Three years ago my fiancee needed dental work that we could not afford to do at the time. One day we were at Our Dentist office and saw a pamphlet for the "GE Money Bank CareCredit". We contacted them and they arranged the loan we needed at no interest as long as we were never late with payments.
We of course were very happy, she had her dental work done and they paid our Dentist $3,000.00. We received our first statement and noticed in the payment options the "Automatic withdrawal" option. That sounded like a smart and safe way to go to make sure the payment would never be late and we would never have to pay any interest.
We once again contacted them and they sent the form, we signed it and sent it back to them. Since then they have taken there payment every month and we have never been late. That started in November 2006. Now its November 2009 and I am staring at the most recent statement in total shock!
They have been taking 79.00 per month for three (3) years a total of $2,844.00. At first we were excited thinking we only had two (2) payments left, "Wrong!". In this statement they notified us that since we did not pay off the total balance as of last March 2009 they are now charging us all of the differed interest at 23.99% plus a $1,000.00 penalty fee.
They (GE Money Bank CareCredit)set the payment amount and told us we would be paid off with no problems. Now they are telling us we currently have a balance of $2,572.95 and climbing at a rate of 23.99% per day!
Upon Receiving this news I called GE Money Bank only to be insulted and told they refuse to due anything about it and we would have to continue paying them. In a last ditch effort to "Stop the bleeding" so to speak,I called my bank to have them blocked from taking any more money from my account, mind you we live in a very small community where everyone knows everyone. To my surprise our branch manager (whom I've known for 30 years) told me they could not stop them from taking our money if they wanted to.
Now the checking account that we've had for many years and have our pay checks direct deposited into as well as our health, Auto, and home insurance automatically withdrawn from has to be canceled because of this.
This country is in a mess because of dishonest bankers and politician's taking advantage of consumer needs and trust and there practices continue even after they took are money to bail them out. Well I say No more! If they want any more money from me then they and they're "chief thief" President Obama will have to first pay me back in full at 23.99% interest compounded daily and a penalty fee which the amount will be decided when I feel like it. And if the banks and Obama don't like it "Tough Sh!!" what are they gonna do, they cant take away my birthday! this is supposed to be the land of the free not the land of the over taxed, hidden fee charged, and penalized for being born!
GE Money Bank CareCredit and President Obama you have officially become "The straw that broke the Camels Hump" Thank You both so much for changing the way I feel about this country I used to love so much!
Review about: Ge Money Bank Loan.