Fingerhut's Axsys National Bank - statements arriving late

# 42 for May 23, 2002

Complaints.com received the following consumer message on May 22, 2002:

From: Greg Geiger [ggeiger AT dwave.net] RE: Fingerhut's Axsys National Bank - statements arriving late I have been having problems with Fingerhut's Axsys National Bank. Since October 2001, I have been having problems with statements arriving late. The statements are postmarked between the 10th and the 15th of each month.. The payments are due each month around the 26th. I receive the statements between the 15th and 20th.

If the statement arrives around the 20th and pay it on the same day, the payment will not make it on time.. Fingerhut counts this as a late payment and I am charged $20.00 for a late fee. I contacted Axsys National Bank (Fingerhut), they would always take the $20.00 fee off and say they're sorry for the late statement.. Today, I look at my statement and see that my interest got jacked up to 29.99 percent. I called to find out why and they tell me that I have been late with three payments. I told them about my statement arriving late, they told me "you know you owe a bill with us, you should pay it on time regurdless if you receive a statement or not". I would rather look at the statement before I pay it.

I'm sure 90% of the consumers do the same. Wisconsin state law requires the statement postmarked 14 days before due date. Axsys isn't following this law. I realize Fingerhut is no longer taking orders. But, they should have an obligation to provide statements to its customers in a more timely manner.