GE. I will be happy when I pay them the last penny I owe them. If they hadn't destroyed my credit rating, I would get a loan and pay them off today.

Cl
  23rd of Jan, 2010
Agree Disagree +1 Votes

1/23/10

Hi,

I took out a loan to pay for emergency care for a beloved dog. The care cost about $3, 000.00. I paid all of the payments at a rate of 500.00 for about 6 months; when it got down to the next to last payment, GE claimed that the payment was one day late and charged me about $40.00 in late fees and $219.00 in interest on the previous balance of about $960.00 dollars. The payment was mailed on the same day that all other payments were mailed: the 2nd of the month, which reportedly arrived on time in prior months; so, for one day late, which I don't know whether that is even true or not, GE charged me about $259, 00 on about $960.00.

The original deal was for about $3000.00 for 6 months at 0% interest rate. BS!!!
DON'T GO FOR IT!!!

This is nothing more than a scam!!!

THEY ARE LYING AND CHEATING. AND I INTEND TO CALL THE US AND OH ATTORNEYS GENERAL OFFICE ON MONDAY.

CLEVELAND, OHIO

Ro
  29th of Jul, 2010
Agree Disagree +1 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/

Kr
  9th of Sep, 2010
Agree Disagree +2 Votes

I had GE money on an automatic monthly payment schedule, when the account was paid off I had a small credit due back to me. GE Money not only failed to acknowledge monies due back to me, instead they created false charges in order to absorb the credit.

When will banks be in integrity . As for me I am sick of them not being accountable for their actions.
Enough. . . . It's about honesty not the money.

Je
  31st of Mar, 2011
Agree Disagree 0 Votes

My fiance and I took out a loan for furniture - the first payment for the TV we received was $94.00. I know how GE can be so instead of sending in a check that may be "lost" or "late" I set it up for a direct withdrawal, to be paid in full, from my checking account online...

After two weeks the payment still had not come out of my account. After some digging in our online account my payment was "reversed." I called and argued and argued some more. They said the only way it could have been reversed is if there wasn't enough funds in my checking account when they processed it. Well that's funny...there was PLENTY of funds to cover the $94 payment in my account from before the day the payment was supposed to be posted to when they "reversed" it. Therefore, since it was "reversed, " our payment is considered LATE and they would need to do a full on investigation.

SCAM SCAM SCAM SCAM! We are just going to pay it off now instead of taking our time just to increase our credit score. They are absolutely ridiculous and their CEOs will be receiving letters from us with the proof that their business practices are absolutely BULL! I have NEVER had a problem with any kind of direct withdrawal from my checking account. NEVER AGAIN!

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