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(Huffington Post)   As Republicans predicted, the Consumer Financial Protection Bureau has done nothing but add another layer of bureaucracy to our government. Just kidding, it's resolved 4 out of every 5 complaints it has received since opening its doors   (huffingtonpost.com) divider line 159
    More: Spiffy, Dodd-Frank Wall Street Reform and Consumer Protection Act, electronic payments, Consumers Union, Capital One, credit cards  
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2477 clicks; posted to Politics » on 21 Jun 2012 at 2:58 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-21 09:39:42 AM
So the woman in tfa didnt read her contract, paid her bill late every month. And then cried foul when she was legally assessed fees and interest on her own stupidity?
 
2012-06-21 09:51:06 AM

FlyingLizardOfDoom: So the woman in tfa didnt read her contract, paid her bill late every month. And then cried foul when she was legally assessed fees and interest on her own stupidity?


If you read TFA correctly you would see that she set up automatic payments on the day her bill was due, without being told that it would be processed 24 hours later.

Oh and GE Money agreed and canceled all the fees. The system works!
 
2012-06-21 09:54:48 AM
While consumer groups have largely praised the new database, the banking industry charged that some complaints do not accurately describe a situation and they unfairly smear the biggest card issuers.

It is honestly not possible for people to think worse of you, fellows.

CSS Time:

I bought a bed last year at Macy's. Getting the Macy's Card saved me $150, so I decided to do it. I paid the bill off in full, and I had planned on getting rid of the card immediately, but they sent me a lot of coupons, so I decided to keep it.

This was my mistake.

Because I don't use the card every month, I pay the card off - in full- before the deadline by sending checks. This is annoying, so I decide to "pay online". This is where the trouble starts:

It turns out, Macy's gave me TWO accounts on one card. Because it was a "Macy's American Express" I could use it anywhere American Express is accepted. All purchases at Macy's went on account 1. All purchases outside of Macy's went on account 2.

Obviously, I have never used "account 2", but my payment went toward that account, and created a credit, while my balance from "account 1" went past due and I got a collection call.

Infuriated, I cancelled "both" accounts and demanded that the late fee and interest charge be removed, and that my credit history be updated to reflect no late payments, and that I get a letter in writing, confirming that I had never missed a payment.

Now, I am a financial planner, and yet Capitol One finance STILL managed to jerk me around. I know the ins and outs of the Credit CARD act of 2009, and Capitol One Finance STILL managed to jerk me around.

These organizations are out to hurt you, and they don't give a damn about you, as long as their bottom line looks good.
 
2012-06-21 11:24:05 AM

what_now: These organizations are out to hurt you, and they don't give a damn about you, as long as their bottom line looks good.


What's in YER wallet?!

Suffering.
 
2012-06-21 11:25:51 AM
An agency that effectively levels the playing field against corporations? Republicans will deem this enemy #1!
 
2012-06-21 12:26:12 PM

what_now: Capitol One Finance


Oh yeah, those guys will screw you into the ground. I used to work in a call center selling their cards in college. The interest rates were appalling and the credit limits were tiny. People would get so excited to have a credit card though.
 
2012-06-21 12:34:58 PM
But that still means 20% of the issues have been unresolved! Clearly government sucks with a 80% success rate. It should work 100% of the time, every time.

/So vote Republican, and never worry about government being too efficient again
 
2012-06-21 12:36:41 PM
Who will save our poor defenseless corporations from this government monster?
 
2012-06-21 12:37:34 PM

James!: Oh yeah, those guys will screw you into the ground. I used to work in a call center selling their cards in college. The interest rates were appalling and the credit limits were tiny. People would get so excited to have a credit card though.


I take a measure of blame for this- I was greedy and wanted the original $150 discount on the bed, and I didn't immediately cancel the card as I should have.

However, I did *EVERYTHING* correctly, and I still got hit with fees and interest payments. Had I been less aware of my rights and the ins and outs of credit, I would have eaten that payment.
 
2012-06-21 12:52:37 PM

what_now: James!: Oh yeah, those guys will screw you into the ground. I used to work in a call center selling their cards in college. The interest rates were appalling and the credit limits were tiny. People would get so excited to have a credit card though.

I take a measure of blame for this- I was greedy and wanted the original $150 discount on the bed, and I didn't immediately cancel the card as I should have.

However, I did *EVERYTHING* correctly, and I still got hit with fees and interest payments. Had I been less aware of my rights and the ins and outs of credit, I would have eaten that payment.


