• Report: #972122

Complaint Review: Applied Bank

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  • Submitted: Wed, November 21, 2012
  • Updated: Wed, November 21, 2012

  • Reported By: Philip — Gurnee Illinois United States of America
Applied Bank
Applied Bank, P.O. Box 17120, Wilmington, DE 19886 Glen Mills, Pennsylvania United States of America

Applied Bank Cross Country Bank Too Many Fees Glen Mills, Pennsylvania

*Consumer Comment: Sub-Prime Lender

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I was not told that my card would contain a $9.95 monthly maintenance fee. As a result, each time I make a monthly payment of $35, only about $15 is going towards the principle balance, because of the $9.95 fee and the interest charges. There's no way to pay the balance with this kind of scam. Additionally, even after the balance is paid in full, the $9.95 monthly maintenace fees continue to be billed unless you write in to cancel your account. So when you think that you're finally done, you're still getting bills.

Also, I did not realize that this bank is the Cross Country Bank reincarnated under a new name. Cross Country Bank has scammed millions of innocent people out of their wealth. I was recently offered a $300 preapproved credit limit increase, only to find out that I would be billed a $100 Credit Limit Increase Fee, WTF! This is what they said in the email, "Because of your excellent payment history, we are pleased to offer you a Pre-Approved* $300 Credit Limit Increase!" 

Since my payment history is excellent, then why the credit limit increase fee?????? Needless to say, I did not submit for the increase. I plan to payoff my balance and close my account. I did some research online to see if I could find the name of the person who sent me the emil, "Sincerely, Lynn Matthews, Cardholder Enhancement Services" and I found an article on complaints.com where a customer wrote her a letter while at Cross Country Bank. Here's the klink to the article: (((link redacted)))

Good Luck

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

This report was posted on Ripoff Report on 11/21/2012 08:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Applied-Bank/Glen-Mills-Pennsylvania-19342/Applied-Bank-Cross-Country-Bank-Too-Many-Fees-Glen-Mills-Pennsylvania-972122. 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

Sub-Prime Lender

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

This like other Sub-Prime cards are cards for people that basically have screwed up their credit(for what ever reason) so much that no regular lender is willing to take a risk on them.  As a result the higher your risk the more fees and higher interest rate you are going to get charged.

I was not told that my card would contain a $9.95 monthly maintenance fee. - Yes you were..when you got the application there was an entire page of fee disclosures that by law they are required to disclose.  Too bad there is no law that says the account holder is required to read them.

As a result, each time I make a monthly payment of $35, only about $15 is going towards the principle balance, because of the $9.95 fee and the interest charges. You left out one very important key word in this statement "..I make a monthly minimum payment of $35...".  Because there is nothing in the agreement that says you only have to pay only $35, you can pay as much as you want.  The more you pay..the more your balance comes down. 

Even with a Regular Credit Card if you only pay the minimum payment, you are going to take a significant amount of additional time and cost you a lot more in interest. 
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