When you canceled it, was there still a balance left to be paid?
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Thanks for telling us about this. 2 family members have this card, on separate accounts, in conjunction with buying eyeglasses at Lenscrafters on credit so we will watch our accounts closely. Thanks.
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I agree with Debtorbasher. Sounds to me like you did not have a zero balance on the card when you cancelled it. You still have to pay the money you owe, cancelling the card does not get you out of that. Sorry!
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idk, some fee based credit cards make you pay thier fees even if you cancel
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My point, is even if you called for a pay off balance, they will give you a certain amount of time to send it...but if the payment is recieved even one day later, then the payoff balance they gave you, changes. Example, they say payoff amount is $520, until Sept 30...so, you mail them the $520 on Sept 29...and you feel it is paid in full...however, they don't recieve the payment until Oct 4...Now the payoff amount has changed because there were fees attached to it...so, they apply the $520, on a balance of maybe $545...leaving a $25 balance...you think it's paid in full, tossing away their mail thinking it's junk mail, and all the while you a ... more >>
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a good way to prevent this would be to check your credit report monthly. any late payments will show up on there
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Another way is to check your monthly bill!
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Beware of GE Money Bank. They are just sharks who'll rip you off. They gave us 6-months "free" financing on appliances, and then hammered us with $2000 finance charge on $1600 balance! Rude and unhelpful customer service said that we should have read our monthly statments, the fine print at the bottom. What a joke! Do you read all of your statements EVERY month? Thats a lot of reading! None of this crap was stated in the initial contract... GE is just plain scammers, it's a shame that the crime can be going on such a large scale!
Read more here:
http://www.ripoffreport.com/results.asp?q1=ALL&q2=&q3=&q4=&q5=GE+Money+Bank&q6=&q7=&SearchType=0 ... more >>
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People, what more can a company do than to send you terms and conditions. What more can they do but send you a bill explaining the charges? Its one thing to not understand and totally different thing to say, you choose not to read your bill they send you!!!
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When a person uses this sort of credit card - it is your responsibility to read the fine print. Buying furniture, applianes etc. the no intererst thing only work when you pay your balance in FULL b4 the due date or all the interest from day one on the TOTAL amount charged is charged back on to your account....even if you only owe a mere $ 10 on the account.
Bottom line...you took the deal...read the fine print and beaware of the pitfalls. You got the goods in your house from one to three years before you would have and now you must pay the piper or........just pay the bill in full before your 12, 18, 24, 30 or 36 months runs out!
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I think a couple of these people are right on track. How did you have late fees if you paid the balance off on time??? That doesn't make sense. GE Money doesn't have a product yet that charges an annual fee, so that can't be the problem. Several late fees and you were just notified? Did they have the correct address and phone numbers listed for you? Trust me, if something is past due over there at GE Money, they do their best to make you aware of it by placing collection calls and sending statements. It isn't in their best interest to let your account just go and charge off, they lose money too. As for the rip-off report listed by Malaec....T ... more >>
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I made a payment by phone, the money came out of my account, and never posted. I called them and they said send a copy of the cleared check. I have confirmations of each time I sent a copy of the check and have been told I never sent anything and they don't do payments by phone so I may have to get my money back from my bank. I called my bank and they said that GE Money deposited the money into their account. This has been going on for over two months now. In the mean time I'm getting interest on an incorrect balance. I've filed complaints with the BBB (to which they replied we will post the payment, but they've never sent a copy of the ... more >>
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I am in total support of UCFirefly as the identical situation happened with me. And YES---I had a zero balance. Their interest rate was higher than one offered thru my employment so I cancelled the GE Money Bank card. I sent a certified letter that was returned as received and followed up with a phone call (customer service number was difficult to locate, go figure). I was good to go and cancelled. Six months later, I received a phone call from a creditor trying to make a deal for a settlement. I immediately ran a credit history and this account was still active---and delinquent---on all three reporting bureaus. Bottom line, I hire ... more >>
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Ge Money operate the store cards for many reputable high-street retailers here in the UK. GE's sharp practices are legendary! Steer clear of GE Money!
Seb.
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GEMB Violates FAIR CREDIT BILLING ACT, ELECTRONIC FUNDS TRANSFER ACT AND FAIR CREDIT REPORTING ACT. YOU MUST FILE COMPLAINTS WITH THE FEDERAL TRADE COMMISSION AND OFFICE OF THRIFT SUPERVISION.
More than likely the account was paid in full when closed, but GEMB did not post it until after the due date. They do this so they can pad bills with late cancel fees and interest, The fact that they let it sit for so long without any contact is another ploy they have to avoid having you dispute charges that you did not authorize. They probably changed the mailing address in your account information to ensure you never saw another statement.
... more >>
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