ED Magedson – Founder
Merrick BankP.O. BOX 5000 Draper , Utah USA
Merrick Bank Unfair Practices / Bait & Switch Draper Utah
After making payments totaling $404 over a 6 month period towards a $750 balance, with no credit card use, to still have a $730 balance, I contacted Merrick Bank to see how much of my payment was actually being applied towards the principal balance. I learned that after one year of having an opening my account, the annual fee then reverts to a monthly maintenance fee, which covers paper statements being sent and to post payments to my account that I make to pay towards paying the account off. Additionally, they also charge interest on this manadatory maintenance fee, which to me equates to double dipping. I was completely appalled and in hopes that there are others outraged by this, I'm submitting this report to draw awareness to current cardholders and deter future Merrick Bank customers from getting caught up in this predatory lender who makes promises to people like myself, who was trying to rebuild their credit and now I'm caught up in a black hole of carrying a balance. I'm very much interested in a filing a class action lawsuit against this company for any attorneys or current card holders interested.
This report was posted on Ripoff Report on 05/27/2013 06:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/Merrick-Bank-/Draper-Utah-84020/Merrick-Bank-Unfair-Practices-Bait-Switch-Draper-Utah-1054216. 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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