Friday, February 5, 2010

Gangsters Honorable, Banks Not

As a student of history, I’m always amazed at the way life plays out and the ignorance of some to understand the basics. In science & philosophy: if THIS is true than THAT will happen. In mathematics: a+b=c. In folk stories: you can’t get blood from a turnip.

J Edgar Hoover had a hard-on to stamp out un-American business practices as his agency defined what was ethical i.e. American. He saw that unethical was legislated to illegal and therefore was un-American. Under this category were business practices that included the sale of intoxicating substances and extortion, racketeering, loan sharking, etc.

Today, a credit card customer may be reminiscing the by-gone days of paying back loans or credit debt at and by the terms and rates they originally negotiated and agreed.

As it happens, a credit card given by a now bought-out bank offered 8.9%. TCM Bank bought the bank and all the credit/debt contracts, they tried to change the rate but said if the account is closed the 8.9% is fixed until the closed account is paid off. So of course, the account is closed. Not knowing how to honor their word, they’ve changed the rate again and refuse to change it back. Even though there is record of contact and regular payments, never late, TCM Bank changed the rate.

Today, the Customer Service Department, don’t you feel sorry for those schleps, said that the credit manager, who doesn’t take calls and their supervisors who don’t take calls, can only change rates higher. Once rates are changed higher, they won’t change them back to the agreement. The account has been noted and he’ll put in a request but the credit department denies all requests by customers to maintain agreements. It’s 3-5 days until the denial will be marked on the account.

Excuse me?? The agreement was 8.9% rate fixed until the closed account is paid. Hey, a deal’s a deal! 8.9% fixed. That’s the deal.

The customer service supervisor said that the only place he knew that customers can take any grievance is the Better Business Bureau. So BBB is the only recourse.

The Better Business Bureau web site is fabulous! Consumers should use this site regularly. It’s user friendly. Not surprisingly, TCM Bank popped up with all three of their addresses listed. Apparently, this is not the first agreement they’ve failed to honor.

Dear President Obama, Congress, Judges and FBI:

Please allow Guido back in business because when you made a deal with Guido, it was a deal. He didn’t change the terms. History will record that loan sharks were more honorable than so-called American banks and lenders are today.

Every American Consumer

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