Washington Mutual Ridiculous Over Limit Fees and Finance Charge to push your balance over the limit Henderson Nevada
Here's a brief overview of my credit card with Washingtom Mutual (formerly Providian):
I have a credit limit of $250
Last month I had a balance of 308.59 on my credit card. To bring my balance below my credit limit, I made a payment of $65.59 to bring my balance down to $243.00 (or $7.00 below my credit limit). Today (2/19) I was charged a finance charge of $7.43 which brought my balance to $250.43, which brought my balance a mere $.43 above my credit limit. This in turn has allowed Washington Mutual to charge me an over the limit fee of an additional $39.00. Now my balance is $289.43. Looking at my next payment due, Washington Mutual says I owe them a minimum payment of $15.00 by 3/17. The math is very simple to figure out. $289.43 minus $15.00 would put my balance at $274.43, which is still $24.43 above my credit limit (and they can again 'justify' charging me another over the limit fee).
Washington Mutual does not care about it's customers (like we would expect a company in the business of making money), but this is an outrage. Credit cards are in the business of making money from those that are trying to get themselves out of credit problems, and credit card companies like Washington Mutual keep the poor more poor.
Robert
San Francisco, California
U.S.A.
3 Updates & Rebuttals
Thomas
Anderson,South Carolina,
U.S.A.
The even bigger picture
#4Consumer Comment
Fri, February 22, 2008
OK- You ''can live up to going over the credit limit by a mere .43 cents, but how do you account for the low minimum payment due on 3/19?'' Standard industry practice. Standard industry practice. If you have a credit card then you must be a big boy. Big boys don't need mamma (or WaMu) to tell them what to do.
''When making the suggested minimum of $15, the balance will still remain over the credit limit and WaMu knows that.'' And, it seems, so do you.....
''This gesture by WaMu makes it seem like you do not have to get your limit under the balance (or you will not get punished any further when that is not the case at all).'' Nope; Yep.
''WaMu just wants you to go with their suggested minimum and continue charging overlimit fees. I'm just stating that as trickery and bad business practice.'' Yep; Nope! Since when is WaMu making money on your financial practices a ''bad business practice''... for WaMu?????? It is only bad for you... so pay off the credit card, already! You are trying to (re)build your credit??? Any CC balance above 50% of your CC credit limit is BAD from a credit rating viewpoint.
Slimer57
San Francisco,California,
U.S.A.
The bigger picture
#4Author of original report
Thu, February 21, 2008
I can live up to going over the credit limit by a mere .43 cents, but how do you account for the low minimum payment due on 3/19? When making the suggested minimum of $15, the balance will still remain over the credit limit and WaMu knows that. This gesture by WaMu makes it seem like you do not have to get your limit under the balance (or you will not get punished any further when that is not the case at all). WaMu just wants you to go with their suggested minimum and continue charging overlimit fees. I'm just stating that as trickery and bad business practice.
Robert
Wallingford,Connecticut,
U.S.A.
I can see why you are having credit problems.
#4Consumer Comment
Thu, February 21, 2008
You were over the limit. $43 or $.43, you are still over your limit. You failed to take into account finance fees on you remaining balance by only leaving a meager $7 below you maximum credit amount. There's no one to blame but yourself.