GE Money Bank Reviews
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Alexei Kolchin
October 1, 2009
Hard to believe they haven't been shut-down.
Ebay MAstercard / GE Money Bank :
I applied for this "credit card" only for convenience for ebay transactions, since they make it look so inviting and wonderful.
Wow, what an utter rip-off. They slam you with all kinds of fees, late charges, over limit, etc etc etc etc. Each month is a different "surprise". And I do have other credit cards like Amex. This will certainly give you high blood pressure for sure. I wrote them a $1, 700 check to pay off in full and close the account, but they never ever go away. Ever! Six months later I'm still getting a bill for $1.50 . Stay far away and use a trusted bank or you'll be stuck with this perpetual nightmare from hell for the rest of your life.
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Julie B New York
September 28, 2009
Predatory Lending Practices
I purchased a mattress set from Sleepy's with the offer of 0% financing for 36 months. My payments were $74 per month. I set up automatic bill pay for it to go out each month on the FIRST of every month. Several months after, I recieved a collection notice saying that my account was referred to a collection agency. WHAT??? I paid every single month! I called to rectify the situation. Because my payments had been recieved before the statement was cut on the THIRD of the month they were applied to the previous month. Again, WHAT? I have never heard of this before, however the rep said that the only way he would help me fix it is if I paid an extra month. I agreed just to get the nightmare over with, and I also set my $74 payment to go out on the THIRD of the month so that this would not happen. I start getting statements that were well above what I was supposed to pay. I call again. They said that my minimum payments went up and that I was not paying the minimum balance. HELLO!! The guy I spoke to who was supposed to fix everything?? I guess he didn't so tough on me. I don't think so...They are the most AWFUL people I have ever dealt with. I have amazing credit and am extremely anal about paying all of my bills on time. I told them I would not pay them ONE MORE PENNY than what I signed for in that agreement with Sleepy's. I figured out what I had paid-to-date, wrote out a check for the balance and sent it all in with proof that I paid them all that I owed them.
I got my account closed statement with a balance. So I called again. An hour and fifteen minutes later, after two more awful and nasty people they wouldn't do anything. I paid everything early and they are trying to make me pay even more? I don't think so. I am so glad to see that there are so many other people who have experienced predatory lending from GE Money Bank (not because they suffered as I have, but because there may be something done about it). I cannot believe how smarmy these people are. Every single person who works for that company should be absolutely ashamed of themselves.
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Justines
September 28, 2009
Worst billing company
GE money for PC Richards is the worst billing company. They have sneaky tactics and want to nickel and dime every penny they can. The customer service is a nightmare. I never will buy another item again. They burnt me twice! I sent my payment out a week before the due date, the bill was due on the 18th and the check was cashed on the 19th and I was charged $39 for a late fee. I cant determine the process. I just received the bill a 9 days before the due date.This also happened to a buddy of mine. I guess they get to keep late fees. ****Beware of GE money bank!****
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ROBERT PATELLI
September 28, 2009
LATE FEES FOR ONE YEAR NO INT.
I MADE A PURCHASE THROUGH A SUMMIT CATALOG WITH A ONE YEAR NO INTEREST PROMOTION. I WAS MAKING PAYMENTS EVERY MONTH FOR MORE THAN THE REQUIRED AMT., HOWEVER I STARTED TO NOTICE LATE FEES. I CALLED TO INQUIRE AND AFTER HOLDING AN HOUR OR MORE I SPOKE TO A SUPERVISIOR WHO WAS RUDE AND CONDESCENDING. I EXPLAINED THAT THESE LATE FEES WERE UNFAIR BECAUSE I HAVE A YEAR TO PAY WITH NO INTEREST AND I HAD NEVER HAD THIS PROBLEM WITH SIMILAR PROMOTIONS. I ALSO EXPLAINED THAT THE BILLING CYCLE DID NOT COINCIDE WITH MY PAY CYCLE. ALL TO NO AVAIL. I HAVE SINCE PAID THE BILL IN FULL LESS 3 LATE PAYMENT FEES WHICH I FEEL ARE UNJUST. NOW GEMB IS BILLING ME FOR THE LATE FEES &INT.
