I have a Best Buy card through HSBC that I have been paying on for 3 years now. I usually pay double what is owed every month. With very little exception, I have paid on time. December I switched back from sending checks to electronic payment through my bank. My minimum payment of $19.00 was due on 12/03/05. They state they did not receive my payment until 12/08/05 (I believe they received it, they just did not process). They charged me a late fee of $29.00.
For the sake of argument, lets just say that the fee WAS correctly applied. My next due date was 01/02/06. The total due (because of the late fee) was $53. The payment that they received on 12/08/06 was for $50. I sent another payment that they received on 12/28/06 for $43.44 which brings the total received to $93.44 when only $53 was owed.
They charged me a late fee on 01/02/06, even though they received $40.44 more than they state I owed them! During this time I was unable to receive mail so I did not immediately catch their mistake. I simply kept making payments. My monthly payment should have been $19.00 each month. My next due date was 02/02/06, and should have rightfully been a $19.00 payment. They received $40.00 on 01/19/06. Yet again, they charged me a $29.00 late fee.
I paid them double what was rightfully owed every single month, but they kept tacking on a late fee every month! Now, by the time I have fully realized THEIR mistake, my "minimum" balance due is around $200! I have paid them over $280 in the last 6 months, and my balance has actually INCREASED!
I wrote to HSBC and explained the situation, gave them the dates and amounts paid (which was taken from THEIR statements once I was able to check them online) I received 3 letters back from HSBC.
The first letter stated that my account was billed approximately the 8th of the month. Ok, thanks for that. The second letter stated "We are unable to honor your request for a late fee waiver at this time. The total minimum payment is due on or before the payment due date appearing on your billing statement". No kidding, and you received $40.44 MORE THAN THE MINIMUM and STILL charged a late fee.
The third letter stated "We are unable to comply with your request to delete certain information from your credit report. HSBC reports information that relates to the actual credit experiences we have had with our customers". Baloney. They are trashing my credit because of their mistake. Even in the face of absolute proof, they refuse to correct their mistake.
This company needs to go away.
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