GE has been found guilty of so many counts of criminal and fraudulent behavior since 1977 it is amazing that they are still in business. Radioactive testing on humans, fines for pollution, and for illegal credit collection practices totaling hundreds of millions are just a few (http://www.cleanupge.org/gemisdeeds.html).
I have had my fair share of horrible experiences with them. My wife and I purchased two TVs on a zero percent interest plan (or so we thought). GE Money would only approve two separate loans to cover the purchase amount one for me, and one for my wife (hmm). We thought this was odd, but we decided to do it anyway. We received a statement from them in our second month of the loan informing us that we had not made full payments on each loan (note: we had not made any payment). On both loans they charged us a late fee, removed the zero percent plan, and increased the interest rates. We thought that we had no payments for 12 months. We called GE Money they said that we were supposed to make minimum monthly payments, but that is not why they removed the plan after the first month.in a very rude and disrespectful tone, the GE Money person said that our credit limit did not cover the full amount of the purchase on each of the two loans. Each loan had a very small amount due something like $300 combined against a $5000 purchase. Sure enough there was about $150 due showing on each statement. To maintain the zero percent program we were supposed to pay the $300 or so dollars the first month. The store where we purchased the TVs did not disclose this. They were shocked when we brought it up. GE Money was not upfront when we entered into the zero percent loan agreement. They could have required that we paid these amounts as a down payment when we purchased the TVs, but they didn’t. These amounts owed were not disclosed at the time of purchase, and they are simply odd. I wonder how many millions of people GE Money has pulled this stunt with. The retail store that sold us the TVs was willing to write a letter on our behalf, but we decided to pay off and close both accounts, but I will never forget the experience.
Round two; my wife needed some emergency dental care. She opened an account with the dentist and did not notice that it was GE Money thinking it was some company named Care Credit. The amount was $500 (with a much higher credit limit for more work needed). We had some confusion on payments owed again. The short story is that after 2 months they charged us $59 in fees, terminated our low interest plan, and charged $30 in finance charges. Here is the interesting part. I called them at 2.5 months into the loan and asked for the total amount owed (the pay-off). I paid it and closed the account, which they verified. I get another a statement the next month informing me that they received the payoff amount (thank you), but that they want an additional $30 finance charge, and $10 check fee, which they neglected to collect at time of payoff. I don’t understand how they have a right to continue to ask for additional, retroactive, interest after they provide a payoff and acknowledge closure of the account. Is this legal? It should not matter that its $500 (plus about $100 in fees and interest in 2.5 months) what matters is the horrible behavior of these people. The fact is that if I don’t just pay it they will charge late fees up the wazzoo. Why do Americans continue to put up with this ongoing abuse? We are to blame if we don’t do something about it.
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