Advanta Bank Corp Credit Card Extortion Tactics Welsh And McKean Roads, PO BOX 844 Spring House, PA 19477-0844 Pennsylvania
Advanta is stealing money from it's customers. They are shot gunning changes in existing rate agreements without notice. These changes go out and show up just like a million other solicitations you may get from credit card companies.
I received a statement that had gone from 7.99% to 25.78%. I did not realize this because my bookkeeper handles paying bills. She had pre-written our monthly bill for me to sign, stuff and mail. We did not see additional fees had been added. I had also gone over my limit(for the first time in 4 years) and no-one contacted me to notify me nor did they send me a notice in my daily report that comes via email. They just put in fees ( and rightly so for my bad on the over draft) I had agreed to that under the terms of my agreement. Unfortunately, we had not agreed to the increase, however the way the increase is handled is where I see them bilking millions from unsuspecting customers.
The way they are doing this is they tell you in the new notice of change that you are going up to a specified fee. At the very end they tell you that you can opt out by freezing the account and locking in your rate. If you keep using it you pay the higher fee.
They are sneaking this by. This card was my business card. I used it daily for everything. I do not read every piece of mail that comes in from credit card companies and I am certain that most people that own their own businesses do not take the time to do this either. Credit card companies should be required to have signed authorization to changes in account charges. If you are using this company I would be very cautious or cancel it and use another company. Other companies that post these types of issues have hundreds of angry cardholders who they bilked money out of.
I have a perfect payment record until this last incident. I brought my account current by paying in advance and their added charges. They told me that was the only way they would talk further about freezing the account at the original rate while I paid it off and they would not send any type of notice too credit. I have a 720 credit score and work my a*s off to keep it. They sent it to credit because I rec'd a notification from my Equifax and they would not freeze the account. They did refund $400 but I am still going to pay 25%, more than 3 times my original, agreed up rate. This is scandalous. I smell class action lawsuit!
Anthony
Carlsbad, California
U.S.A.
4 Updates & Rebuttals
DEC458@MSN.COM
Cleveland,Tennessee,
U.S.A.
Over Your Limit
#5Consumer Comment
Mon, November 10, 2008
Going over the limit is all the excuse that Advanta needed to raise your rates. Read your agreement under Finance Charges, and things like over your limit and late payments give them to raise your rates among other reasons such as using for personal reasons, quitting your business, etc. etc. The only leg you have to stand on now is to wait it out and see if they will lower it later, or close it and go with a more friendlier bank.
DEC458@MSN.COM
Cleveland,Tennessee,
U.S.A.
Over Your Limit
#5Consumer Comment
Mon, November 10, 2008
Going over the limit is all the excuse that Advanta needed to raise your rates. Read your agreement under Finance Charges, and things like over your limit and late payments give them to raise your rates among other reasons such as using for personal reasons, quitting your business, etc. etc. The only leg you have to stand on now is to wait it out and see if they will lower it later, or close it and go with a more friendlier bank.
Lenny
Houston,Texas,
U.S.A.
You better find a new bookkeeper
#5Consumer Comment
Fri, November 07, 2008
In the agreement you signed with the company, if you go back and read it, it will detail that they can raise rates, change minimum payments, over limit fees, etc. You went over your limit, why is it the responsbility of the company to tell you?
And why isn't your bookkeeper keeping track of this?
You don't bother to read your mail, "...I do not read every piece of mail that comes in from credit card companies..." and complain when something bad happens. do read everything that comes in from my credit card company to determine if it is important, like a rate increase, or just an advertisement.
You blame the bank because you can't keep track of your own finances WITH a bookkeeper.
Advanta Rip Off
San Francisco,California,
U.S.A.
Federal Deposit Insurance Corporation (FDIC) wants to hear from you. Must punish Advanta's CEO Dennis Alter, Pennsylvania
#5Consumer Suggestion
Thu, November 06, 2008
FDIC (Federal Deposit Insurance Corporation) wants to hear from you. Must punish Advanta's CEO Dennis Alter, Pennsylvania
Federal Deposit Insurance Corporation (FDIC) wants more rip-off-report against Advanta Bank.
Last time it was reported they have over 800 complaints by the Advanta bank card holders. FDIC just needs 200 more filed complaints in order to take big giant action against the Advanta Bank
Please do your civic duty and report this crime to FDIC.
Remember, Advanta Bank is regulated by FDIC (Federal Deposit Insurance Corporation). They can close down any minute; they just need more complaints by you.
Here is the website link:
https://www2.fdic.gov/starsmail/index.asp
It is very easy to fill-out the form at FDIC. It takes less than 3 minutes of your time.
They are very close to knock on door at ADVANTA HQ in PA.
It is time to expose Advanta CEO Dennis Alter.
If you do not report, Advanta scumbag CEO Dennis Alter will get away this type of rip-off from small business folks like you. Dennis Alter should be jailed for his crime.