When banks go wrong part 7

Take control of your credit with Capital One

What can only be a case study in deception is what is found on the latest billing statement from this bank. I did take control of the account, informing this bank that the account was closed for more than a year. That it had been inactive for more than a year. And that this closed account would be paid in full under the conditions that they were informed of at the time. In the following discussion, this is not what Capital One truly wishes to do.

  1. The account balance that had been given the additional charges of $362.00 in late fees as well as $284.91 in interest charges stood at $1,072.01 in October of 2010 was reduced only slightly by the November billing statement to $1,046.05 by November of this year.
  2. Capital One Bank had received over two different payday periods a total of $87.11. Charging additional fees for an account in a “closing status” $61.15.

Your account is permanently restricted from future purchases and cash advances. But, it’s not too late to prevent further damage to your credit. We want to help!

Well then, any serious “help” that they could offer should not come in the following manner:  Correspondence that comes with “case numbers” attached such as was reprinted in When banks go wrong part 6.  For the “size of the account” back in September of 2009, the “minimum payment due” should not have been well over a hundred dollars.  And when the “account balance” had been reduced by November to nearly what it was in September of 2009, the “minimum payment due” should not now be $296.91.  What does that tell you?

Granted, that Capital One Bank has in fact reduced the account balance some $200.00.  However, I spent more than $800.00 before they would do that.  Something is seriously wrong with this picture.  Which is why Capital One Bank is being given the message that a total of  $708.06 in total fees and payments since January of 2010 (deducted from their “official account balance”) will not be paid. And the deduction then leaves a final balance of about $337.99 which is actually less than my own estimate of what they should be owed with the next payment.  Why?  Because they decided to increase the “size of the late fee” to $35.00.

Under what I understand of closing accounts with regards to changes in credit card rules; exorbitant interest charges should not be permitted.  When bank *STR* closed the account so that I could begin paying off existing balances, they did not increase the interest rate to above usury but rather kept it at about 21%.  They did not create an exorbitant “minimum payment due” for the size of the balance which earlier in the year was around $1,000.00 (and is now in the mid 5 to 6 hundred dollars).  Instead, the minimum payment due was in the $40.00 range.  Capital One bank could certainly have done that.  To have cooperated to make it possible for me to afford to pay on an account in a “closing status.”  They did not.  Instead, they wanted to take advantage and try to milk as much profit from this account as they could get.

So, “Let’s work together to find a solution that’s right for you,” has not been readily apparent on my billing statements from this bank since September of 2009.  Further, here is another quote that can only be in the realm of You have got to be Kidding:  “If you would like information about credit counseling services call 1-888-326-8055.”  If there is someone who needs some “counseling services” it would not be myself.  But rather a particular bank that even with the changes in credit card rules, continues to insist on running amok.

The advertised “What’s in your wallet?”  It shows up in ads including the cutesy “barbarian ad” where the dudes are visiting the Grand Canyon and one of them insists on carrying a donkey.  It also shows up on my billing statement.  With the sort of billing statement that this bank insists on generating, why should their card be in my wallet?  Or for that matter, why should it be in yours?  The demonstrated proof of false advertising.  So, who is still a sucker who’d actually buy into an ad of that sort?  I have factually, $346.05 left to pay on this account before the next payment is to be sent at the end of the month, to pay off only the balances that I had personally generated onto the account as opposed to the balances the bank had itself generated onto the account.  Much of that had been described in When banks go wrong part 5 as well as above.  I believe that the law intended that I was only required to pay off my purchases made to the account with a reasonable interest rate rather than pay for a bank engaging in specific abuses in seeking new profit through predatory lending.  Which says immediately, how much this bank had by intent violated existing law.

With the in-coming GOP majority to the House of Representatives, and the possibility of Rep. John Boehner becoming the Speaker of the House, I would suggest either visiting his website, anyone who reads this, and e-mail him a link, or call him, or write him a snail mail with this link to:  Representative John Boehner (or Speaker of the House if he is elected to that position), 1011 Longworth H.O.B., Washington, D.C.  20515.  After all, the GOP did say that they want a government that is “more responsive” to the people.  Here is Boehner’s chance to prove it.  Rather than continue to act on the behalf of corporations such as Capital One Bank who has engaged in material harm, he should be prepared to act on the behalf of the people who now suffer because of run amok banks such as this.  The time to take an initiative for a more “responsive government” lies with you.  If it is to be a government “of the people,” then it can not be a government of special interests who have done grievous damage to the economy, employment, and businesses who depend on a stable financial situation.

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11 Responses to “When banks go wrong part 7”

  1. When banks go wrong part 7 « Jeh15′s Weblog Card on me Says:

    […] rest is here: When banks go wrong part 7 « Jeh15′s Weblog By admin | category: credit counseling services | tags: credit-counseling, […]

  2. HAVE YOU BEEN RECEIVING E_MAILS OFFERING YOU AMOUNT OF CLAIMS? I BELIEVE THIS IS A SCAM?ARE YOU ALREADY AWARE? | Hot Personal Care Says:

    […] When banks go wrong part 7 « Jeh15′s Weblog […]

  3. Understanding Three Kinds Of Credit Card Debt Help Says:

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  5. American exceptionalism requires exceptional Americans « Jeh15′s Weblog Says:

    […] such as Capital One against the people who actually voted for him.  With reference to “When banks go wrong part 7″, Rep. Issa was reported as being quite prepared to undo the regulations that would prevent such […]

  6. Note to Congress–work for free « Jeh15′s Weblog Says:

    […] to hold banks such as Capital One to account for failing to uphold such laws as the following link which describes a Capital One billing statement will show, would be like saying that we won’t fund prisons that house truly violent […]

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