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jeff12343
September 22, 2009
Another Victim of Lowered Credit
Title
Text
23:18 You are being assisted by Aaron
17:18 hello
I am posting a transcript of my conversation with IKEA. They were not aware that GE had lowered all the rates of the IKEA customers. I called GE and they hid behind the letter they sent and told me that they periodically review all accounts and if I do not like their decision to get a copy of my Equifax report. I closed my IKEA account and I suggest that everyone that has GE Money Bank as the bank behind their credit cards to cancel every single one of them. GE will not stop this pratice, as I have found by reading the other posts here.
17:18 I just received a letter from GE Money Bank telling me that my IKEA credit account and all IKEA credit accounts were being lowered. When I asked the rep at GE why she stated that GE periodically checks all accounts and makes these decisions. I then asked if IKEA knew that GE was doing this and she said NO. My account went from $400 limit down to $100 - hardly a useful limit, I make my payments early and the minimum due, I should not have my limit decreased. I closed my credit line because of this illegal action on GE's part and I also called IKEA USA about this as well. In the meantime I want my credit limit fully restored and my card reactived.
17:19 Hello
17:19 I just received a letter from GE Money Bank telling me that my IKEA credit account and all IKEA credit accounts were being lowered. When I asked the rep at GE why she stated that GE periodically checks all accounts and makes these decisions. I then asked if IKEA knew that GE was doing this and she said NO. My account went from $400 limit down to $100 - hardly a useful limit, I make my payments early and the minimum due, I should not have my limit decreased. I closed my credit line because of this illegal action on GE's part and I also called IKEA USA about this as well. In the meantime I want my credit limit fully restored and my card reactived.
17:20 hello????
17:20 I do apologize for any inconvenience.
17:21 so you will fix this now?
17:21 how long will it take to fix this issue?
17:20 Please call customer service at (866) 557-8417.
17:22 ok hold on
17:22 what should i tell them?
17:22 I don't have that information unfortunately. You will need to contact the above number and speak with the IKEA credit card company directly.
17:23 You will need to tell them your issue with your account.
17:23 i need to speak to a supervisor please
17:24 This is an IKEA issue
17:24 The IKEA credit card is not handled through IKEA Direct which is where you are contacting now. You will need to call the above number and speak with the credit card company.
17:25 This is an IKEA credit card issue, which is a separate company.
17:26 however, they may be outsourced but ultimately IKEA is responsible
17:26 Especially when credit cards will be closed due to GE's actions - Ikea will lose business
17:29 Hi! My name is Lisa and I am a supervisor. How can I help you?
17:29 so when Ikea loses a lot of it's Credit Card customers - what is going to happen then?
17:29 hi Lisa
17:30 I just received a letter from GE Money Bank telling me that my IKEA credit account and all IKEA credit accounts were being lowered. When I asked the rep at GE why she stated that GE periodically checks all accounts and makes these decisions. I then asked if IKEA knew that GE was doing this and she said NO. My account went from $400 limit down to $100 - hardly a useful limit, I make my payments early and the minimum due, I should not have my limit decreased. I closed my credit line because of this illegal action on GE's part and I also called IKEA USA about this as well. In the meantime I want my credit limit fully restored and my card reactived.
17:31 I just got off the phone with a manager at GE money bank and they are apologizing for their decision but I can no longe do business with a company that doesn't value it's customers
17:31 What is the point of issuing cards and then cutting the limit by 75%?
17:32 I have had this card for a couple of years now and have even had an account increase. This makes no sense
17:32 In reading your concerns, I am sorry that you had to go through this situation. You did the right thing by contacting them directly. Did you ask the GE manager this question.
17:33 Yes and their answers were unsatisfactory, She stated that IKEA does not control their decisions to review accounts and drop credit limits
17:33 Also, just hid behind the letter that I received. No conversation or resolution.
17:35 So I can no longer shop at IKEA with the store card I have had for years now - Who's fault is this? Not mine. I love IKEA and would still like to shop there, but now I can longer pay for items if I don't have the cash immediately, that is the purpose of the IKEA card.
17:37 I left a message with IKEA at 610-834-0180 as well. This is bad business on GE's part and they are going to cost IKEA customers because of this.
17:38 I can understand a denial of credit increase but not a decrease in credit limit. What should I do now?
17:38 Unfortunately, they handle all terms and conditions to our IKEA credit cards. GE has their guidelines around the conditions of the credit cards and unfortunately IKEA has no control over this. I am sorry.
