Wednesday, February 18, 2009

GE Money Bank's Lies Exposed

The other day I wrote about an outrageous example of abuse by the banking industry when GE Money Bank that manages PayPal's Buyer Credit slashed my credit for the second time after I paid my complete monthly bill in whole for the second time. GE Money Bank is no stranger to consumer complaints and reports of abuse or other sleazy business practices.

At the time a few years ago when I signed up with EBay, they pretty much required that anyone who buys any items on their site needs to sign up with PayPal. And PayPal was quickly acquired by EBay which further encouraged anyone registered to sign up for their Paypal Buyer Credit program, which it turns out is run by GE Money Bank. Well, the fact of the matter is that this money grabbing bank likes their high interest rates just as much as PayPal and EBay love their sky high fees for everything. And GE Money Bank apparently didn't like it very well when I twice paid my entire monthly bill for a few music Cds in total, so that they couldn't charge me any high 21% interest rates on a balance. Well, the last two times that I paid my complete bill in full, GE Money Bank responded by slashing my credit limit, which unfortunately can go back to Equifax or other credit reporting agencies that you are a bad credit risk, when actually quite the opposite is true, You're actually paying your bills in full. Apparently GE Money Bank only likes customers who can afford to pay monthly minimums and their debt continues for years and years, making lots of interest money for GE Money Bank. GE Money Banks hates people who pay their bills and punishes them with credit limit cuts to encourage them to stay in debt to them.

Well, today I received a piece of trash paper from GE Money Bank as a pathetic attempt to justify their slashing of my credit after I paid my bill in full the last two times. GE Money Bank falsely asserted that my credit "score was below other customers" and further lied by claiming according to my Equifax report that my credit utilization is greater than 50% of my revolving credit accounts. Well, I knew that this wasn't true. In fact, I got my credit report later in the day from Equifax and it turns out that GE Money Bank out-rightly lied in their letter. My credit utilization was actually reported at just 11%, not greater than 50% as claimed by GE Money Bank. And with some more recent monthly payments to some accounts not yet noted by Equifax, my latest pecentage is actually down to just a 1.7% of my credit utilization. The fact of the matter is that GE Money Bank simply flat out lied and just made up some information that simply doesn't exist to justify slashing my credit limit after I paid my bills in full.

Well, I went to PayPal's website and changed the preferences where I will use an ethical credit card provider if I decide to purchase any music Cds or items in the future from EBay. And I informed GE Money Bank in an angry phone call that I wish to close my account with them and have no further business dealings with them ever. Of course this tightwad operation uses phone operators over in India to save money. I should have expected this.

I personally never thought that GE made that great of light bulbs myself. It seems like I'm always having to climb up some high place and change them. And it seems like the credit that GE Money Bank offers isn't very good either. I'm very glad to have changed that and cancelled my relationship with these sleazes. It's too bad some of these awful banks got so much taxpayer money during the last bailout. Some of these bastards need to get honest jobs.


At 8:05 AM, Blogger Kristine Vollmer said...

I called GE Money Bank to get their billing address. It took at leasat 10 minutes to get to someone. That person had to transfer me to someone else to get the address.

The man who answered after a long and drawn out message gave me the address. I had to have him repeat it because he mumbled. He then asked me for my name and address. I told him I only wanted an address. He got impatient because he said he just wanted to verify my name and address and then phone number. He then hung up on me. I wonder how many times these "customer service" people hang up on their customers.


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