WAMU
www.wamu.com
Dallas, Texas 75266-0509
U.S.A.
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WAMU Unfair Cash Finance Charges Dallas, Texas
1Author
2Consumer
0Employee/Owner
I became curious about the fact that for some time WAMU has been charging me on both of my credit accounts two "Cash" Finance Charges. When I spoke with them about this they spoke a lot of mumbo jumbo that was really unclear, partly because of the rep's accent.
When questioned as to why one of these was supposedly related to a Western Union purchase, made back in 2006 for around $200.00, I was told that I am still paying on that even though my monthly payments always exceed the mininum payment due. According to their procedure's of how payments are disbursed on an account, no part of my submitted payments have been applied to this Western Union purchase due to some so called heirarchy of payments in which they use to determine the way the money is divided up within an account.
This is grand theft in my eyes as it means they can string along this so called cash advance forever. To me it means that no money is being paid on the principle of this $200.00. Instead it's just accrueing finace charges that go on and on until I pay down my much larger purchase balances. What in the world is going on here! If they are exploiting others the way they seem to be exploiting me, how in the world did they end up bankrupt??
If anyone has any insight into how this can be challenged or if they can be held accountable for this, please let me know.
Thanks,
Jeffjazzy
Kettering, Maryland
U.S.A.
Click Here to read other Ripoff Reports on WAMU
REBUTTALS & REPLIES:
1Author
2Consumer
0Employee/Owner
Updates & Rebuttals
#1 Consumer Comment
AUTHOR: Scott - Rock Rapids (U.S.A.)
SUBMITTED: Tuesday, September 30, 2008
POSTED: Tuesday, September 30, 2008
What you are describing is not unusual or unlawful. It is called payment distribution or allocation of payments or other terms by various issuers.
All of this was disclosed to you in the packet you received with the card and/or application.
Usually (depending on the issuer) payments are distributed in the following manner:
late/overlimit fees
overdue payments
interest
principle on puchases
cash advances
So, yes, you will not see the balance on your cash advances go down until you payoff the purchases first.
If you investigate other cards, you will see pretty much the same thing. Not a ripoff.
#2 Consumer Suggestion
AUTHOR: Cat - Hendersonville (U.S.A.)
SUBMITTED: Tuesday, September 30, 2008
POSTED: Tuesday, September 30, 2008
.......when you play with snakes you gotta expect to be bit. Most credit card co's have been doing this for years, which is why we paid off all our credit cards, use cash and working on being debt free. No longer a need to be upset and angry all the time cause my husband and I live within our means and we do not buy things on credit. No worrying about the economy cause we aren't saddled with debt.
