• Report: #818185

Complaint Review: Merrick Bank

  • Submitted: Wed, January 04, 2012
  • Updated: Fri, January 06, 2012

  • Reported By: Mel — Desmoines Washington United States of America
Merrick Bank
Internet United States of America

Merrick Bank We had this account over 1 yr. always paid in full before due date. They closed it without warning or reason. Embarrassing at checkout. Internet

*Author of original report: YOU HAVE BEEN VERY HELPFUL

*Consumer Suggestion: Good info.

*Author of original report: They aren't American Express

*Consumer Comment: Not really about me.

*Author of original report: Good For You

*Consumer Comment: Not a ripoff.

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This bank closed our account after being with them over a yr because I would always pay the balance in full before the due date instead of making payments.  They didn't tell me that when I called them, they said it was a credit report.  They approved us over a year before and gave us a credit increase after being with them 6 months.  It was really embarrassing when I was at the checkout counter buying a 30.dollar item and was told that the company turned down my card.

It was no doubt, because when I received my bill on line, I would always pay it in full, never made payments, never ever late.  They couldn't make money off of me.  This is why they closed our account.  When I called about it, the lady was really nasty to me for no reason and told me to do what I wanted with the card because the account was closed due to a report.  Funny.  They sure opened it when our credit wasn't very good.  I know it was because we paid it in full when we would get a bill.  I wouldn't recomend this card to anyone because they lie, they are rude and close your account for no reason and don't even let you know until you get to the checkout line.

Signed

Glad to be rid of them

Desmoines, Washington 98198

This report was posted on Ripoff Report on 01/04/2012 10:59 PM and is a permanent record located here: http://www.ripoffreport.com/r/Merrick-Bank/internet/Merrick-Bank-We-had-this-account-over-1-yr-always-paid-in-full-before-due-date-They-818185. 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:
3Author 3Consumer 0Employee/Owner
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#1 Author of original report

YOU HAVE BEEN VERY HELPFUL

AUTHOR: Mel - (United States of America)

I want to thank you for this information and I will follow thru with it. My last credit score was 780 and I don't think that is so bad so I will follow up with some letters.
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#2 Consumer Suggestion

Good info.

AUTHOR: Robert - (USA)

It was no doubt, because when I received my bill on line, I would always pay it in full, never made payments, never ever late.  They couldn't make money off of me. 

They WERE making money off you.  Credit Card companies charge vendors a FEE every time you make a purchase with a credit card.  VISA charges about 4.25%-this is called a VENDOR'S FEE.  The credit card company gets this fee regardless of how or when you pay your monthly CC bill.  They cancelled your card for some OTHER reason.

This is why they closed our account. 


No it wasn't.  We'll get to that in a moment.

When I called about it, the lady was really nasty to me for no reason and told me to do what I wanted with the card because the account was closed due to a report.


Let me repeat that last part;  "...the account was closed due to a report."

THIS is the reason the account was closed.  If you want to know what information caused them to close it, you are entitled to that knowledge by a Federal Law called The Fair Credit Reporting Act.  Closing the account is ADVERSE ACTION by the creditor and the FCRA states that they must inform you IN WRITING, as to what the ADVERSE INFORMATION was that compelled them to close the account.  FAILURE to comply with this requirement of the law is ACTIONABLE and you may sue them for violating the FCRA in District Court.

If you really want to know why it was closed, you should send them a certified, return receipt requested letter that demands they comply with the FCRA and inform you of the specific information that compelled them to close the account.  Be aware that many lenders will merely state something to the effect "we reviewed your credit report."  This is NOT good enough for compliance with the law.  The FCRA mandates that they furnish you with a written copy of the "adverse information" that they used as justification for closing the account.  If they refuse to provide this written information to you, you should have no trouble finding an attorney to sue them on your behalf.

Additionally, because of this adverse action by them, you are entitled to a FREE printed credit report from Equifax, Trans Union, and Experience.  You need to write a letter to these credit reporting agencies and demand a current copy of your credit report.  The reports will be free because of this adverse action against you.

You should visit the FTC website, www.ftc.gov and download the Fair Credit Reporting Act.  Give it a read and you'll easily find the mandates I'm telling you about.  If you have any questions, just ask.

Good luck in the future.
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#3 Author of original report

They aren't American Express

AUTHOR: Mel - (United States of America)

I love american express anyway.  Glad for the information from you.
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#4 Consumer Comment

Not really about me.

AUTHOR: Flynrider - (USA)

  My point was that banks make money on credit cards even when you pay the balance in full (otherwise they wouldn't do it).   Your assumption was flawed.    The more likely explanation is the one I noted, and that is regularly done at all banks. 
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#5 Author of original report

Good For You

AUTHOR: Mel - (United States of America)

I am glad that you are not  having problems with the credit cards from the banks.  I also have 2 other cards that I pay in full when I get the bill and they never give me a problem.  When the Merrick card was issued, my score was a mear 650, not horrible but not that good.  The other banks have no problem with me paying my account balance off each month.  I am glad that Merrick bank is good to you.

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#6 Consumer Comment

Not a ripoff.

AUTHOR: Flynrider - (USA)

  " It was no doubt, because when I received my bill on line, I would always pay it in full, never made payments, never ever late.  They couldn't make money off of me.  This is why they closed our account. "

  You seem pretty sure about that.   If you knew the mechanics about how banks make money on credit cards, you'd probably have a different reason.    I have three credit cards that are always paid in full every month.  The oldest account I've had for 23 yrs., the youngest account I've had for 10 yrs.   In all that time, I've never had an account closed because I paid in full.   In fact, the three different banks did make money through my use of the cards.    Your assertion that this particular bank didn't doesn't hold water.

  The more likely reason is that the bank tightened its risk assesments and due to your credit, you no longer qualified for a line of credit.   You said yourself that your credit was not good a year ago.   Banks change their risk profiles on revolving credit accounts all the time.  The agreement you had with them allows them to do this whenever they want to.  It also does not guarantee that they will extend you credit for any given period of time.  All card issuing banks operate the same way.  It's not a ripoff.  They get to decide who has access to THEIR money.

 

 

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