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GE Money Bank's Lies Exposed

The other day I wrote about an outrageous example of abuse by the banking industry when GE Money Bank that manages PayPal's Buyer Credit slashed my credit for the second time after I paid my complete monthly bill in whole for the second time. GE Money Bank is no stranger to consumer complaints and reports of abuse or other sleazy business practices.

At the time a few years ago when I signed up with EBay, they pretty much required that anyone who buys any items on their site needs to sign up with PayPal. And PayPal was quickly acquired by EBay which further encouraged anyone registered to sign up for their Paypal Buyer Credit program, which it turns out is run by GE Money Bank. Well, the fact of the matter is that this money grabbing bank likes their high interest rates just as much as PayPal and EBay love their sky high fees for everything. And GE Money Bank apparently didn't like it very well when I twice paid my entire monthly bill for a few music Cds in total, so that they couldn't charge me any high 21% interest rates on a balance. Well, the last two times that I paid my complete bill in full, GE Money Bank responded by slashing my credit limit, which unfortunately can go back to Equifax or other credit reporting agencies that you are a bad credit risk, when actually quite the opposite is true, You're actually paying your bills in full. Apparently GE Money Bank only likes customers who can afford to pay monthly minimums and their debt continues for years and years, making lots of interest money for GE Money Bank. GE Money Banks hates people who pay their bills and punishes them with credit limit cuts to encourage them to stay in debt to them.GE_Money_Bank_1B.jpg

Well, today I received a piece of trash paper from GE Money Bank as a pathetic attempt to justify their slashing of my credit after I paid my bill in full the last two times. GE Money Bank falsely asserted that my credit "score was below other customers" and further lied by claiming according to my Equifax report that my credit utilization is greater than 50% of my revolving credit accounts. Well, I knew that this wasn't true. In fact, I got my credit report later in the day from Equifax and it turns out that GE Money Bank out-rightly lied in their letter. My credit utilization was actually reported at just 11%, not greater than 50% as claimed by GE Money Bank. And with some more recent monthly payments to some accounts not yet noted by Equifax, my latest percentage is actually down to just a 1.7% of my credit utilization. The fact of the matter is that GE Money Bank simply flat out lied and just made up some information that simply doesn't exist to justify slashing my credit limit after I paid my bills in full.

Well, I went to PayPal's website and changed the preferences where I will use an ethical credit card provider if I decide to purchase any music Cds or items in the future from EBay. And I informed GE Money Bank in an angry phone call that I wish to close my account with them and have no further business dealings with them ever. Of course this tightwad operation uses phone operators over in India to save money. I should have expected this much.

I personally never thought that GE made that great of light bulbs myself. It seems like I'm always having to climb up some high place and change them. And it seems like the credit that GE Money Bank offers isn't very good either. I'm very glad to have changed that and cancelled my relationship with these sleazes. It's too bad some of these awful banks got so much taxpayer money during the last bailout. Some of these bastards need to get honest jobs.


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Rating: 3.9/5 (24 votes cast)


Comments (6)

Rod:

Follolwing is copy of the e-mail I received today grom those GEnius, guess what account am I closing today?:

IMPORTANT SUPPLEMENT TO YOUR PAYPAL BUYER CREDIT ACCOUNT AGREEMENT

The following provision is being added to your PayPal Buyer Credit account agreement:

You agree that GE Money Bank and any other owner or servicer of your account may contact you about your account using any contact information or cell phone numbers you provide (whether previously provided or provided in the future).
You expressly agree to the use of any automatic telephone dialing system and/or artificial or prerecorded voice when contacting you, even if you are charged for the call under your phone plan.
The above provision will become part of your account agreement if you consent to the provision by (i) using your account more than 15 days after this notice is delivered to you or (ii) keeping your account open after March 15, 2009. If you do either of these things, we will conclude that you have consented to being contacted on your cell phone in this way. If you do not want to be contacted on your cell phone in this way, you may call us at 866-630-2763 at any time.
Note: This email was sent to you by GE Money Bank's PayPal Buyer Credit Services division to provide important account servicing information regarding your PayPal Buyer Credit Account. You may receive account servicing emails even if you have requested not to receive marketing offers by email for your PayPal Buyer Credit Account. GE Money Bank is located at 4246 South Riverboat Rd, Suite 200, Salt Lake City, Utah, 84123, USA.

This is an unmonitored email box. Please do not reply to this email.

Mark Horne:

On 8/08, I purchased $150.00 of parts caron line thru Amazon.com.They set me up a line of credit with an Amazon card.As time went by, I never received a billing statement.About four months later I received a billing statement from GE MONEY BANK saying they were closing my account and I owed approx. $265.00.I called the GE MONEY BANK rep and she said they did not have the street address on the billing and had seen where the post office had returned mail.She said it was their fault and she would take care of the credit reporting agencies.I then paid off the balance and closed the account.I have always maintained a 750 credit rating over the past 25 years and was never late on a payment.You guys in Washington talk about stimulating the economy.I have been reading about this GE MONEY BANK on the web, and it looks like I'm not the only one that has had problems with GE MONEY BANK.This company has tainted my credit and I'll probably pay offmybills and STOP PURCHASING ITEMS unless this company is investigated.

Sherry:

This was a very interesting read. Although my issues with GE money bank is not as wretched as yours - they've still slashed my credit on a GAP card - for no reason what so ever. I pay more than the minimum amount each month - and they slashed it more than 50%. Fuck them. I just paid it off - and have closed the account.

I did a search to see if these folks received any of the bailout money - and I don't see their name on the list - although I have found miles of complaints about their unethical business practices.

George White:

Write your Congressmen and Congresswomen! Even though many of them receive money from General Electric's lobbist, now more than ever before We The People must voice our displeasure with GEBank and go for full regulation! In this case it is not socialism, but simply FAIR.

Jessica:

Yesterday, I received a letter stating that my Lowes card had been terminated. I have never paid late, I have a twenty credit from over payment and my credit score is higher now than when I opened the card. My credit score is going to get lowered and I have not done anything wrong. All of my bills are always paid on time.

Elsie:

GE Money sucks! They didn't send me my first statement so I didn't know my due balance or due date. Then they called me to make me pay over the phone and charged my account $10. I gave out my bank account number as well as routing number correctly (the lady even repeated all the information again to confirm) and my account was charged $39 because "your check does not go thru or you gave the wrong information", said the representative guy. Once again they called me to make me pay for the amount due and ended up charged me another $10 as credit card transfer fee. Do not go to Gemoney. Such a cheating company!


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Publisher: Kevin Aylward

Editors: Lee Ward, Larkin, Paul S Hooson, and Steve Crickmore

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