• Report: #353608

Complaint Review: Applied Bank

  • Submitted: Mon, July 21, 2008
  • Updated: Mon, July 21, 2008

  • Reported By:Merrill Wisconsin
Applied Bank
Wilmington, Delaware U.S.A.

Applied Bank Deceptive Credit Practices Wilmington Delaware

*Consumer Comment: The finance charges are interest.

*Consumer Comment: Then you're stuck

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I don't know if this is legal, if it is something needs to be done.

I admit my account is pretty well maxed. But every month I am hit with a huge over the limit fee. I don't use my credit card, I'm trying to get it paid down. So how do I get over my limit? Fees! Every month I get some trumped up fee that sends me over the limit, even though I take into account fees and other charges when I make my payments and pay extra to cover them. It doesn't matter!

This month I was charged $10.95 for maintenance fee, ok that's to be expected. Then $6.95 online payment fee. Ok. But that wasn't enough to send me over the limit. Then they slap on a finance charge for "Purchases" $13.63 and "Cash Advances" $4.05 As I said I don't use my card. What purchases? Well that sent me over the limit and I'm then charged a $32.00 fee for that. So instead of a $30 payment like it should be I'll be paying $70 yet again.

If I pay $30 extra to cover any fees, I guarantee you they will charge over $30 in trumped up fees and charges to send me over the limit. It would be great if I could pay down $100 or $200, but at this time in my life I can't. How did I get my account so close to the limit? Fees!!!!

Kimberly
Merrill, Wisconsin
U.S.A.

This report was posted on Ripoff Report on 07/21/2008 08:54 AM and is a permanent record located here: http://www.ripoffreport.com/r/Applied-Bank/Wilmington-Delaware/Applied-Bank-Deceptive-Credit-Practices-Wilmington-Delaware-353608. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

The finance charges are interest.

AUTHOR: Nikki - (U.S.A.)

The finance charges on purchases are the interest you are paying on the purchase balance that is on your account. It's not for new purchases only, it is for all purchases. So, if you have a $700 balance, you will be charged interest (or finance charge) for the eniter $700 balance every month. You're not only charged interest for the month you make a purchase. Same with the cash advance interest. You are charged monthly interest for a cash advance you made at some time with your card. The only way those finance charges go away is if you pay off your entire bill.

You have to make sure your payment is enough to pay the balance down, under the limit, plus any finance charges you will incur on your next bill, plus any overlimit fee you may have on the next bill. Rule of thumb, if you were overlimit even 1 day since the date on your last statement, figure you will be charged an overlimit fee on your next statement. If $70 didn't work last time, it probably won't work this time.

If you want to stop the bleed, do this. Add the following numbers: add how much you have to pay to bring your account under the limit (I don't know how much that is). Then add the $69 in fees you will be charged on your next statement ($11 maint fee, $7 online payment fee, $15 purchase interest, $5 cash advance interest, $32 overlimit fee you will probably be charged again). Plus add a little more for cushion.
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#2 Consumer Comment

Then you're stuck

AUTHOR: John - (U.S.A.)

No one made you max out the card. YOUR charges were there well before anything that may put you over your limit. You have to pay 100-200 to get out of the rut you dug yourself.
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