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Direct Merchants Bank |
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This seems to be a bank that has a hard time getting things right and an even harder time responding to its customers' needs. It has no trouble jacking its interest rates and fees skyhigh though. class action suit casts a little light on this odd breed. Here are a few of the more recent complaints: Amado of Jersey City, NJ July 29, 2009 Direct merchant bank has not send me back the money that I overpay them. after they received full payment for the balance , they continue to take payments from me ever after I over pay them . I have called them several times and spoken to the credit card banks associates and all have received is false promises that they will refund that money that belongs to me. I even sent them a letter. with the check number and date of my payments to them . they do acknowlege that they are in the wrong but all i get is words and no money please help me! I m 60 years old I need help please!! Gary of Seattle, WA June 29, 2009 I paid my balance online and they acknowledge posting the payment on June 25. Their policy states they can put a hold on my payment to post for up to 14 days to verify funds. I believe this is unreasonable given the availability of information among banks to verify it should not take this long. They said July 8 is when they can post the payment. I believe check verification laws were passed decades ago to minimize the hold time banks put on verifying checks. This is ridiculous. I cannot use my card for further purchases and lose out on advertising I could have purchased to increase business. In addition, big inconvenience and embarrassment when I present my card with payment posted early and balance under 10% of credit limit. Connie of Windham, ME June 23, 2009 After 22 years as a loyal customer with an impecable payment record and a credit limit of 20,000+, I received a notice that my limit was being reduced to 5000. When I questioned it, I was told I should consider myself lucky because most people were taken down to 300. He said it was a business decision and "not my concern." I have chosen to close this account and have copied the credit agencies. This bank is only interested in raising rates and charging penalties then taking care of long term customers. My credit rating is impacted negatively by the reduction in the available credit amount. No explanation is given by the bank that shows it was THEIR business decision and does not reflect on my credit worthiness. Dolores of Palm harbor, FL June 21, 2009 I Recived a notice from Home Depot Credit Cards Service stating that my account was closed and not to use my card. Home Depot received the report from EQUIFAX with an adverse report against me for non payment of a credit card issued to my son with me as a courtesy card holder. Direct Merchants Bank originally issued the card to him with me as a courtesy, he is the primary card holder and the bills are issued in his name only. My son changed his address quite some time ago and does not reside at my address. He relocated temporarily for his health and the credit card company was notified of this change until further notice. The billing has not been received at my address in almost 2 or more years. Why am I being damaged for an account that I never knew was delinquent and one that I am not the primary card holder?? I called Home Depot and they were most courteous. My credit card was immediately reinstated because I have an excellent payment history with all my accounts. Thank you Home Depot which is one of Direct Merchants/HSBC's retail giants that they sponsor on one of their cover letters. Rosalie of Sherman Oaks, CA June 18, 2009 They arbitrarily lowered my credit amt that I am allowed to charge because I wasn't charging enough. So, when I had a large charge, I sent in the payment of 4750 in advance. Even though they had a credit balance of 3482.50 sitting there, they refused the charge because my allowance on charging was 3000. This is outrageous.. they never paid me interest on my credit balance and refused my charges. They need to be sanctioned. cindy of coatesville, PA June 17, 2009 I have been asking for interest rate reduction for past year. I pay 28% on balance over 10,000. They acknowelged I have very good payment history and have this card approximetly 10 years. I am self employed, my income has been inconsistant in past year. I asked to settle account, but there payoff number is very high. I also suggested I make large payment 3000 to 4000 on balance and trade for a very low interest rate on balance, and keep account open with this arrangement. They refused any and all interest rate reuction. The customer service people are not willing to any allowances, and some of them have been rude, and remarks to me about my integrity and insults. Kathleen of Kernersville, NC May 4, 2009 On May 4, 2009; I contacted Merchants Bank. I had intended on purchasing/charging new tires and wanted to know what interest rate the Company would be charging. With all that has happend with the economy, I wanted to know what I would be getting into. The first Call Center agent-Godfrey, told me that my credit card was closed. Closed?! Why? Due to lack of use since May 2008. By the way-it is May 4, 2009. I asked why i was not notified. He said he was sorry, but due to lack of use, the card was closed. I repeated my question and he repeated his answer. Now I am angry. He offered to transfer me to another representative. I said, wait a minute. I have had this card since 1987 and have ALWAYS paid on time. Not only that, the expiration on my card shows January 2011. This is 2009! He repeated the same story and said that I would need to re open a new account. What?! Did he not hear what I just said. I asked him, now. Why would i want to reapply? What incentive can this Company give me to retain me? He repeated the same story about my account was closed due to lack of use and i said, maybe you are not aware here. But the economy has been in the toilet. Yes, he said, i am aware. So why would i make charges on my card when I may not be able to pay? Isn't your Company required to NOTIFY people? He again said he could transfer me. i swear he read it off a sheet of paper! He transfers me. I cannot understand the second person either, so I ask to speak to a Manager. She too, must have read off the same sheet of paper, because I went through my whole story, having great credit, closed for WHAT reason and she said i could apply again. She put me on hold and another person came to the phone, this time she spoke more fluent English. She said that i could re apply and POSSIBLY get a low interest rate. I had to take each letter and talk slowly so she knew the difference between the letter "S" as in Sam and "D" as in dog and then she still got my home address incorrect! She did what she referred to as a "soft credit check". ?? It would go to some Bank that I never heard of, use my checking account routing number as a security type thing, I had to pay 200 dollars AND there would be a 35 dollar a year fee! I hung up! I had that credit card since 1987. Never missed a payment-late, but 98 percent of the time i was ON TIME. That is a long time to have ONE credit card! They closed my account, NO notification-does it matter if it is a Platinum card?! NO. HOW can they close me with NO notification? I will NEVER get a card with them or ANY company that deals with Call Center agents in India. They are wealthy because America sent all those jobs over there! After all these years with one Company, I have nothing to show for it. Nowadays the Companies want MORE than a 750 credit score. OK FINE. Then play with ME too! Without ME-it doesn't matter what my score is-nobody will charge a damn thing! Chris of Gainesville, GA April 24, 2009 Direct Merchants Bankr Reduced my credit limit from 7000 to 3000 dollars without notice. When I called to find out why they did this all the customer service guy could tell me is because this would save them money and reduce their risk to bad debt. I explained to the guy that I paid my card on time every mnth and always paid the balance down in full and that there was no risk associated (FICO score over 790). The guy is a total idiot and refused to do anything therefore the account has been closed and they can hold on to all their customers that are willing to put up with this. Maribeth of Clover, SC April 14, 2009 Maribeth of Clover SC (04/14/09) Advertisement
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