I make electronic bank payments every month to Washington Mutual. I have been doing this for more then two years now.
Last month, WM cashed my payment and placed it into a floating account unclaimed. They marked my account as unpaid, and notified the credit bureaus. My credit dropped 14 pts in one month. I have outstanding payment history with WM. My bank manager has spoken to their "so called" customer service and faxed them information that the check was delivered and cashed before the due date of my bill.
WM still claims that it was not my money, nor my account that should benefit, even though they have $112 of mine and have jeapordized my credit standing. I believe that this is a ploy from some big wig, who thought, "Hey, we bought out Providian, let's get rid of the fixed low interest rate loan customers, by collecting their money and then reporting that they never made payment!"
I think this is what is going on, because I have spent numerous hours of time trying to get this corrected and my bank's manager has verification and has faxed it. I have also contacted the online dept of Chase, and they are aware of WM cashing my payment and putting it into a holding fund. Why, I don't know, especially when my payment has my name, my account number, from the same bank for the past two years on it, and my bank calls them, and I email them, and I call them.
The only explanation I can come up with is that Washington Mutual bought Providian and the companies are trying to make back the dollars. And some stupid _ thought they would make my 1.99% fixed rate end, by collecting my money, cashing it, and placing it into a holding account, and stating I never made payment. I believe after so many days, they can claim that my fixed rate can be broken and I would be charged an extremely high interest rate, or... They want me to get totally pissed off and cancel my 1.99% card and transfer it to another card.
Whatever scenerio it may be, it is an illegal and unethical one for sure, because they will not comply and they will not respond to any emails, calls, from me or bank representatives. What do you think??? Whatelse can I do??? They received my money before the due date. I have records of that. They deposited my check, and basically are stealing my money, and placing me as the irresponsible account holder. I am extremely furious, and will do whatever it takes to get this sort of action stopped, because if it is happening to me, it is happening to other customers as well.
It is not right, and it is very wrong to make the little person fight their gutts out to get mistakes corrected by big companies that don't give a hoot about the business you are giving them. I will talk to every press person, etc... Just so the word is out and this can be STOPPED!
Please help stop it.
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