AS a previous ACS/Cross Country Bank employee I learned first hand how the scam works.
First they portray themselves as a company who is reachinng out to those who are credit challenged and probably could not get a credit card any other way. Hint..Hint..99% of the time these are lower income people who can offord no legal representation.
Next they put on there advertisments or credit card applications they put in bold Letters "You've been pre-approved for a Visa/Mastercard with no deposit required". This sounds too good to be true for someone who's credit doesn't allow them to have a card so they usually go for the bait.
But wait in small print there is a catch an application fee $100 and an annual fee $50. And an express fee of $10 that most people think will get them the card quicker. Wrong. That means they will process your application quicker. But guess what all applications are processed at around the same rate. This comes to a total of 160.00, and by the way they place the debt on the card before you even get the card. Of course no deposit is required.
Next they ship the card out at there convenience and if you could ever see the mailroom, they are always backed up and nothing goes out on time. 50% of the time this means that you will receive the billing statement before you even receive the credit card. Some people never even see there card, but guess what if you don't have your card, you still have the debt. And yes you have to make payments, and yes you have to pay interest. But I have no card you say. So what you signed the contract, now your legally indebted to them. Of course if you could afford legal representation this would not occur, but of course if you had that kind of money you wouldn't need this type of card.
Furthermore, even if you call them and say you don't want the card, your still under contract to pay. The total now is 160+accumalating interest, but wait there goes that mailroom again you didn't receive the first statement either. So now the total is 160+ a $30 late fee and a $30 dollar over limit. Overlimit you say I haven't spent anything. Well the limit on the card was only $200 give or take an increment, and the contract says its yours.
To add insult to injury now the collection calls start, telling customers to pay or have there credit ruined. Have you ever heard of a so called bank that hires more collectors then customer service representatives well guess what almost the entire work force is comprised of collectors, collectors and more collectors.
There so called customer service representative are just collectors taking inbound calls. They even rotate so they can be fair(yeah right) to the employees who know the money is to be made in collecting. Representatives make about a dollar for every payment they make customers pay. And they will lie, and will say things like this will fix the problem when most of the time it won't just to get you to pay(so they can get payed).
The so called owners and supervisors allow and even advocate lying to get a customer to pay. Why? If you send money it's money that they've made on top of your debt. The debt you say, how can they make money off my debt..easy. When they've angered there customers to the point of no return, because the customers keep paying and paying but never get anywhere. because fees keep coming and coming.
Cross Company Bank then charges your account off. Then at the end of the year they write it off on there taxes. Its a win win situation. Maybe they made money off you for a month. Or maybe you made a truly honest effort, because you didn't want your credit tagged once again. But little did you know it was all about the scam. They keep all the money you send them and if need be the account is charged off. Its all in the scam.
How are they able to continue this scam. They tell people it's the debtors fault and the debtor just lived up to there poor credit history. They even use this reasoning with some of there employees, and some employees buy into it just to satisfy there own guilt.(Many of them are low income themselves and need the job).
They do a job no one else would do, because scamming people for there money is not easy on the consciense or the ears when angry people call. The bottom line is this business is a scam. Oh yah while I was there Jeb Bush payed a visit to his friend Rocco the owner. Birds of a feather. If you work there try to find a new job, and if you have a card there get rid of it as soon as possible. Beware of the scam.
BOCA, Florida Click here to read other Rip Off Reports on Cross Country Bank