Who do I contact to report a credit card company's unbelievable behavior?

Question

On May 25th, 2008 I called my credit card company and asked them to please send me convenience checks for a balance transfer of $5,000.00. The checks were sent, I filled one out to pay off a credit card with a higher interest rate. I dated the check June 10, 2008 and sent in as payment. On July 1st,2008 I recieved a letter dated June 24, 2008 that stated my credit card card limit would be lowered. The amount the credit card was lowered didn't cover this check. I haven't heard from the bank I wrote the check to but I bounced a $5,000.00 check. I know this because there was a returned check fee on the account. What liability does the credit company have? They sent me the checks knowing I was going to use them, then lowered the amount. This seems to be an unbelievable practice. My husband gave back two houses because of job loss. We have always had perfect credit until this point. We've never been late on our credit card payments.

Answer 1

Technically, (and unfortunately) it's THEIR card and THEIR money (if you look at the back of the card, it most likely says: "This card is the sole property of whatever bank".)

However, if you call them up, they will likely credit the fees you'll likely be charged for the bounced check. You can also asked to speak to a supervisor so they can find a way to satisfy you or to "make it better" for you (such as lowering your interest rate, or crediting you this month's interests for example).

You can go all the way to the ombudsman until you get a satisfying answer. You can also close the accounts you have with them..

Answer 2

Nobody.  Your terms probably stated that they could revoke the offer at any time.  

You have quite a sense of entitlement.  You need to accept some responsiblility.  They saw that the other bank did not get paid "My husband gave back two houses ..." and checked your credit rating and they had to protect themselves.

The only avenue I suggest would be to call that credit card company and try to get them to cover the cost of the bounced check fees.  Next time be more fiscally conservative.

Answer 3

You might want to approach this in several ways.

1. Have you contacted the credit card company to explain what happened? They might just help you out.

2. If not just transfer the balance anyway and accept the NSF fees as a loss.

3. Although there's likely to be something in that extra-fine print credit card companies always have, there may be clause where they are allowed to do this. Contact the FTC and/or BBB for a second opinion

4. Your husband gave back to houses??? Or he lost them to reposession? Or did he sell them? Is it his job loss that in turn reduced your credit score?

Being late on a card payment won't kill you, again I suggest you call the receiving card company and talk to them.

Good luck?

Answer 4

Per their terms, a credit card company can lower your limit, or close your account, at any time at their discretion.  It is unfortunate, but it is their right--check your cardmember agreement.  They may have pulled your credit report, found deragatory information--the houses your husband gave back--deemed you a credit risk, and lowered the limit.  Lastly, it has been it the news, that a few credit card companies are going to be lowering credit lines on quite a few customers, due to the economy.  They are afraid of taking a huge hit with people that they determine may be a risk at this time.  ***

Answer 5

better business bureau

Federal Trade Commission (FTC)

and a good lawyer