24.media.tumblr.com
 
2012-06-21 12:53:59 PM
Eh... The GOP has been consistently wrong for the last several years, maybe longer.

'Course, their opposition to this agency wasn't really about it being "ineffective", but, more likely, they were opposed to it because they knew it would, indeed, be an effective watch dog against a deceitful, predatory industry, which favors Republican policies for obvious reasons.
 
2012-06-21 01:03:46 PM
Define resolved.

At AT&T if you get disconnected during the tech call it is defined as resolved. Also any open ticket that lasts 24 hours is concerted resolved. Logic being that if you havent called back it must have started working.

Or you gave up and got another phone. Same same
 
2012-06-21 01:07:44 PM

The Stealth Hippopotamus: Define resolved.

At AT&T if you get disconnected during the tech call it is defined as resolved. Also any open ticket that lasts 24 hours is concerted resolved. Logic being that if you havent called back it must have started working.

Or you gave up and got another phone. Same same


Well if that's how AT&T does it... (rolls eyes whilst making jerking motion with fist)
 
2012-06-21 01:12:29 PM

James!: Well if that's how AT&T does it... (rolls eyes whilst making jerking motion with fist)


And your point is that the government is so much more virtuous than some evil private company?
 
2012-06-21 01:16:35 PM

The Stealth Hippopotamus: James!: Well if that's how AT&T does it... (rolls eyes whilst making jerking motion with fist)

And your point is that the government is so much more virtuous than some evil private company?


What does virtue have to do with anything?
 
2012-06-21 01:23:41 PM

James!: what_now: Capitol One Finance

Oh yeah, those guys will screw you into the ground. I used to work in a call center selling their cards in college. The interest rates were appalling and the credit limits were tiny. People would get so excited to have a credit card though.


Now I'm wondering if I should regret getting that Capital One card...

/needed one without foreign transaction fees
//points seemed like a bonus
///"deadbeat" as far as credit cards go
////"deadbeat" is a good thing (means you pay in full every month), "revolver" is bad
//slashies
 
2012-06-21 01:24:19 PM
Was the fifth complaint that goddamn rebel dentist who has it in for Oral-B?
 
2012-06-21 01:26:05 PM

Paris1127: Now I'm wondering if I should regret getting that Capital One card...

/needed one without foreign transaction fees
//points seemed like a bonus


I like AmEx. They've always worked well for me.
 
2012-06-21 01:30:27 PM

James!: What does virtue have to do with anything?


I guess I could have said honesty. But they are just lying to us and using statistics to do it. If you follow the link you get this:

"Consumers have disputed roughly 6,000 of the company responses, indicating that that about 80 percent were resolved successfully."

It's exactly what AT&T does. If you give up or go some where else for help they chalk it up as a victory and keep moving on. Like that is some sort of good thing. Yeah! The person stop bothering us we did a good job!!
 
2012-06-21 01:33:51 PM

The Stealth Hippopotamus: James!: What does virtue have to do with anything?

I guess I could have said honesty. But they are just lying to us and using statistics to do it. If you follow the link you get this:

"Consumers have disputed roughly 6,000 of the company responses, indicating that that about 80 percent were resolved successfully."

It's exactly what AT&T does. If you give up or go some where else for help they chalk it up as a victory and keep moving on. Like that is some sort of good thing. Yeah! The person stop bothering us we did a good job!!


You're making assumptions not based on fact.
 
2012-06-21 01:36:43 PM

FlyingLizardOfDoom: So the woman in tfa didnt read her contract, paid her bill late every month. And then cried foul when she was legally assessed fees and interest on her own stupidity?


good lord, people actually think this way. like in earnest
 
2012-06-21 02:11:15 PM

Jackson Herring: FlyingLizardOfDoom: So the woman in tfa didnt read her contract, paid her bill late every month. And then cried foul when she was legally assessed fees and interest on her own stupidity?

good lord, people actually think this way. like in earnest


I would actually say that most people assume that the consumer is always at fault when dealing with a corporation. It's weird.
 
2012-06-21 02:23:33 PM

SphericalTime: Jackson Herring: FlyingLizardOfDoom: So the woman in tfa didnt read her contract, paid her bill late every month. And then cried foul when she was legally assessed fees and interest on her own stupidity?

good lord, people actually think this way. like in earnest

I would actually say that most people assume that the consumer is always at fault when dealing with a corporation. It's weird.


