Complaint Review: First Equity Card - Internet

I am still cooling off after talking to First Equity's so-called customer service. I have been a good First Equity Card customer for over a year, always paying on time, and they recently raised one of my company's credit limit to $8500 (I own two companies - the larger one is a $7M business with an AMEX Centurion card, the smaller one is a division which only does approx $300,000/year. The First Equity Card - one of those sign and mail offers - was in the name of my smaller firm). As I was approaching the limit and I had a business trip coming up on the weekend (I take a smaller limit card when I travel for security reasons), I decided to make an online payment (as I always do) of $3000 on February 6, 2008. The payment posted that day, and was debited from my bank account the following day, Febuary 7. February 8 I called to verify my available credit and was told there was none. When I explained that I had made an online payment that HAD ALREADY BEEN DEBITED FROM MY BANK ACCOUNT, their customer service person told me that there was a 7 day "clearing period" for all payments, regardless of how they were made. I told them that nowhere on their website where I made the payment was this policy noted, and was told to read my terms and conditions. I asked them to fax or email a copy and they said they would have to mail it. I asked to speak to a supervisor and got the infuriating "that's our policy, it's in our terms and conditions" speech again. No attempt to diffuse the situation, no attempt at calming me down. I asked to speak to the supervisor's manager, only to be told that they would have to call me within 48 hours. I asked for a name, and was told they would not give it out for security reasons. Fuming, I waited an hour to cool down and called back again. This time, I got a nice young lady who told me that although there was a 7 day "clearing" period, if my bank would send them proof that the payment had cleared, she could probably get it waived. I said "great - to what number should I have my bank fax the information?" She said she would check with her supervisor, and then proceeded to tell me that they would not waive the clearing period even if my bank gave them proof that it had cleared. I asked to speak to the supervisor, who gave me the same run around as before. I asked them to close my account, to which their reply was "done". I am a member of a group of young entrepreneurs organization (EO), all of whom own companies grossing over $1M a year (to Anonymous in Michigan, who must work for First Equity, I NET $500K AFTER my $200K salary) Trust me when I say that ALL of my colleagues will hear about my experience with "the best bank for small business". Here's the bottom line. First Equity is non-responsive as a bank. They didn't care about me as a customer. Citibank (with whom I also have credit cards) will make credit available immediately after they have received an electronic payment. More importantly, though, they listen to an upset client and try to think of ways of satisfying that client. So does American Express (where the customer is virtually ALWAYS right, by the way). First Equity? Their approach is to tell you to take a short walk off a long pier. After all, what can ONE LITTLE CLIENT do, right? This situation could have been resolved easily by anyone at First Equity in two minutes. Instead, I will make it my life's mission to tell people about my experience with this ABYSSMAL EXCUSE FOR A BANK. Nelson San Marino, California U.S.A.

What you are describing is not a ripoff, and even though you copy/pasted your story again, you are unable to make your case that you've been ripped off. You still haven't mentioned what elite group of multi-million $ young entrepreneurs you represent, and why a bank like First Equity would only extend a multi-millionaire business tycoon $8500 in credit. Your self-aggrandizing claims are completely transparent to those who listen to you. The credit juggling scheme you describe will only get people into a financial mess. You're only showing that you haven't learned anything about finance.

I am still cooling off after talking to First Equity's so-called customer service. I have been a good First Equity Card customer for over a year, always paying on time, and they recently raised my company's credit limit to $8500 (Note that this is the smallest of three credit cards we have as a company - I will usually take a low limit card when travelling in the event the card is lost or stolen. It is also usually paid off in full every month). As I was approaching the limit and I had a business trip coming up this weekend, I decided to make an online payment (as I always do) of $3000 on February 6, 2008. The payment posted that day, and was debited from my bank account the following day, Febuary 7. Yesterday (Feb 8), I called to verify my available credit and was told there was none. When I explained that I had made an online payment that had already been debited from my bank account, thir customer service person told me that there was a 7 day "clearing period" for all payments, regardless of how they were made. I told them that nowhere on their website where I made the payment was this policy noted, and was told to read my terms and conditions. I asked them to fax or email a copy and they said they would have to mail it. I asked to speak to a supervisor and got the infuriating "that's our policy, it's in our terms and conditions" speech again. No attempt to diffuse the situation, no attempt at calming me down. I asked to speak to the supervisor's manager, only to be told that they would have to call me within 48 hours. I asked for a name, and was told they would not give it out for security reasons. Fuming, I waited an hour to cool down and called back again. This time, I got a nice young lady who told me that although there was a 7 day "clearing" period, if my bank would send them proof that the payment had cleared, she could probably get it waived. I said "great - to what number should I have my bank fax the information?" She said she would check with her supervisor, and then proceeded to tell me that they would not waive the clearing period even if my bank gave them proof that it had cleared. I asked to speak to the supervisor, who gave me the same run around as before. I asked them to close my account, to which their reply was "done". Note that virtually ALL credit card companies (e.g. CITIBANK) will make credit available the day after an electronic payment has cleared. I am a member of an international group of entrepreneurs, all of whom own companies grossing over $1M a year (My firm nets over $500K on sales of $7M). Trust me when I say that ALL of them will hear about my experience with "the best bank for small business". This situation could have been resolved easily by anyone at First Equity in two minutes. Instead, I will make it my life's mission to tell people about my experience with this ABYSSMAL EXCUSE FOR A BANK. Advanta, Chase and Citibank (all great business cards) have nothing to worry about from First Equity. Small banks (as all small businesses) have a built in advantage over larger banks in their ability to respond quickly and efficiently to their customer's needs. First Equity has shown itself not only singularly unable to take advantage of this, but also fundamentally lacking in an understanding of basic tenets of customer service.

I agree with the other post, given the specific circumstances, a "clearing period" is just par for the course for a consumer who tries to do what you're trying to do. Plus, when you try to claim that you're a member of some elite group of young entrepreneurs owning million-dollar companies, and yet a bank like First Equity would only extend to you an $8500 credit limit that you cannot keep from maxing out on, it just sounds like you're barely squeeking by on a shoestring and yet want people to believe that you're wealthy and influential. You'll have much better luck getting results from customer service if you drop the whole act, because all that customer service is interested in is the fact that you are indignant despite that fact that you're not using credit responsibly.

"..they recently raised my company's credit limit to $8500". $8500 is peanuts. Had my shop for 14 years and my limit is $100,000. If they recently raised it to $8500 and you were gonna pay 6 grand, you were gonna pay almost half off in advance of your trip and max it out again. You should have paid it down sooner. That just looks funny to a banker. "I am a member of a group of young entrepreneurs, all of who own companies that gross over 1M a year". Doesn't matter what you gross, it's what you net. It's sounds like a little weeney bank.