GE Money Bank - GE Money Loans Run-around & Lies.

Posted on Tuesday, January 19th, 2010 at 6:34pm CST by eece23e3

Product: Personal Line of Credit

Company: GE Money Bank

Location: US


Category: Other

We called GE Money loans at the beginning of November 2009 to cancel our automatic payments as we had decided to return to manual payments. We also requested that we reduce our monthly payments for a period of 6 months due to current financial hardships. We were told both actions were possible and waited on the phone 30 minutes while the representative "put in action your requests". The following month our banking account was still auto-drafted and as we had also sent in a manual payment prior to the auto-draft we now had paid two montly payments in one month. We called GE back and were told there was no record of our request to cancel auto-drafting. We then requested again that it be canceled and sent a fax as well. We also requested that the duplicate payment be counted towards the next months payment as we could not afford to have two full payments drafted from our account in one month. They said this too was possible. Low and behold, January's statement came and not only were we charged our regular monthly payment, but a late fee was added to our account for not having the auto-draft available any longer to automatically debit our account for monthly payment. We have now called GE Money 11 times (yes, eleven) and each time are told that there is no record of our request to reduce our monthly payments for the 6 month period. We have escalted the complaint more than once and are still experiencing the same "run-around" with one person telling us "Yes, this is possible and has been taken care of" and the next saying "We have no record of your request". It is absolutely absurd and we are completely lost as to how to continue.

1 Comment

90cde917, 2010-06-08, 07:21AM CDT

I too had the same problem with this company. I applied for the auto payments each month. I had an interest rate of 5.99% which was better than my bank could give me. When the first months draft came up, it did not show up in my business checking. I called the company to find out what was going on as I did not want to lose the interst rate I had. They advised, payment had been made. So, I deducted the payment from my business account. The next month, same thing. It didn't show up in my checking account. I called again, and again I was advised payment had been made. 3 months went by at $300.00 per month, and as before, it didn't show up in my business account. Then, we received a letter from our bank. The letter advised there had been an overdraft in our PERSONAL account of several hundred dollars. Somehow, GE Money had gotten info on our personal account, and were drafting the payments from that instead of my business account! A fourth call was made to GE and I was on the phone for an hour or so trying to get the situation corrected. Finally, the lady told me it would automatically start the following month, and told me she was sorry for the problem. The next month, same thing, only this time, I received a late fee for not making the payment!! YES..........MY INTERST RATE WENT UP FROM 5.99% to 27%!!!!! I called again to GE wondering what happened. Just like you, there was no record of my call and the person from GE told me............I'm sorry but we can't do auto payments from a business! I was totally dead in my tracks. I plead with the person to please put my interest rate back to where it was as I had never missed a payment, and had always paid more that the minimum payment. Sorry to say, that was not possible. The GE person advised they can't do that on a payment that was delinqeunt!!

So........I'm back to making payments online like I did before, and not getting ahead as the $300.00 payment was what I could afford. Now, all but a few dollars of that payment go toward the interest. Too bad GE money has to do this as if they are not making money as it is. I called back several times to try to get my rate knocked down, and have been flawless in my payments. They did. It went down to 16.99% and is still rediculous!

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