This doesnt exactly help her cause though.
"I had signed up for paperless billing and just never logged in to check the account,"

Although the finance company should have had some safeguard system that alerted her of consistently late payments(before she got a year in), she is responsible for maintaining and paying her bills correctly. Checking in to make sure everything was working right over the first couple payments would have prevented the whole mess.
 
2012-06-21 02:45:30 PM

James!: what_now: Capitol One Finance

Oh yeah, those guys will screw you into the ground. I used to work in a call center selling their cards in college. The interest rates were appalling and the credit limits were tiny. People would get so excited to have a credit card though.


I think I have outgrown that card. It has a crappy $750 limit. They will not raise it when my other CC's all got bumped up to a 10k limit. I never use it but I keep it because it is my oldest card.
 
2012-06-21 03:00:11 PM
I would like to sell my house to anyone interested. My house is assessed at about $400K and I have very simple conditions.

I require a deposit of $50K. The closing is July 21st and you will need to rent the house from me for the next 30 days. 1 cent for the first day, 2 cents for the second day and 4 cents and so on, the rent is increased by 100%/doubling everyday. If you pay your rent for 30 days, you will own the house and I will even return your deposit to you. If at any point you are are more than 24 hours late with the rent, you forfeit your deposit and the deal is off.

Any takers?
 
2012-06-21 03:07:31 PM

mrshowrules: I would like to sell my house to anyone interested. My house is assessed at about $400K and I have very simple conditions.

I require a deposit of $50K. The closing is July 21st and you will need to rent the house from me for the next 30 days. 1 cent for the first day, 2 cents for the second day and 4 cents and so on, the rent is increased by 100%/doubling everyday. If you pay your rent for 30 days, you will own the house and I will even return your deposit to you. If at any point you are are more than 24 hours late with the rent, you forfeit your deposit and the deal is off.

Any takers?


I c wut u did thar.
 
2012-06-21 03:08:08 PM

mrshowrules: I would like to sell my house to anyone interested. My house is assessed at about $400K and I have very simple conditions.

I require a deposit of $50K. The closing is July 21st and you will need to rent the house from me for the next 30 days. 1 cent for the first day, 2 cents for the second day and 4 cents and so on, the rent is increased by 100%/doubling everyday. If you pay your rent for 30 days, you will own the house and I will even return your deposit to you. If at any point you are are more than 24 hours late with the rent, you forfeit your deposit and the deal is off.
2.99% APR (.00819% daily periodic rate) on purchases and balance transfers until the first day of the billing cycle that includes the six (6) month anniversary date of the opening of your account. In the absence of the introductory rate, 12.99% APR (.03559% daily periodic rate) on purchases and balance transfers. Grace period for repayment of the balance for purchases. You will have a minimum of 25 days without a finance charge on new purchases if the total New Balance is paid in full each month by the statement closing date. Minimum finance charge For each Billing Period that your Account is subject to a finance charge, a minimum total Finance Charge of $0.50 will be imposed.Miscellaneous fees Cash advance fee: 2.5% of amount of the cash advance, but not less than $2.50.Late payment fee: $25 Over-the-credit-limit fee: $25 Returned check fee: $25 If you fail to make any payment when due, exceed your credit limit, make a payment which fails to clear and is returned unsatisfied, otherwise default on this or any other account with us, or upon any closure of your account, by you or by us, we may immediately increase all rates on your account to a variable rate of the higher of (a) 24.99% APR (.06847% daily periodic rate) or (b) up to the three months London Interbank Offered Rate published in The Wall Street Journal on the third Wednesday of March, June, September and December (¡°LIBOR¡±) plus 18.331% (24.99% APR, .06847% daily periodic rate, today). Late payment fee: $35 and Overlimit fee: $29. Cash advance FINANCE CHARGE transaction fee: 4% of amount of advance, minimum $5. The variable rate for cash advances will be the higher of (a) 19.8% APR (.05425% daily periodic rate) or (b) LIBOR plus 13.141% (19.8% APR today); see the CONSUMER INFORMATION above for other rate information applicable if you fail to make any payment when due, exceed your credit limit, make a payment on your account which fails to clear and is returned unsatisfied, otherwise default on this or any other account with us, or if your account is closed by you or by us.Cardholders with an outstanding balance on their credit cards can estimate the monthly finance charge by multiplying the periodic rate times the balance. For example, the estimated finance charge on an outstanding balance of $3,000 at 1.825% is $54.75 ($3,000 x .01825 = $54.75). If the consumer makes a payment of $54.75, the interest due is paid but no money is left to apply toward the principal this payment only covers the cost of monthly interest and the loan would never be paid off! If the consumer makes a payment of $60, then $5.25 is applied toward the principal. The result is that it will take the consumer over 11 years to pay off the $3,000 debt that would cost the consumer $8,082 ($3,000 + $5,082 interest)Many issuers charge cash advance fees, which typically amount to between 2% and 3% of the total cash advance. The fee may have a minimum amount, often $2, and a maximum amount, such as $10. Note the Schumer box in Figure 1 reveals the cash advance fee is 2% with a minimum fee of $3.00. The cash advance fee may be assessed for each cash advance taken. A consumer who is charged $5 for $20 in cash is paying a transaction fee equal to 25% of the amount borrowed. Using a credit card to obtain a cash loan is often the most expensive way for consumers to borrow money. Some issuers charge higher interest rates on cash advances than for purchases. As an example, one card issuer offers a 7.9% APR on purchases made with the credit card, but charges a rate of 21.65% APR on cash advances. Issuers are not required to disclose the cash advance APR rate in solicitations or on applications. However, the information is usually provided in materials sent with the credit card to the applicant. A cash advance can also be obtained with a credit card at a bank or an automated teller machine (ATM) or by using checks linked to a credit card account. Several card issuers offer cash advances with 25-day grace periods. The transaction fee they charge for the cash advance, however, may be more expensive than simply paying interest from the date of the advance. In addition, if the cash advance is not paid off in full when due, finance charges are accrued at the cash advance rate beginning on the first day of the new billing cycle until it is paid back. Below is an example of charges that could be imposed for a $200 cash advance that is paid in full when the bill arrives:


