• Report: #32493

Complaint Review: Merrick Bank Next Card Bank

  • Submitted: Mon, October 14, 2002
  • Updated: Sat, October 19, 2002

  • Reported By:LIVE OAK FL
Merrick Bank Next Card Bank
p.o. box 9201 Old Bethpage, New York U.S.A.

Merrick Bank, Next Card sells My account to Merrick bank & my account was CLOSED! Now I am stuck with high intrest rates Old Bethpage New York

*Consumer Comment: In response to your report

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Early in the year, NEXTCARD had financial troubles and had to shut down. They apparently sold most of their accounts to MERRICK BANK. I received a letter in July stating that my account would be transfered to merrick bank and that my interest rate would be 29% and that I would also have a annual fee of $120.00.

I immediatly called the 800 number and closed my account at the old terms.There was no way I was going to pay that high interest rate when my old one was 12% with no annual fee.. Now it's months later and I just received a bill and a new card from merrick.

Not only have they kept the account open, they added their annual fee to it and charged my account 29% in interest! I have the actual letter sent to me stating my account was clsed in july.

How can they do this to me, they said it was out of their hands and there is nothing they can do about it. Shouldn't this be illegal?

I cannot imagine how many other people they have done this to. Something has to be done. Th only thing I can do now is get a loan and pay it off.

My minimum payment due is $49.00 and they charged me $32.00 in interest plus $10.00 annual fee billed monthly, now if I pay the minimum payment, my balance will only go down a measly $7.00..How can I ever pay this off..?

Please, lets all get together and file a class action law suit!

Lori
Live Oak, Florida

This report was posted on Ripoff Report on 10/14/2002 07:16 AM and is a permanent record located here: http://www.ripoffreport.com/r/Merrick-Bank-Next-Card-Bank/Old-Bethpage-New-York-11804-9001/Merrick-Bank-Next-Card-sells-My-account-to-Merrick-bank-my-account-was-CLOSED-Now-I-am-32493. 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

In response to your report

AUTHOR: Carly - ()

They also sky highed my apr also. But there is one thing you should know,You said you closed your account, so you shouldnt have got the high apr ,I work for an XYZ finance company,so I know you will continue to get charged finance fees as long as you have a balance, open or not. All credit cards are like that. The only way to avoid it,is to pay your balance off.

I agree with you about the annual fee, Of $120. I got my first statement from them the other day,Apparently they charge $2 ( or $3if you have a authorized user) monthly on your account,to pay for that fee.That charges intrest,so Im not happy about that.

Luckily my min payment is the same.
To answer your question about how to pay your balance off when you have high intrest, I would recommend sending in a larger payment then your minimum. For instance,my min payment is $15,I pay $40 to cover the finance fees.

One thing that bothers me the most is that NextCard had online payments, merrick bank doesn't, and you have to pay $10 to do it over the phone. Good Luck, Lori.
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