G.E. Money Bank overcharging consumers. applying phone payment fees to the minimum amount due per month. Orlando Florida

I have an account with G.E. Money Bank for minimum payments of $55.00 per month. In May of 2008, I called G.E. Money Bank and talked to a representative about making payments by check. I wanted to know if the amount would be charged to my credit card or to my bank. The rep told me the amount would be charged to my credit card so I made the check by phone payment. I made another payment in June of 2008 for $55.00. My payments are due on the 10th of each month before 5:00pm. I called the payment in after 5:00pm and accessed a late charge of $39.00 when I received my bill. My minimum payment increased to $64.07. I didn't notice the $0.07 and paid $64.00 by check - I mailed this amount in. I was accessed another late fee and an additional $10.00 phone payment fee.

The following month my minimum payment was $69.00. I called G.E. Money Bank to inquire about when my minimum payments would be reduced to $55.00 per the agreement. I was told after I paid this minimum amount due the minimum amount due would be $55.00 again. I talked to another rep in July who told me that because of the late fees and the pay by phone fees, the minimum payment would continue to be $69.00. I asked to speak to a supervisor or manager and was put on hold for a long time. The rep then returned and advised me that my minimum payments would be reduced to $55.00 starting August of 2008.

August 21, 2008, I talked to a rep and explained the situation. I was told by the rep that the minimum payment due would not change because of prior pay by phone fees and prior late fees. I asked to speak to a supervisor and was transferred to someone named 'Steven'. Steven told me that my minimum payment due would not change until the pay by phone fees and the prior late fees (that have been paid) were paid. Steven said after a couple of months my minimum payment should be reduced to $55.00 again.

This company should be investigated because there appear to be red flags concerning their practices in dealing with consumers. I asked one rep if G.E. Money Bank had a whistle-blower hotline for consumers and the rep informed me that G.E. Money Bank did not. G.E. Money Bank appears to be taking consumer money and their practices need to be investigated.

Terry
Columbus, Ohio
U.S.A.