17:40 All further questions, should be directed to GE at 866) 557-8417. Is there anything else I can help you with today?
17:40 no
Info: Assistance given by Aaron Click here to receive a full transcription of the conversation.
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kentuckywoman2
September 11, 2009
Loan sharking
I have had a JC Penney card for several years. I've always paid on time, and usually over the minimum limit. A couple of times a year I usually made balloon payments. Sometime during the past few years, JC Penney changed the way they handle their department store credit cards and switched to GE Money Bank.
In the past, my finance charges were computed on the monthly outstanding balance. Now, however, since GE Money Bank took over, the finance charges are computed daily and that amount is then added to the daily balance. The next day when the finance charge is computed, therefore, it is not only computed on the outstanding balance, but also on the previous day's finance charges.
In effect, I am now paying finance charges on the finance charges! My payments each month now consist of 45%-49% in finance fees!!!
ISN'T THIS LOAN SHARKING? ISN'T THIS SUPPOSED TO BE ILLEGAL?
Repeated calls to JC Penney are futile. They simply refer me to GE Money Bank. Calls to GE Money Bank are also futile, since they advise me to simply close my account, which I would if I could afford to pay off the balance all at once. However, it is disheartening to pay so much in finance charges each month, while the principal balance in effect remains pretty much the same.
I suggest each and every person who has such an account as this with GE Money Bank start calling your Federal Senators and Representatives to complain.
Loan sharking should be illegal. Why isn't GE Money Bank being held accountable? Is it because they hail from the corrupt state of Texas?
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Thaiman
September 4, 2009
Rip off
This company is a RIP OFF. I got a card that had a 12 month promo period (no interest for one year) no problem needed fast car repairs. Well here we are at the year end last day of the promo period to find out that they have been charging me the whole time a finance charge in the same amount of the so called deferred interest rate. Claiming there where late payments on the account (not turn what so ever) they can mail me the information. Thinking this is about to be paid off just to get hit with an additional $116.35.
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miriamgreeneyes
September 2, 2009
Billed twice a month when month has 31 days
Contact thes organization GE Money bank is under their regulatory jurisdiction http://www.ots.treas.gov. They tell GE if there is a problem fix it.. then here comes thier calls... they are at your mercy.. I was being charged twice a month every time the month ended in 31 days... what the hell was that about, not only that, my friend told me read your contract, when I read it to my friend he said oh oh.. they're in trouble.. READ YOUR CONTRACT, KEEP ALL YOUR BILLS, CALL THE OTS "OFFICE OF THRIFT SUPERVISORS.. we have to do research forget the company find out who regulates them.. and write them with your complaints.. this is the only way we could fight back, I did it and was soooo surprised, that now they want to work with me.. but you know, I might file a suit instead... and I think we should all think this way.. I'm tired. I'm broke and in debt and they werent making my life any easier.. and the heartbreaking part is we are all struggling, these are hard times for everyone.. WHAT WERE YOU THINKING GE MONEY BANK!!!
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ch burrell
August 30, 2009
impossible access to account
i have had monthly trouble accessing my account with ge money on-line services. when it is time for me to make a credit card payment, thier on-line service sucks. i repeatly re-register and change my password for two striaght days. it will persistly not let me log-in to my account. thus, causing utter most fustration and needless stress. i have spoken to their customer agents in the past. their answer it's my computer. if i desire to make a payment over the phone they charge a $10 fee. plus, my not accessing to my account easily a late fee is applied. how aggravating and what an unfair paractice to consumers. something needs to be done to bussiness who do not the average citizen a break. especially now that our economy is at a bust. thank you ch burrell
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DisgustedCustomer
August 27, 2009
Horrible Company
Tried to make an online payment of several thousand dollars, website was screwed up, next thing I know, charged returned payment fees and a fraud lock but threy never even called me! They have a disconncet between Customer Service & the Fraud Dept and Fraud Dept Rep was so very rude that I asked to speak to supervisor, she told me too bad and hung up, then kept the fraud lock on after she had already said it would be released. One month later, still cannot get it off even though my account is paid in full. Except for the returned payment fee, which I cannot get off until the fraud lock is off. Who are this people and where can I get some professional courtesy? This does not end here.
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