Cross Country Bank Keep trying to raise interest rate. Keep having to reject new terms. Never late. Imposing
"participation fee" when I closed acct 2 years ago. Boca Raton Florida...
In summer of 2001 I got a "change of terms notice" with my Cross Country Bill. It indicated that if I wrote to them and rejected the new terms my account would be closed and I could pay off the balance at the current interest rate and terms. It also stated that if I used my card again I would be subjected to the new terms. I immediately wrote to Cross Country as instructed, stated I rejected new terms, to please close my account, and I would pay the balance off at the current terms as agreed AND AS STATED BY THEM in their notice. I also cut my card in half and mailed it back to them.
On future bills they continued to show my credit limit and available credit. I called and sat through the all the button pushing at my expense (since they charge if you call the 800 number and I wanted to make sure I was in no way "using" my account). When I finally got a person, they informed me the account was indeed closed. I continued to pay the bill on time.
I HAVE NEVER MADE A LATE PAYMENT, AND HAVE NEVER USED THE CARD SINCE THEN WHEN I CLOSED IT. I usually make a payment higher than the minimum as well. I have paid off almost $1,000.00 of the $2,900.00 I originally owed. I also pay all my other bills on time and have had an American Express card since June of and pay them in full each month. NOW, TO GET TO WHAT JUST HAPPENED.
I just got a new "change in terms" notice from Cross Country stating that they are going to raise my interest rate up to 24% unless I write (AGAIN) and reject these new terms and don't use my card after that... But my account is closed and has been since my agreement with ccb in august. So, I call (long distance — not the 800 number) and finally get a person and ask for a supervisor. I am told "supervisors do not talk to customers". When I tell them they can't raise my interest rate because the acct was closed in August under the agreement that I would pay off the balance at the current rate, I was told they "could raise the rate if I don't write the letter".
The address I was supposed to write to is a P.O. Box which means I would have no proof that my letter was received. I had to go through another 15 minutes on hold to finally get a "physical address" out of somebody so I could send my letter of rejection of the new terms certified mail so I have proof they got it. I am sending my complaint of this to the Maryland States Attorney and my congressman and senator. I also should say that when I asked the Cross Country Bank person I spoke with how often I would have to write asking them to CLOSE and CLOSED account they indicated they could threaten to raise the rate as often "as they wanted to".
So I have to continue to read the small print with every mailing. I know there are many people out there who, like myself, have dealth fairly with CCB by paying their bill on time as well, but who for whatever reason (elderly, uneducated, or just young and not paying attention) will not respond and reject the new terms, and who will end up paying 24% interest for no justified reason at all. This is criminal, and it is so unfair that it simply can not stand.
I believe what goes around comes around and that CCB is indeed "circling the drain" - that is, once you start down that hole baby you can't back it up & CCB may have intended to start out as a decent institution but forwhatever ever reason it's "mission" has obviously been lost and it needs to desist before it goes from slime to crime. Aware Consumer in Maryland.
Have'nt Heard the Last from Me
Informed and Aware and Writing Letters in
Maryland
U.S.A.
0 comments