Complaint Review: GE Money - El Paso Texas

I have been quite aggressive and passionate in the past on this site regarding bank overdraft fees...but never have I meant to imply that it is not the customers responsibly to pay a credit card bill on time.

I have sided with consumers in certain cases where they were making payments on time for years..."inadvertently" made a late payment, and was ransacked by the bank. I really wish we could have a better system that factors individual circumstance into the decision of a bank to ruin a credit rating and raise interest rates to outrageous levels. It also would be nice if the customers were not charged such high fees for missing a single payment after years of being a loyal customer and messed up one time. In the past banks would work with the customers in these types of situations..these days, not so much.

Now while I agree that there are numerous cases lodged on this site where the payment arrived late...the system has changed since then. I have noticed with every single credit card account I have, including paypal buyer credit which is by far the WORST most un-compassionate company known to mankind other then perhaps amazon...that you can pay your bill up to 11:59:59PM on the due date, and you will not get a late fee.

However, if someone trusts or depends on snail mail to get a payment on time sending it two days before it is due..they are taking quite a gamble. The ability to pay electronically online has changed all that.

So Flynrider..do not get me wrong..I in no way shape or form trust the banks. But I trust the laws and regulations. I usually make my payments early...but sometimes I cut it close.  I have noticed this year that every bank I am involved with now considers an online payment as "instant"....so if you have a computer with internet access, there is not really a legitimate way to blame anyone but the customer if they pay late. Granted they used to screw us over by not processing the online payments instantly even though ACH did..and granted this was a ploy done with malice by the banks to increase fee revenue, but it is no longer accepted practice.

I advise everyone I know to go for zero or low interest deals if they "must" use credit for a purchase, but I also advise them heavily...to not be late with a payment or expect several thousand pounds of financial doom and ruin to be thrust upon them.

"why not use a promotion that is little or no interest? Just make sure to pay early or it's all over. "

  For someone who claims to be "pro-consumer" this is not helpful advice.   If you have been around this site long enough, you'll find numerous cases of those who sent their payments with a reasonable amount of lead time, yet somehow those payments managed to arrive a day or two late.   This triggers an absurd interest rate for the entire amount borrowed.   

  The only way a consumer can prove an ontime payment is if it is done via registered mail (rrr), or a direct electronic transfer that is timestamped.   Who does that? 

  Using one of these promotions is a gamble.  Not a very good one since the consumer has no control over when payments are posted.  The typical interest penalties for a single late payment are routinely 20% - 30% of the amount borrowed.  

   Since when do you trust banks to play fair?   Who are you, and what have you done with the real Ronny G.?

..well Flynrider, you know my typical stance...pro consumer.


However, many of the promotional offers are really a good deal. Well how can you beat "zero" interest.

There may be a ton of red tape and terms and legal mumbo jumbo...but it really breaks down for the consumer as a pretty simple agreement...

Don't pay late..and you will have zero interest (or whatever rate agreed upon) for the life of the agreement.

Pay late...and you will feel the wrath of these cold blooded vampires. I have on occasion misjudged the intent of some bank defenders. The consumer does have to take some responsibility if they mess up.

Now granted..I remember the days when banks would extend "grace periods", or work with you when you called them with your tales of woe..

But things have changed. If you are late .01 seconds after the due date..there is little you can do. Oh they may ask why you were late on the payment...but unless you were on an operating table...they will offer no grace periods or courtesy. Does it matter if you have been a perfect loyal customer for years and years? Not any more.

As well..if you are late..then the rates they can charge can certainly be accurately defined as "outrageous"...but nonetheless, you will be hit with those rates.

I ask this poster...although you have confessed to have "inadvertently" missed fulfilling payments of a 2 year promotion...can you provide any solid evidence of misleading additional interest? Because if you can and post if here, myself and others will advise of the next steps to seek recourse. But if you simply failed to stick to the terms of the promotion...then sadly you have to pay the price.

I do feel strongly that some consumers should not use credit. I feel if you need to use credit to purchase something...then that simply means you can not yet afford it. But at the same time, retail business which employ many hard working Americans..depend on credit to survive. So, if you are going to use credit to make a purchase...why not use a promotion that is little or no interest? Just make sure to pay early or it's all over. If you can not commit to paying early or on time..then go without the purchase or expect pay outrageous rates.

"If you have been charged OUTRAGEOUS interest like me because you have inadvertently missed fulfilling payments within a 2 year promotional period "

   Let me guess.   You signed up for one of those "No interest for 2 years" deals, right?   Ever wonder how a financial institution can make any money if you're getting to use their money for free?   The phrase "what's the catch?" should come to mind.  

  No doubt, the contract you signed said that you would indeed pay little or no interest.  It also said that if you failed to make any payment on time, you'd be liable for some outrageous interest charge on the entire amount.    That's the catch. 

  I don't even bother with these "promotional" interest deals because there are so many pitfalls that it's unlikely you'll actually get what you thought you were signing up for.    The key is to read the contract before you sign it.  Once you agree to their terms, there's not a whole lot you can do about it.