Complaint / Review
GE Money Bank
Failed to update my mailing address and raised my interest rate by more than 10% APR without explanation

In October I moved from my home in Tennessee to Colorado to attend college. I had a GE Money Bank credit account through Arctic Cat in which I purchased a motorcycle.

I tried to update my address and GE Money Bank was slow getting it done. As a result, I never received my bill in the mail with which to send my payment. (This was before I started paying my bills online.)

I've asked over and over again for GE Money Bank to send me a history of my statements but they have refused. Their customer service agents (which speak really crappy English) have dodged my questions and requests over and over again about my APR being raised outrageously to the point that I'm paying more interest than I am actual balance unless I pay way more than the minimum payment.

I last spoke with them about 2 weeks ago, and their agent (who spoke crappy English) informed me that my interest rate was raised due to some government initiative. They said that they raised the interest rates of all of their clients. Good to know, bastards!

They claim that the U.S. Government is to blame as a result of the Credit Card Act of 2010. BULLCRAP! If anything, GE Money Bank has violated this act under the first clause stating that a credit card company cannot raise interest rates unless the cardholder is at least 60 days late on an account. I got news for you! I have never been late paying on this account except for the time that GE Money Bank failed to update my address and get me my bill in a timely fashion. Even then, it wasn't 60 days late.

Something else GE Money Bank has done is failure to make adequate notations on my account concerning issues that I have had. When I have asked their customer service representatives questions on my account, the next agent will say that they have no record of that on my account. Makes me wonder if they are committing fraud and hiding information or refusing to make record of information that could be detrimental to their company and its image.

I am coming very close to filing a lawsuit against the bank and would be interested in a joint class-action suit with anyone else who has had issues with this bank.