On March 30, I received a letter in the mail describing US Bank's intent to raise my interest rate on my credit card account.US Bank provided me with false reasons, and referenced a credit report from Trans Union.
On March 31, I contacted a representative from US Bank's change in terms department, to discuss the intentions and reasons for such actions. Note; I have never been late and paid my account on time. And, more than the minimum was posted monthly to US Bank via the internet.
I was instructed to reduce in writing my request to have the account reviewed. I ascertained from US Bank's representative, whether I should opt out now. Their response was no, and I had until April 28, to have my written response to them, for an account review. Several letters were dispatched to US Bank's P.O. Boxes 6337 and 6352, to have the account reviewed and adjusted to the previous agreement.
On March 31, I contacted Trans Union, Equifax, and Experian to obtain credit reports and FICO scores from the respective credit reporting agencies. All (3) bureaus reported accounts payed on time and as agreed, and with scores ranging from 733-756.
Again, on March 31, I contacted US Bank's representative to dispute the bank's assertion pertaining to the specific reasons that was given for their adverse action. The only thing I was told, the account is being reviewed and a final answer will be sent in writing.
Numerous phone calls and letters were sent between March 31, and April 5, to follow-up on the account review. On March 7, I received a letter from US Bank stating they have reviewed the account, and unfortunately declined my request. It gave me the option to "opt out", and I transmitted in writing my intent to do so. The letter also stated the new rate will take effect on April 1. Remember, I was told I had until April 28, for a final review, and to deter charges after that date.
On April 16, I received a statement, and the new rate is indicated on the account. To the interested parties the old rate was a fixed 14.99%, and the new rate is a variable 23.24%.
On April 16, I contacted US Bank to impose my objection, and was told they could do nothing for me, and since I used the card after April 1, I defaulted to the new rate.
Lets review this;
(a) I received communication on March 30 of US Bank's intent to raise the rate.
(b) March 31 I contacted US Bank and argued their intentions.
(c) Credit Reporting agencies were contacted to refute the information US Bank provided me with.
(d) Letters and phone calls were made to follow up on the account.
(e) Letter stating I wanted to "opt out" was forwarded to US Bank.
The bottom line was this, any account carrying a balance was going to incur a new finance charge. Regardless, of the cardholders' performance on the account. You could've written a million letters, and it would've made no difference to US Bank.
They provided me with false information, as to their specific reasons for the adverse action.US Bank asserts they have proof they sent a letter back in February of the impending action. Why did I receive such communication on March 30? Why was no information provided on the internet, past, present, or future statements via the member's account? Every other business uses statements on the internet for important messages, and even encourages paperless billing.
Think twice before doing business with US Bank. I will now refer this matter for legal action. This amounts to nothing more than fraud and extortion. What a way to conduct a business in the 21st Century.
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