Complaint Review: First Premier Bank Mastercard - Sioux City South Dakota
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- Author Confirmed
- First Premier Bank Mastercard 900 W Delaware Sioux City, South Dakota U.S.A.
- Phone: 605-3573440
- Web:
- Category: Banks
First Premier Bank Mastercard Hijacking my money and holding it hostage, ripoff Sioux City South Dakota
*Consumer Suggestion: Check out the PBS website
*Consumer Comment: didn't know about the overpayment not allowed
*Consumer Suggestion: First Premier does this and more
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This credit card company takes bank debits and holds the money for 14 days after it has been debited from your account. I authorized a debit in November for 12/11 to pay off my balance even though I tole the rep I would pay the balance earlier than 12/11. SHe said that would not be a problem. The company does not allow payments in exccess of the credit card balance.
On 12/6 I paid my account in full and it was debited tha same day. Then, they still debited my account on 12/11 for the balance of $295.00. They will not release the funds to me until 12/28- I can't even use the card until then. They will notre-credit my bank account. They said after 12/28 I can ask them to issue me a check for the overages. They have my money, will not refund or even pay interest or release it for use on my account.
Then I checked the fees from past statements sonce I noticed a monthly $^.oo "participation fee". To start the account there was a $95.00 "finance charge", a $29.00 "set up fee finance charge" a $48.00 "annual fee', and the first $6.00 "particpation fee" this does not include finance charges or interest on the account!
This company targets people with poor or no credit history. AS a graduate student, I was not thorough in checking this offer to "improve my credit". I think this is highway robbery I know of no other company that needs 14 days to verify funds when they are electronically transferred within 24 hours.
Buyer beware! I am filing complaints with the BBB, the FTC, and the State Attorney's office. I am notifying my congressmen of the unfair banking practices that take advantage of vulnerable people. If anyone knows of any other bureau I can contact to get the word out, let me know.
In the meantime, I have a $295 credit above and beyond my credit limit and I can't charge a thing or get my money back any time soon! payment from my bank, on 12/11 they debited another $295
Susan
Gainesville, Florida
U.S.A.
This report was posted on Ripoff Report on 12/14/2005 04:26 PM and is a permanent record located here: https://www.ripoffreport.com/reports/first-premier-bank-mastercard/sioux-city-south-dakota-57104/first-premier-bank-mastercard-hijacking-my-money-and-holding-it-hostage-ripoff-sioux-city-167938. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#3 Consumer Suggestion
Check out the PBS website
AUTHOR: Lauri - (U.S.A.)
SUBMITTED: Thursday, December 22, 2005
If you are having a problem with a credit card company, the ONLY entity that has the authority to intercede is an office in Washington...the Office of the Currency/Comptroller.
There was a very informative program on PBS Tuesday evening regarding this exact type of problem with different credit card companies.
You can check out the PBS website, and they do have a link to file a complaint with the OCC.
#2 Consumer Comment
didn't know about the overpayment not allowed
AUTHOR: Oscar - (U.S.A.)
SUBMITTED: Thursday, December 22, 2005
Hmmm...I didn't know about that overpayments were not allowed, but yes, they can hold money a week or so. I had a refund once, that didn't show up for what seems like two weeks, and I wrote an online email (it showed up that i owe less on the acct balance, but didn't show on available credit) Nevertheless, if they recieve it before the due date (even if they hold it) it will not cause late fees. In fact, almost every month I pay (payment due 17 or 19, pay on 21st or close) a day or three late, and they don't charge the late fees they are more than intitled to. I know their policies, so I work around them, and they cut me bunches of slack (sometimes I am near over the limit AND a couple days late [they could sock it to me] and i'll rush in a Western Union payment and wha lah its all fixed up with no late fees. Been good to me for four years, thanks First Premier!
#1 Consumer Suggestion
First Premier does this and more
AUTHOR: John - (U.S.A.)
SUBMITTED: Wednesday, December 14, 2005
Yes, First Premier is allowed to "apply" your payment to your account, but not release the available credit for 10 working days at their discretion. When I asked them why, they flat out told me, "because we are allowed to by law".
This is not the first or last thing First Premier has tried to pull with many customers, to include me. Everything from the appearance of holding checks for several days until they are late (to collect extra fees), to false advertising, to Customer Service agents that appear to outright lie to customers.
Please look around this wonderful website and pull up all the articles posted about First Premier. I think you will find it interesting reading.
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