Posted by andrea on January 25, 1998 at 12:18:28:
In Reply to: Disputes with Banks posted by Anonymous on January 24, 1998 at 09:35:27:
I am sorry that I cannot provide any helpful information for you, because I too am at a "roadblock" in that I am looking to sue a bank and don't know how! They are an out-of-state bank offering secured credit cards - and I fell for the bait a few years ago.
Instead of improving my credit, my experience with them has harmed it - and ironically, if not for their errors, I would now have GREAT credit!
They did something I never imagined, planned, or could have prepared for. When I opened the account, they said that because my credit was so poor, I needed a "fully-secured" account (availabe credit = amount in savings). They never sent me a savings statement. Never raised my credit limit EXCEPT for when I made a deposit into savings. I had to deposit money for my initial account.
But would you believe, when I closed my account,
they all of a sudden CLAIMED that my account was only "50% secured"!
They are unable to provide a copy of my original agreement, and have admitted so in writing. They have failed to, despite numerous written requests, provide any records of a bank account being held in my name. This after I have written, called, faxed, threatened, etc. and REPORTED them to the State Banking Regulators for both states that they "hold business" in. The government agencies responded slowly and without much effort. After sending a 20-page typed letter, which included photocopies of all my correspondence with the bank, and copies of cancelled checks and statements, via certified mail to the California State Banking regulatory agency, they responded by saying "we assume that this matter is resolved"?!?!?
I was pregnant and in the process of moving at the time this all occurred.
They now are fraudulently reporting that I owe them some $600 plus interest. Enough to damage my credit for the next seven years, but not enough to justify spending $1000 for a lawyer to help resolve this. We are struggling on two incomes right now (i'm also a student), and I cannot explain how incredibly awful this experience has been. We feel victimized, helpless, and competely at a loss here.
If anyone has *any* comments, information, ideas which they feel might be helpful, we would be so grateful.
And I just want to add, as a note to any readers out there who think that this can't happen to them - Please be vigilant when doing business with banks or creditors. If you don't save EVERYTHING, an error on their part, and a lack of avenues for you to correct such an error, can ruin your credit report indefinitely. Hopefully, someday the government will actually start protecting us from the companies which they regulate and empower without accountability (thus allowing fraudulent operations). Until then, We really are "alone and on our own"!