• Report: #185931
Complaint Review:

Orchard Bank

  • Submitted: Mon, April 10, 2006
  • Updated: Tue, April 11, 2006

  • Reported By:Albuquerque New Mexico
Orchard Bank
PO Box 60177 City Of Industry, California U.S.A.

Orchard Bank/HSBC Credit Card ripoff: A $ 2 Finance charge MONTHLY on accounts in Gd standing, "for which a periodic finance charge is due" ripoff City Of Industry California

*Consumer Comment: Lord, Help Us

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As of 3/1, in spite of the convoluted language (ACCIDENTAL?)in the card I received, A "MINIMUM" $2.00 finance charge will be "applied 4 each billing cycle for which a finance charge is payable". This means every time you have not paid in full!!!

They have the guts to tell you it "may increase the actual annual percentage rate on your account"; YOU BET!
At 22.4% they already charge a usuary rate, but with a $100 balance left, the "minimum" charge of $2 will add 2%/MONTH!

This means 24% extra annually, and probably more because it accrues monthly as long as there is a balance on the account(26)
(that's what credit is for), so you are at 22.4 + 26= 48.4%!
How this can be legal I don't know.

I had to send a certified letter to the CEO (Mr Bond)to get a call from Terry Roe(spelling?)she confimed my "reading of the card" but objected no charge had appeared yet on my statements... Sure: I was paid in full! No exeptions could be made!
WE MUST send letters to senator Grassley about this + to our

A sick person in the hospital with a balance of $5.00 would incurr an APR of 118%. Even on $1000 balance this "MINIMUM" charge would raise the interest rate by .2%/month -probably 3% per year = 25.4%.
Chris D, in NM

Albuquerque, New Mexico

This report was posted on Ripoff Report on 04/10/2006 05:12 PM and is a permanent record located here: http://www.ripoffreport.com/reports/orchard-bank/city-of-industry-california-91716/orchard-bankhsbc-credit-card-ripoff-a-2-finance-charge-monthly-on-accounts-in-gd-stand-185931. 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

Lord, Help Us

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

Please, someone explain this to Chris. I'll give it a try. With your example of a $1000 balance there is no additional $2 added on. As for your $5 balance, of the person in the hospital. $2 on $5 is 40%. APR of 480%. You could also try paying the card off each month.
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