Loan companies love late payments and hate online banks. GE Money Bank has solved this problem by simply issuing false billing statements and illegally obstructing the victim's efforts to resolve the 'error'. In my case GE flatly denied receiving a payment sent them online by direct deposit from a reputable bank.
I opened a credit card with GE in Dec. 06 with 0% interest on transfers for one year. I programed my bank to automatically pay them online every month and the first payment was received and credited correctly by GE's computers. On the very next statement, GE declared that no payment was received in January 07 and immediately hiked the interest from 0 to 24.99%. (All subsequent payments were processed correctly.) I called GE (twice) to report the "billing error", the second time with the confirmation codes in hand. GE customer service flatly refused to accept my call. I asked them to do a elementary computer search which could find the 'lost' payment in five minutes. I was told "That is strictly against company policy. You must submit a written letter with a bank transcript." I sent a letter and it was ignored, as I knew it would be. The moment that GE refused my call I knew the billing statement was a lie. (I know enough of computers to know that online banks don't make mistakes.) I trust that you know how a 'letter runaround scam' works. and I refuse to play this sucker game any further. I did some investigating that confirms my suspicion of fraud. The FBI told me that GE could have used the codes to find the 'lost' deposits in ten minutes. My bank informant explained that GE needed neither codes nor transcript to fix my account. GE has records of the money they received from my bank account and are refusing to consult those records, demanding a transcript under false pretenses.
On examining the evidence (I have documents) there is virtually no doubt that GE issued a false billing statement with the intent to steal, breach a contract under false pretenses and defame my character. (Their dishonest customer service policy removes all any doubt that the false statement might be an 'error'.) But note this: GE's obstruction of my report may be more than an "unfair billing practice": it is probably a criminal act. Most states (if not all) have laws about "misplaced funds", such as a check that is cashed but not properly credited to an account. The law obliges an honest company to restore a misplaced fund to its rightful owner by any means necessary, whether he complains or not. Any company who willfully interferes with such a report by a client with the intent to pocket the money is guilty of obstruction and theft. That is clearly GE's motive and such a dishonest customer service police shows this company capable of issuing false billing statements. It also shows that my case is not isolated: GE must be doing this to people on a systematic scale, by the hundreds or thousands. GE Money Bank is a criminal operation.
I submitted this case to the Office of Thrift Supervision (Dept. of the Treasury). I don't know their reaction yet.