I received access checks (unsolicted) the account was inactive for many years. The checks had FIXED APR 6.99% for the life of the loan, seeing this an an easy way to consolidate other cards and get rid of the balances, I first called to verify what I was reading, the customer service rep (rip) assured me there would be no other accrued charges, 6.99% would be in APR for the balance of the loan.
Only then did I transfer the balance of an extremly large account. When I received my first statement, I noted that the APR on the account stated 11.79%, I went bullistic and called customer service, the bullshit line was that they were required by law to put this on their statements, working for a rather large bank myself I certainly do know when I am being shafted.
I explained to the customer service rep, how in my dictionary the word FIXED is just that FIXED, and no where do the words VARIABLE, or ACCRUED INTEREST appear on the checks that were sent out to me and to everyone else. Customer serice rep agreed with me and knew what I was talking about, but there was nothing she could do. I told her there most certainly was something I could do, because enclosed in my statement was a new batch of checks with the word FIXED in bold letters across them this time the APR was 9.9%.
At this period in our conversation she mentioned that when the cards were sent out originally enclosed was a statement of rules and regulations First USA would apply to all card transactions. Now since I do not have a card and will never have a card, I do not have the material, but according to her it is that batch of papers that give the bank the right to advertise falsly and to defraud the consumer on a daily basis.
I gues what First USA is saying if you want to do business with this bank to have to be able to read the minds of all the marketing people and the CEO, because I just got a letter from him telling me how wonderful it was going to be doing business with this bank now that he has taken over.
Its amazing how with everything that is going on with big Corps that the SCC does not look in its own backyard for the fraudulet ways it allows bank to take care little people who are trying to make a decent living, pay-off their bills and try to save some money.
I think all these access checks and garbage should be stopped and a seperate department should be set=up to pass all the legal requirements that should be set in place before the banks are allowed to continaually defraud the people of the USA
And heres another little tid-bit most of these credit card do not really belong to the bank for which you have received the card from, they really belong to another bank and this one is just handling the credit card part of it, so again try to get justice. I really think our ATTORNEY GENERAL, need to clean up the banking industry, especially the FALSE ADVERTISING allowed to DEFRAUD the AMERICAN PEOPLE by our banks.
Rosemary
New York, New York
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