March 21, 2009
Advanta Bank's Credit Cards are charging over 36% interest on balances, when our national average is around 14% I believe) which is what we did the following week with limited results.
But Instead of Advanta MasterCard discussing with us our options to repay following our credit counseling meeting, Advanta Bank MasterCard was somehow able through, Advanta Bank Corp's Electronic Funds Transfer ("EFT") to withdraw every dollar and zero'd out our personal checking account.
I met with the bank Branch Manager and she went back through every transaction in my family's checking account around the date that Advanta took the money out of our account. She stated that she didn't know how Advanta was able to know how much money to transfer by "ETF", but they were able to take every last dollar that was in our checking account on that date and time, not a little less but exactly to the dollar everything in our account. Aren't Advanta's actions an illegal, invasion of privacy and identity theft?
Advanta Banks Credit Card had been sneaking interest rate increases without notifying us. I guess the fine print in the credit card agreement says Advanta can charge what ever they want! But even when payments are sent in 10 days prior to due date the charge you with late fees.
Advanta Credit card services has been more than willing to continue to extend more and more credit when things are good, but when things get tough and temporary setbacks occur for card holders, Advanta Bank resorts to these unbelievable tactics. Advanta makes it impossible to get out from under their thumb when they can go into your personal checking account and take your little bit of money with out your approval. Adding to that amazing banking trickery and holding you in their bondage, Advanta Bank charging more than 2 1/2 time the national interest rate on balances and late fees even when you aren't late, they make it impossible for anyone to catch-up and pay them off!
With nearly everyone in our nation is having personal difficulties financially and with finding financially viable employment today, Advanta sticks it to those around the U.S. who struggling now and are least able to afford their abhorrent tactics and don't know who to turn to for help.
Advanta Bank should be ashamed and needs to justify their actions to Americans who are now having the added issue of bailing out these Banks with our tax dollars and getting ripped off as a thank you!