Some time ago I applied for a $300 secured mastercard with Chase Bank - a year later my account was sold/transferred to Merrick Bank. Unbeknownst to me my interest rate that was originally 14% percent had was raised to 17.9% without explanation other than Merrick's standard answer to any questions "it's company policy see your cardholder's agreement".
On December 28 at 9:38 P.M. I contacted Merrick Bank customer service via their 800 number and requested my account be closed additionally, I and requested that my security deposit be returned. I was told that my deposit will be returned 60-days after the account is closed. This is unacceptable my account is closed. I want my deposit and I want it now.
It is unfair that my security deposit is being held hostage on the basis of a so call policy. I contacted Merrick Bank customer service and ask to speak with someone in the senior management team and the representative refused to put the call through. At this point I pulled Merrick Bank profile from D&B and I am sharing it with anyone who might be experiencing a similar problem. I am sure I will get the matter resolve but I felt consumers need to know about this type of practice.
I am happy to say that my credit is improving at an incredible rate therefore companies like Merrick Bank and others are no longer necessary means to obtain credit.
I hope you find the attached profile of Merrick Bank useful and as I gathered more information I will post it.
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