Complaint Review: Sams Club, WalMart, GE Money Bank - El Paso Texas
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- Author Confirmed
- Sams Club, WalMart, GE Money Bank PO Box 981064 El Paso, Texas U.S.A.
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- Category: Financial Services
Sams Club, WalMart, GE Money Bank GEMB (Sams Club Crdit Card) LOWERED MY CREDIT LINE WITH NO PREVIOUS NOTICE El Paso Texas
*Consumer Comment: It's not the government's fault
*Consumer Comment: Not sure
*Author of original report: Response from Ashley
*Consumer Comment: Actually
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I have had a Sams credit Card since 10/2008 which I have used several times, paid my bills on time and have paid it in full several times. I was issued a $600.00 credit line.
While shopping at WalMart today, I went through the checkout lane fully expecting to pay for my items with my Sams Credit Card. As of my most recent statement which I received 2 days ago, I had $266.00 credit to use.
Imagine my embarrassment when the clerk told me my card was declined. He tried again and it was declined a second time. So, I used my debit card to pay for the items which took monies out of my checking account that were earmarked for other bills. I called GEMB customer service and was advised that I only have $6.00 credit left to use. The company had reduced my credit line from $600.00 to $300.00, and the notices of this reduction just went out in the mail which I should receive in about a week.
Customer service could not give a reason other than an overall audit was done on all accounts and thousands of them were reduced. It didn't make any difference if I was a responsible payor or used the card conservatively.
They said a full explanation would be in the notice I am to receive.
I am going to pay off GEMB, cut up the card and not do business with Sams again. WalMart is also doing the same audit (I called them also), but was told that my credit line was still the same with them until further notice. I do believe that I'll pay them off also (don't want another sneak attack in public)!!
If it is legal for GEMB to do this kind of business, I would like to know who to contact to get that law changed. Any advice would be appreciated.
Karen
Springfield, Illinois
U.S.A.
This report was posted on Ripoff Report on 05/27/2009 06:06 PM and is a permanent record located here: https://www.ripoffreport.com/reports/sams-club-walmart-ge-money-bank/el-paso-texas-79998-1064/sams-club-walmart-ge-money-bank-gemb-sams-club-crdit-card-lowered-my-credit-line-with-455947. 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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#4 Consumer Comment
It's not the government's fault
AUTHOR: Andi - (U.S.A.)
SUBMITTED: Saturday, May 30, 2009
I have excellent credit and my limit was lowered, however, I received a letter explaining everything from Bank of America. I suppose it is legal (until June 1) for the companies to lower your credit without notice, but if they have any integrity at all, they should let you know. I'm glad the government is tightening up on the credit card co's ....sorry it if cuts into their 'profits' as one previous poster pointed out. The companies ain't hurtin' as bad as us folks they rip off......
#3 Consumer Comment
Not sure
AUTHOR: Ashley - (U.S.A.)
SUBMITTED: Friday, May 29, 2009
Maybe write your congressman or senator?
I believe its legal for them to change it and send you notification after the fact. You would have to read your card member agreement to see fi they reserved the right to change your limit at any time for any reason.
#2 Author of original report
Response from Ashley
AUTHOR: Karen - (U.S.A.)
SUBMITTED: Thursday, May 28, 2009
I realize that financial institutions have the right to reduce credit lines. My problem with GEMB is that they did not give timely notice of this action causing a domino effect to my finances. This problem may seem trivial coming from someone like me with a low credit line to begin with; however, on a wider scale, how many people found themselves in the same situation?
I had to make a double payment to them today just to make sure the interest and credit protection charges were covered so their action would not cause an over-the-limit charge to my account.
Would still like some input as to who to complain to so this untimely notification process can be rectified in the future.
#1 Consumer Comment
Actually
AUTHOR: Ashley - (U.S.A.)
SUBMITTED: Thursday, May 28, 2009
The reason banks ARE doing this is because the laws are changing. People have cried to the government so much about high interest rates and unfair fees the government has been restricting the fees that can be charged, how much interest can be charged, and how much this can change.
Due to the government making it harder for credit card companies to turn a profit. They are responding by cutting credit and raising rates on accounts. This is only going to get worse as the government adds more restrictions to the banking industry.
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