First National Bank Of Marin Caveat emptor or "let the buyer beware". In this case, "let the signer beware" would be more appropriate Las Vegas Nevada
While I have no tolerance of companies that operate in the manner that First National Bank of Marin does and I am not endorsing support of their business practices, I also know that while I might be lead to the water, it is up to me whether or not I take a drink.
In short, be an informed consumer when making the choice to accept these types of credit card offers. Read the material that is provided. I receive a credit card by mail from First National. After reading the enclosed disclosure, I would not activate this card if I were down to the last bean in my cupboard. My choice, which is where the accountability ultimately ends up. If I am screwed, I have given them permission to do so.
The facts are disclosed in the cardholder agreement: annual MEMBERSHIP FEE is $69.00, charged in increments of $5.75 per month. This gives you a balance every month period. A balance accrues interest and finance charges whether you use the card or not. ENROLLMENT FEE: Not to be confused with membership fee: 69.00 FINANCE FEE. Not a charge but a finance fee. Add that to the 5.75 and you a 75.00 balance, 69.00 of which is calculated for a finance fee. Late payment fee of 29.00, over limit fees of 29.00, a credit limit increase finance fee of "between $0 & $49.00, blah blah blah, blah blah blah! Interestingly, there is no disclosure what-so-ever of the annual percentage rate this card charges.
The bottom line is that these dubious credit card companies prey on those of us who, like me, have established a poor past history of credit that gives them the opportunity to offer ludicrous contracts in the disguise of helping the consumer re-establish that credit history. Do not give them the opportunity; do not give them the control. They are in the business of making money; they don't really give a hoot about me and my circumstances and will turn on me like a rabid dog if given the chance.
Take the advice of someone who has been there and has suffered because I did not go into the situation armed with an understanding of who was benefiting whom. Read the literature. If you choose to accept an offer after being informed, take the punches. You have given them your permission.
Paddi
Rockford, Illinois
U.S.A.
1 Updates & Rebuttals
Tony
Bakersfield,California,
U.S.A.
The operative point is "disclosure"
#2Consumer Suggestion
Sat, March 04, 2006
Paddi:
Very well written and cogent commentary. This bank is not unique in its machinations, but they are very adamant about not responding to customer complaints. The operative point in your comments is the word "disclosure." When there is not full disclosure in a contract, the contract is null and void and the one responsible (FNBM) is stuck with the financial loss. Actually, of course, the bank suffers no financial loss since they don't provide you with anything tangible (like money). They are guilty of creating money out of thin air (which the courts have declared a bank can't do). Everything is electronic credit and debit with them so they are making huge profits with very little cost.
I called that to their attention and, instead of getting a lucid response (let alone a denial), they behaved like routed thumbsuckers and started placing all sorts of bogus negative information on my credit reports. They had to lie to the credit bureaus to do that so I am going to have to go after them legally. They are too arrogant to back down, thinking they are too powerful for an individual to create any grief for them.
You are right to warn people away from FNBM and others like them.