Any takers?


More realistic
 
2012-06-21 03:08:14 PM

The Stealth Hippopotamus: James!: What does virtue have to do with anything?

I guess I could have said honesty. But they are just lying to us and using statistics to do it. If you follow the link you get this:

"Consumers have disputed roughly 6,000 of the company responses, indicating that that about 80 percent were resolved successfully."

It's exactly what AT&T does. If you give up or go some where else for help they chalk it up as a victory and keep moving on. Like that is some sort of good thing. Yeah! The person stop bothering us we did a good job!!


AT&T's crummy service practices will certainly be a death knell for this new agency.
 
2012-06-21 03:09:13 PM
Nice try subby. Unless it is resolving them by telling the complainers to go fark off and die then it is just government bureaucracy getting in the way of honest business. Again!
 
2012-06-21 03:09:24 PM

mrshowrules: I would like to sell my house to anyone interested. My house is assessed at about $400K and I have very simple conditions.

I require a deposit of $50K. The closing is July 21st and you will need to rent the house from me for the next 30 days. 1 cent for the first day, 2 cents for the second day and 4 cents and so on, the rent is increased by 100%/doubling everyday. If you pay your rent for 30 days, you will own the house and I will even return your deposit to you. If at any point you are are more than 24 hours late with the rent, you forfeit your deposit and the deal is off.

Any takers?


chzmemebase.files.wordpress.com
 
2012-06-21 03:09:30 PM

mrshowrules: I would like to sell my house to anyone interested. My house is assessed at about $400K and I have very simple conditions.

I require a deposit of $50K. The closing is July 21st and you will need to rent the house from me for the next 30 days. 1 cent for the first day, 2 cents for the second day and 4 cents and so on, the rent is increased by 100%/doubling everyday. If you pay your rent for 30 days, you will own the house and I will even return your deposit to you. If at any point you are are more than 24 hours late with the rent, you forfeit your deposit and the deal is off.

Any takers?


I'll take your deal and then afterward report you to the CFPB.
 
2012-06-21 03:09:56 PM
"The companies that are the subject of complaints have so far responded to 33,000, or 89 percent, of the referrals. Consumers have disputed roughly 6,000 of the company responses, indicating that that about 80 percent were resolved successfully."

Hmm...
 
2012-06-21 03:11:18 PM

mrshowrules: I would like to sell my house to anyone interested. My house is assessed at about $400K and I have very simple conditions.

