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Robin
Sentinel


Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

This bank scam needs a catchy name
PostPosted: Mon Jun 20, 2011 11:34 pm Reply with quoteBack to top

I tried but am probably still too mad to come up with one.

Your billing period ends on the 7th, but your statement date (for said billing period) is the 10th. You have faithfully made your payments every month upon receiving said statement, but this month they miraculously receive it ON THE SAME DAY as your statement (the 10th), so they apply it to the previous billing period as if it were a LATE PAYMENT. A few days later, you are assessed a LATE FEE, and when your next statement notice is emailed, you are notified that you have 1) incurred a LATE CHARGE, and are 2) now delinquent on the account. Your next payment is applied to the following month, so now you appear to have skipped an entire month's payment (which is likely being reported to the credit bureau).

I had to raise holy h**l with Barclay's Bank to get this corrected and I still don't know if they murdered my credit report or not. Were they hoping I was just too twitterpated to realize I'd made two payments within the parameters of their billing cycle and would eat the late charges, extra interest PLUS make an extra payment to "bring it current" when it wasn't even late to begin with and actually paid quite well in advance? Sheesh.

Fun stuff. *NOT*

I'm posting this in General Discussion just for the educational value. I'm sure others have experienced the same pick-pocketing tactics by their banks.

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Lex
Dud?


Joined: 22 Aug 2011
Posts: 15

Re: This bank scam needs a catchy name
PostPosted: Mon Aug 22, 2011 11:47 am Reply with quoteBack to top

Robin wrote:
I tried but am probably still too mad to come up with one.

Your billing period ends on the 7th, but your statement date (for said billing period) is the 10th. You have faithfully made your payments every month upon receiving said statement, but this month they miraculously receive it ON THE SAME DAY as your statement (the 10th), so they apply it to the previous billing period as if it were a LATE PAYMENT. A few days later, you are assessed a LATE FEE, and when your next statement notice is emailed, you are notified that you have 1) incurred a LATE CHARGE, and are 2) now delinquent on the account. Your next payment is applied to the following month, so now you appear to have skipped an entire month's payment (which is likely being reported to the credit bureau).

I had to raise holy h**l with Barclay's Bank to get this corrected and I still don't know if they murdered my credit report or not. Were they hoping I was just too twitterpated to realize I'd made two payments within the parameters of their billing cycle and would eat the late charges, extra interest PLUS make an extra payment to "bring it current" when it wasn't even late to begin with and actually paid quite well in advance? Sheesh.

Fun stuff. *NOT*

I'm posting this in General Discussion just for the educational value. I'm sure others have experienced the same pick-pocketing tactics by their banks.


Thanks. Seems really unfair, but I have heard of similar stories in the past with Barclay's and a few other banks, arm-twisting their clients. Sad for a robust economic system like the UK to have such examples.
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Lex
Dud?


Joined: 22 Aug 2011
Posts: 15

Re: This bank scam needs a catchy name
PostPosted: Fri Sep 02, 2011 8:53 am Reply with quoteBack to top

Robin wrote:
I tried but am probably still too mad to come up with one.

Your billing period ends on the 7th, but your statement date (for said billing period) is the 10th. You have faithfully made your payments every month upon receiving said statement, but this month they miraculously receive it ON THE SAME DAY as your statement (the 10th), so they apply it to the previous billing period as if it were a LATE PAYMENT. A few days later, you are assessed a LATE FEE, and when your next statement notice is emailed, you are notified that you have 1) incurred a LATE CHARGE, and are 2) now delinquent on the account. Your next payment is applied to the following month, so now you appear to have skipped an entire month's payment (which is likely being reported to the credit bureau).

I had to raise holy h**l with Barclay's Bank to get this corrected and I still don't know if they murdered my credit report or not. Were they hoping I was just too twitterpated to realize I'd made two payments within the parameters of their billing cycle and would eat the late charges, extra interest PLUS make an extra payment to "bring it current" when it wasn't even late to begin with and actually paid quite well in advance? Sheesh.

Fun stuff. *NOT*

I'm posting this in General Discussion just for the educational value. I'm sure others have experienced the same pick-pocketing tactics by their banks.


HAHAHA! The Dilbert strip had me in splits. But really, one should be more careful with the banking system one chooses rather than blaming the bank of being unholy. For all of capitalist functions are unholy to begin with mate!
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Barre
Dud?


Joined: 04 Oct 2011
Posts: 1
Location: USA

Re: This bank scam needs a catchy name
PostPosted: Tue Oct 04, 2011 4:27 pm Reply with quoteBack to top

Robin wrote:
I tried but am probably still too mad to come up with one.

Your billing period ends on the 7th, but your statement date (for said billing period) is the 10th. You have faithfully made your payments every month upon receiving said statement, but this month they miraculously receive it ON THE SAME DAY as your statement (the 10th), so they apply it to the previous billing period as if it were a LATE PAYMENT. A few days later, you are assessed a LATE FEE, and when your next statement notice is emailed, you are notified that you have 1) incurred a LATE CHARGE, and are 2) now delinquent on the account. Your next payment is applied to the following month, so now you appear to have skipped an entire month's payment (which is likely being reported to the credit bureau).

I had to raise holy h**l with Barclay's Bank to get this corrected and I still don't know if they murdered my credit report or not. Were they hoping I was just too twitterpated to realize I'd made two payments within the parameters of their billing cycle and would eat the late charges, extra interest PLUS make an extra payment to "bring it current" when it wasn't even late to begin with and actually paid quite well in advance? Sheesh.

Fun stuff. *NOT*

I'm posting this in General Discussion just for the educational value. I'm sure others have experienced the same pick-pocketing tactics by their banks.



This is very nice post thanks for sharing this post.

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