• Report: #873600

Complaint Review: Charter One Bank

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  • Submitted: Wed, April 25, 2012
  • Updated: Wed, April 25, 2012

  • Reported By: KS2 — Michigan United States of America
Charter One Bank
PO Box 7092 Internet United States of America

Charter One Bank Citizens Bank CharterOne Bank takes my Mega Rewards points valued at 976$ in cash value and offers me 25$ for it, Internet

*Consumer Comment: I think your SOL on this one.

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Hello Charter One Bank has taken roughly 122,000 points that I had accumulated over the last few years with an estimated actual cash value of $976 if I opted for the debit gift cards.  CharterOne Bank had decided that it was not in their best interest to continue to offer the Mega Rewards program and in Oct 2011 sent letters to their customers stating that they had till the end of January to utilize the points or lose them. 

Unfortunately I was in Afghanistan till Dec 2011 and had never recieved the message.  When I discovered the issue, 90 days after the dead line Charter One Bank refused to cash out my points and instead offered me 25$,, Which in my opinion is an admission of sorts.  After 15 years as a Charter One customer I feel as if I have been stabbed in the back and feel as if im there for charter ones sake, and not the other way around.

They keep telling me that these points dont have cash value, well If you can directly turn points into cash money, than I say they directly have value.  Charter One has basically taken a accounting liability and magically turned it into an asset at their customers expense, all with out any effort to cash out the customers points and deposit them into the customers account.
I would like to know if charter one has an iron clad position and if not what would be the possibility of entering into a class action law suit as i'm sure that I'm not the only one effected. Thanks for looking!!

This report was posted on Ripoff Report on 04/25/2012 10:34 AM and is a permanent record located here: http://www.ripoffreport.com/r/Charter-One-Bank/internet/Charter-One-Bank-Citizens-Bank-CharterOne-Bank-takes-my-Mega-Rewards-points-valued-at-976-873600. 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

I think your SOL on this one.

AUTHOR: Jim Martin - (USA)

The burning question on my mind is: why did it you so long to notice they got rid of the point?  I understand you were in Afghanistan until December, but the system wasn't set to be discontinued until the end of January.  The way I see, that still should have given you over a month to go through the mail you missed while you were away, and get the points used.

That being said, I do think they should have offered you more than just $25, but in reality, they didn't have to offer you anything.  Technically, they fulfilled their obligation to notify you of the change in policy.  It's not the banks fault you didn't notice the missing points until months later.

I think that if you would have noticed the points missing right away, you might have been able to get more from them.  But, given the fact that, by your own admission, you were back BEFORE the change of policy was set to take place, then you went 3 months after the point system ended to notice, I don't think you really have a case for any kind of lawsuit.  I'd say, you'd be best off just to cut your losses and take the $25 they offered.  It's better than nothing, right.

Also, the length of time you have been with the bank is completely irrelevant.  Everyone seems to think it is, but it really has no bearing on how the bank treats you.

On a side note-Thanks for your service to our country.
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