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Select Comfort / Lied about finance charges during promotion

1 United States Review updated:

Well I't seems i'm part of the so many unhappy and complaints about GE Money Bank. Me and my wife had purchased a bed from the store called Select Comfort in 11/05 for the amount of 2,100 dollars and were given a 18 month free of finance charges. The finances charges were not to be added or charged by GE Money Bank until the promotional period was to be over in 5/07. Well to my surprise I'm not sleeping so comfort in this bed anymore, to my surprise after paying 100/200 monthly this months statement came in and expecting to be at the ending balance of 800$ we were finally happy to be able to pay it off with our income tax but we were shocked to se that our balance had jumped to 1,500$ as you can imagine this but me in a up roar. I've called GE money Back and well it's like talking to and scratched record player getting the same answer from everybody, from customer service to supervisors - well the finance charges had started since day 1 and since the balance was not paid in full before the ending promotion date that it would be added on at ending period, but in the mean time here we were thinking that the finances charges were not going start until the ending period like we were told by the salesperson al Select Comfort sleep bed company. GE Money Bank is one off the most rip off banks that i have ever done business with and will be the last time i ever do. They were at no help, they are not an bank you can go to-just over the phones probably hidden in some warehouse or abanded office, but by word of mouth and other means people should be warned about select comfort and ge money banks practices on how they do business and how they do not help the customer at all.

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  • Ti
      26th of Sep, 2007
    0 Votes

    The consumer is given a credit agreement anytime they fill one out.
    The customer was sent 18 monthly bills stating the amount owed and interest accrued.
    GE isn't doing anything every other finance company will do nor is Select Comfort.
    I don't care if you shop at Sears, Circuit City, Mattresses & More, Sam's Club, Costco, Best Buys, Comp USA, Lazy Boy, HH Gregg, Dillard's, Macy's, Penny's, or any other major retailer the same results will occur regarding interest on the entire amount.
    There was no scam committed.
    This was more in line with consumer ignorance on credit and how to works.

  • Se
      11th of Jan, 2010
    0 Votes

    In clear english the contract states that the balance must be paid by the end of the promotional date or all interest accrued will be applied to the balance. It is called deferred interest. I just purchased this bed and am under the same exact contract you speak of. GE Money bank also did this same offer for customers of Tweeter. It is your own fault for not reading and understanding the terms of the agreement which YOU SIGNED. Next time bring mommy or daddy with you.

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