I require a deposit of $50K. The closing is July 21st and you will need to rent the house from me for the next 30 days. 1 cent for the first day, 2 cents for the second day and 4 cents and so on, the rent is increased by 100%/doubling everyday. If you pay your rent for 30 days, you will own the house and I will even return your deposit to you. If at any point you are are more than 24 hours late with the rent, you forfeit your deposit and the deal is off.

Any takers?


Can I pay in Zimbabwean dollars?
 
2012-06-21 03:11:19 PM

what_now: Capitol One


Capone sets all email alerts to the off position by default when you go paperless.

I got a $25 late fee with no paper bill or email alerts until it was assessed.

Thanks, jackholes.
 
2012-06-21 03:11:55 PM
i406.photobucket.com

Mitt: "I'm really happy for the success rate at the Consumer Financial Protection Bureau. It was really all my idea and if it weren't for me, this bureau wouldn't exist at all."

GOP: "pssst...Mitt, we don't want that, you gotta tell them it's keeping the job creators from creating jobs."

i406.photobucket.com
 
2012-06-21 03:12:11 PM

what_now: While consumer groups have largely praised the new database, the banking industry charged that some complaints do not accurately describe a situation and they unfairly smear the biggest card issuers.

It is honestly not possible for people to think worse of you, fellows.



These organizations are out to hurt you, and they don't give a damn about you, as long as their bottom line looks good.


I filed a complaint with heavens, I guess my congressman, about chase.

Right after I graduated, it took me a couple months to find a job, so I had a small credit card balance (about $1500), that I had the cash to pay, but because I had NO savings, I wanted a small cushion in case of something catastrophic or I needed cash for (apt deposit, etc). Chase offered me a 0% transfer with an upfront fee (ended up being about $75), for 6 months. This was a card I'd had for awhile, always paid off, and the CARD act had just been implemented.
Great I thought! I have the money, but this gives me a bit of a cushion until I can save some money.

So I do the transfer, and continue using my card, and pay off the charges I made in full. Next month, I get an interest statement. I call Chase, and I'm like, what the hell guys, I paid everything except the 0% balance, CARD act requires you to put my payments towards the highest interest balance, so why do I have interest? They refunded the interest.

This goes on for 3 months in a row. I finally just paid off the balance, because I had had it with this, and filed a complaint with my congressman.

I got a nice response from Chase, that basically said: you had a revolving balance ($1500 at 0%), so for every additional charge you put on the card ($10 for lunch, $75 in groceries), we charged interest, even though you paid THAT balance in full every month.

I mean, really? I'm sure if I had read through my 20 pages of contract I would have gotten it, but sheesh.
 
2012-06-21 03:12:15 PM

The Stealth Hippopotamus: James!: Well if that's how AT&T does it... (rolls eyes whilst making jerking motion with fist)

And your point is that the government is so much more virtuous than some evil private company?


Is your point that, if some private corporation does a thing some stupid way, we can automatically assume that the government will do it in a stupider way?
 
2012-06-21 03:12:21 PM
The Consumer Financial Protection Bureau has resolved 4 out of every 5 complaints it has received since opening its doors nearly a year ago, according to the bureau.

If that standard is good enough for farkers, and judgint by the comments it seems to be good enough for the farkers here, let's just take all the other governmental agencies' word for it that they're doing a splendid job. Mission Accomplished!
 
2012-06-21 03:14:50 PM
"While consumer groups have largely praised the new database, the banking industry charged that some complaints do not accurately describe a situation and they unfairly smear the biggest card issuers."

THIS IS YOUR GOD
 
2012-06-21 03:15:17 PM

Gulper Eel: The Consumer Financial Protection Bureau has resolved 4 out of every 5 complaints it has received since opening its doors nearly a year ago, according to the bureau.

If that standard is good enough for farkers, and judgint by the comments it seems to be good enough for the farkers here, let's just take all the other governmental agencies' word for it that they're doing a splendid job. Mission Accomplished!


I'm sure Issa will get to the bottom of this, don't you worry.
 
2012-06-21 03:16:15 PM

FlyingLizardOfDoom: So the woman in tfa didnt read her contract, paid her bill late every month. And then cried foul when she was legally assessed fees and interest on her own stupidity?


They should have named it the "protecting people from their own stupidity agency"
 
2012-06-21 03:18:39 PM
What kind of idiot sets up automatic payments for a credit card and doesn't even review their bill?
 
2012-06-21 03:19:45 PM

Moosecakes: What kind of idiot sets up automatic payments for a credit card and doesn't even review their bill?


Victims.
 
