• Report: #130609

Complaint Review: Bank ONE Credit Card Services

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  • Submitted: Tue, February 08, 2005
  • Updated: Wed, July 20, 2005

  • Reported By:Chesapeake Virginia
Bank ONE Credit Card Services
online.firstusa.com/bolHome.aspx Wilmingon, Delaware U.S.A.

Bank ONE Credit Card Services Ripped off for interest after account was paid and closed Wilmingon Delaware

*Consumer Comment: even from a statement, you will always have to pay the pro-rated interest

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When someone phones a credit institution and asks for a pay off, they expect to get the total amount of what it would take to pay off the account in full. Not with Bank ONE, apparently they figure account interest one month behind, so when you make your January payment, the interest for that month is billed to you in February.

I phoned, asked for a payoff, was given an amount, I paid that amount, closed the account and lo and behold in February I receive a bill for the interest on the account from January. Where is the fair business practice in that? The account was closed, the outstanding balance was paid, why then am I billed for anything else? When I make my last car payment, does the bank bill me one more month for outstanding interest?

If I sold my home, does the mortgage company bill me one more month for outstanding interest? NO!!! They have calculators that figure it out for them because payoff is payoff, done, the end, owe no more! Please someone tell me there is a way this can be made right?

D'Ann
Chesapeake, Virginia
U.S.A.

This report was posted on Ripoff Report on 02/08/2005 02:57 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-ONE-Credit-Card-Services/Wilmingon-Delaware-19850-5123/Bank-ONE-Credit-Card-Services-Ripped-off-for-interest-after-account-was-paid-and-closed-Wi-130609. 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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#1 Consumer Comment

even from a statement, you will always have to pay the pro-rated interest

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

When you call and ask for a payoff amount, they will give you the payoff as of that day, or as of your last statement.

When you pay-off a credit card, even from a statement, you will always have to pay the pro-rated interest, that accrued from the time you were given the payoff amount and the time your payment was processed. Interest does not stop accruing just because you tell them you want to pay it off. You signed on the dotted line, and you agreed to the terms, read the fine print.
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