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  • Report: #824770

Complaint Review: GE Capital

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  • Submitted: Wed, January 18, 2012
  • Updated: Wed, January 18, 2012

  • Reported By: Never use again!!! — United States of America
GE Capital
Internet United States of America

GE Capital GE Capital Retail Bank You will be penalized for making your payment too early and not on the exact due date.... Internet, Internet

*Author of original report: Update

*Consumer Comment: Nothing new

*Consumer Comment: Not a RipOff

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We signed up for GE capital through Rooms To Go because it was 18 months no interest charges.  Sadly we have learned this was a HUGE mistake on our part.  Our first payment was due on 12/9/11 and we made the payment (plus extra) early on 11/15/11.  Apparently, if you make the payment before the billing statement comes out, they will apply it to principal and not count it towards your payment due date.  So even though we made our $65 payment (bill was only $13 a month) on 11/15, their system showed it as our payment being late.. So late fee charged.  For the next payment due on 1/9/12, we made our payment on 12/15/11 with extra... What were we thinking?  This did not count towards our 1/9 payment and we were charged another late fee.. So now we are paying off the balance and closing the account.  Just beware, never do anything with GE Capital... Oh and here's how they are covered.. From the statement insert,


"Credits will be applied to your previous balance immediately upon receipt , but will not satisfy any required payment that may be due."    

This report was posted on Ripoff Report on 01/18/2012 04:42 PM and is a permanent record located here: http://www.ripoffreport.com/r/GE-Capital/internet/GE-Capital-GE-Capital-Retail-Bank-You-will-be-penalized-for-making-your-payment-too-early-824770. 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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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Update

AUTHOR: Never use again!!! - (United States of America)

After finally reaching someone in the U.S. (not India), the customer service rep completely understood the situation and refunded all late fees and corrected our account. 
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#2 Consumer Comment

Nothing new

AUTHOR: coast - (USA)

Payments made before the billing date are credited to the current payment period. That is standard with all credit card accounts.
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#3 Consumer Comment

Not a RipOff

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

This is how all Credit Cards(Open Ended Accounts) work.  By law they can not apply payments to "future" payments, they can only apply any payment above the minimum to the principal balance.  Just like any charge you make is posted in the current period, any payment you make is also applied in the period it was received.

With a due date of 12/9, most likely the period "closing" date was around 17th-18th of the previous month(give or take a couple days). 

However, they will never send out the next month's statement before the period closes. So you would have received the statement(e-statement or paper) around the 19th.  At that time you would have seen that the payment was posted to the previous month and you still were required to make a minimum payment. 

Or let me guess you are a person who thinks that "statements" are a waste of time and you shouldn't have to review them.
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