- Report: #566368
Complaint Review: Capital One - Internet Internet
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Capital One
Internet, Internet, United States of America
Phone:
Web:
capitalone.com
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Capital One captial one changing their memeber's agreement Internet
I just received a a new member's agreement from Capital one few days ago. it's about a change of terms for my credit card.
it's stated that they change the agreement due to the credit card act of 2009.
Under some definitions -- "we", us, our, capital one mean capital one bank, national association; and its agents, authorized representatives, successors, and assignees..
while i check other bank's terms and conditions.
this is from citibank
we, us, and our mean Citibank (South Dakota) N.A., the issuer of the account.
and you can chases or other banks, they won't define we, us and our as the bank and their "relatives" or "people who they do business with"
so if u owe or default capital one credit card payment, u'll probably find tons of people who claim they own the debt. be awared.
4 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Well...
#2Consumer Comment
Tue, February 09, 2010
I guess you missed the part in your original agreement that says they can modify the terms as they see fit. As for these changes in terms, it does not take away any "Debt Validation" requirements that would be needed if by chance you did become delinquent and your debt was sold to a collection agency. If they did I believe that there would be some problems with that as they would basically be getting around the Fair Debt Collection Practices Act(FDCPA).
By the way Capital One National Association(NA), is their full name and the bank that actually controls the card. The NA really just means that they are a National Bank..just like Citibank N.A.
Now if you think that Credit Card companies do not already sell your debt to a collection agency if you are delinquent. That they don't sell your information to other companies. That the Customer Service Reps you are talking to are actually employed by the credit card and not some 3rd party call center in a foreign country. That if you mail in a payment the payment center is actually run by them and not another 3rd party company. Then perhaps you should do a bit more checking, you may be surprised about what you find. The only difference here is that it appears that Capital one is changing their terms to reflect that. So if it is the new regulations that caused it you can expect your other banks to follow suit soon.
In CA with every account we not only get the regular terms and condition but another entire set of terms for our "Privacy Rights". Which I think is unique to California. So being informed that there may be other companies or subsidiaries involved is not that new or shocking.
ttracy
USAnow i m doing business with others i don't even know.
#3Author of original report
Tue, February 09, 2010
why isn't it an issue? i signed an agreement solemly deal with capital one. not their national association; and its agents, authorized representatives, successors, and assignees. who knows who they are? they changed the terms after i got the card a year later.
it means those people can claim they own my debt even without the needs of validating the debt if it's defaulted. they are just like capitalone, change their terms, interests rate , etc whenever they like.
that's y i compare other bank's terms of definition of "we, us, our". it's pretty much saying you r not just doing business with capital one, but all these people too. do u know all these people or were you plan to do business them b4 you signed the agreement?
i do not owe capitalone debt, but i know how people react on terms and condition booklets. they threw it away like i did. when things happened, u probably can't even check the terms and conditions anymore.
i know i don't want to default payment on them and i do want to close this account asap. not if i planning to owe them money, i always pay ontime, but it's uncomfortable that suddenly I am doing with business with all these people i don't even know..
Bubba Lee
REd Deer,Alberta,
Canada
TO Robert - Irvine (U.S.A.)
#4General Comment
Tue, February 09, 2010
So is this the first ripoff report you have read or are you completely writing off all the complaints about bill collectors? Looks to me they are lining it up to sell bad debts multiple times if they like. Looks like fun and Oh god am I happy I live in a country that actually regulates the banks and credit card companies.
Robert
Irvine,California,
U.S.A.
And?
#5Consumer Comment
Tue, February 09, 2010
Where is the RipOff?
I honestly was expecting you to post the usual "They changed my interest rate" posting. So congratulations on at least being original. However, this is really a non-issue, and if this is the only problem you have with the credit card...there are a lot worse things to worry about.
As the only thing it seems like this "change in terms" is as an excuse for a lawyer to get their retainer fee to make it look like they are doing something. Basically all that is saying things like "If you default we(as in a collection agency we assign) can contact you for the debt.
You of course won't owe the same debt to multiple people.