2012-06-21 03:21:38 PM

The Stealth Hippopotamus: James!: What does virtue have to do with anything?

I guess I could have said honesty. But they are just lying to us and using statistics to do it. If you follow the link you get this:

"Consumers have disputed roughly 6,000 of the company responses, indicating that that about 80 percent were resolved successfully."

It's exactly what AT&T does. If you give up or go some where else for help they chalk it up as a victory and keep moving on. Like that is some sort of good thing. Yeah! The person stop bothering us we did a good job!!


Are you reading the Republican version of this article? Where are you getting this?
 
2012-06-21 03:21:57 PM

Giltric: FlyingLizardOfDoom: So the woman in tfa didnt read her contract, paid her bill late every month. And then cried foul when she was legally assessed fees and interest on her own stupidity?

They should have named it the "protecting people from their own stupidity agency"


Hell yeah. It was much better when you could have your finances ruined due to a simple error.

What has become of this nation?
 
2012-06-21 03:22:11 PM

Giltric: FlyingLizardOfDoom: So the woman in tfa didnt read her contract, paid her bill late every month. And then cried foul when she was legally assessed fees and interest on her own stupidity?

They should have named it the "protecting people from their own stupidity agency"


When a policy goes against logic and conventional wisdom, it's a bullshiat policy.

1. Submitting an electronic payment on the due date and expecting it to post the same day is logical.
2. Generating automatic email alerts after the FIRST late payment is just common sense.

Policies like this are designed to screw people over. That's why they wrote off the late fees with no pushback.
 
2012-06-21 03:22:30 PM
People in this country are famous fo voting against their own self-interests, but I will simply say this: I've had professionaly dealings with the CFPB and everyone of its employees I've encountered has seemed more like a kid working at an internet start-up, than a gov't bureaucrat. They are bright, "best of the best" types deply committed to the mission of protecting American consumers from the worst excesses of the financial industry that has been outright preying on them for more than a decade.

If you all let the GOP succeed in watering down, or outright killing this agency then you more than deserve the royal screwing you're going to get from the financial sector as a result

Seriously people, it's the best thing that's happened to you in the last 30 years. DON'T fark it up
 
2012-06-21 03:24:38 PM
, it's resolved 4 out of every 5 complaints it has received since opening its doors

A failure rate of 20%, or, by republican math, over half the cases they handle end in bankruptcy with zero accountability for the department or the administration.
 
2012-06-21 03:25:10 PM
Great, so the agency resolved something like 30,000 customer complaints. Nice to know they're doing something.

But that shouldn't end the discussion: how much did it cost to resolve those complaints? Were there other agencies that could have done it for less cost? If so, why create the CFPB? And if there are other agencies handling the same complaint, perhaps we should be eliminating those redundant agencies?

The problem with too many people is that they don't think critically about government - which is why we have a government growing out of control.
 
2012-06-21 03:25:19 PM

what_now: While consumer groups have largely praised the new database, the banking industry charged that some complaints do not accurately describe a situation and they unfairly smear the biggest card issuers.

It is honestly not possible for people to think worse of you, fellows.

CSS Time:

I bought a bed last year at Macy's. Getting the Macy's Card saved me $150, so I decided to do it. I paid the bill off in full, and I had planned on getting rid of the card immediately, but they sent me a lot of coupons, so I decided to keep it.

This was my mistake.

Because I don't use the card every month, I pay the card off - in full- before the deadline by sending checks. This is annoying, so I decide to "pay online". This is where the trouble starts:

It turns out, Macy's gave me TWO accounts on one card. Because it was a "Macy's American Express" I could use it anywhere American Express is accepted. All purchases at Macy's went on account 1. All purchases outside of Macy's went on account 2.

Obviously, I have never used "account 2", but my payment went toward that account, and created a credit, while my balance from "account 1" went past due and I got a collection call.

Infuriated, I cancelled "both" accounts and demanded that the late fee and interest charge be removed, and that my credit history be updated to reflect no late payments, and that I get a letter in writing, confirming that I had never missed a payment.

Now, I am a financial planner, and yet Capitol One finance STILL managed to jerk me around. I know the ins and outs of the Credit CARD act of 2009, and Capitol One Finance STILL managed to jerk me around.

These organizations are out to hurt you, and they don't give a damn about you, as long as their bottom line looks good.


Interesting to note, looking at CFPB's Data that Capitol One is by far the credit Card Company that got the most consumer complaints.
 
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