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Established Contributor
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Registered: ‎06-18-2007
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Merrick Bank = Total Shysters (What else is new, right?) UPDATE: No resolution

[ Edited ]

Quick history:  I have no missed or late payments or ANYTHING derogatory on my credit report t in TEN years of juggling many, many accounts.  I was offered a Merrick card right after BK in 2003 and got a Merrick Hooters card around 2007; this turned into a second regular Merrick card recently as they closed the Hooters line.

 

So, this concerns my second card, the former Hooters card.  It has a $3,500 limit; about 15% interest.  No fee.  I had recently been using it occasionally to pay rent (about $1,580) and then pay it off later in the month before the statement closes.  No problems ever.

 

This month my husband wanted to pay it by BT-ing the balance to his CapOne card, since they had given him an offer for 0% for a year.   That's great, but instead of doing it online, he wanted to use the cute BT checks they sent him.  I didn't think it was a good idea but we went ahead and input the check information online and it went through.  It was pending; I checked it today (about five days later) and saw that it said "payment rejected."  I didn't even notice (foreshadowing here...) the "$0 credit available" on my Merrick account.

 

I got right on the phone, and a CSR at Merrick told me that Capital One rejected it for an unknown reason.  My first guess was that Merrick didn't like this check not being connected to a real checking account.  I asked to be put through to a manager, and she saidd Cap One told them I did  not authorize the transaction.  Fair enough; my husband holds the CapOne account.  Whatever, right?  Listen, the statement has not even cut!  My Merrick statement should cut today or tomorrow!  I had wanted to pay it by the statement date, but oh well, I figured I'd pay it well before the due date and everything would be OK.

 

Then the manager gently told me that my Merrick account had been closed a few days ago due to the rejected payment.

 

I will not make this into a long story, but suffice it to say that I asked her to review my account history (2007 through now - all perfect history, never a hitch of any kind) and I made sure she knew that the payment wasn't rejected due to some empty bank account or something.  She said they completely understood itt, but it's their "policy" to close an account when this happens.  She did say I could get Capital One to write a letter on my behalf explaining what happened if I would like them to consider re-opening my account...

 

YEAH, RIGHT.  LIke I'm going to get Cap One to write a letter to see if Merrick might re-open my account.  No way!  I'm not a criminal and won't jump through those hoops - IF I could even get them to write a letter, anyway, KWIM?  It's hard to get companies to do things like that, and I don't need the blood pressure rise from this.

 

I liked the large credit line, and I will hate it that it will say "closed by credit grantor." This really, really stinks.  But as for Merrick Bank and their crappy, card - good riddance!  I am usually very polite and mature on the phone but I told her that everyone knows Merrick is one of the crappiest banks in the country, and it's their loss, not mine - and when she asked if I had anything else to say before ending the phone call, I said, "Good luck keeping any customers if this is the way you treat GOOD customers!"

 

I'll pay my CLOSED account today like I've always done it, with an ACH from my checking account.   All before it was due; before the statement even closed; and all because of that one botched BT transaction, the account is no more.  I really hate Merrick now.  I used to say that I've had no problems with them, but they're the biggest loser bank of all time.  Bottom-feeding scum-suckers; I hope they go under.

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
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Registered: ‎08-16-2012
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Re: Merrick Bank = Total Shysters (What else is new, right?)

I'd report it to the CFPB
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Established Contributor
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Registered: ‎02-20-2013
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Re: Merrick Bank = Total Shysters (What else is new, right?)


youngandcreditwrthy wrote:
I'd report it to the CFPB

Agree with youngandcreditwrthy. Report them to both the CFPB and the BBB. The more people report them, the more they get scared about facing a lawsuit and consider changing their shady business practices.


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Established Contributor
Posts: 619
Registered: ‎06-18-2007
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Re: Merrick Bank = Total Shysters (What else is new, right?)

I honestly don't want to waste any mental energy on them, or, like I said, blood pressure.  My heart rate goes way up when I get angry about this kind of stuff, and although I don't have a blood pressure problem that i know of, I think it goes up when stressed.  I have many other things to deal with and don't want to waste my breath or any more typing on these dirty rats.  I always knew they were a totally predatory lender but I had no problem with them thus far, having never been flagged by "the computer" for an irregularity.

 

I was going to close my two Merrick accounts eventually (I don't think it looks good to have many credit card accounts, although the utilization was really helped by this credit line.)  They just helped me along by closing one of them.  I'm sure the other Merrick account is still open (it's wide open, nothing owed to it), but I haven't even checked. 

 

Anyway, I think it's every lender's right to close an account whenever they see fit, for any reason or no reason.  I could be wrong about that, though.

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: Merrick Bank = Total Shysters (What else is new, right?)

They maybe bad but atleast they give you a free monthly real FICO score

Valued Contributor
Posts: 1,969
Registered: ‎01-24-2012
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Re: Merrick Bank = Total Shysters (What else is new, right?)


NJTurnpike wrote:

youngandcreditwrthy wrote:
I'd report it to the CFPB

Agree with youngandcreditwrthy. Report them to both the CFPB and the BBB. The more people report them, the more they get scared about facing a lawsuit and consider changing their shady business practices.


While I imagine it may be a hassle, there doesn't seem to be anything to report. The account was closed because of a returned cheque, it doesn't matter if that Capital One made the error. Some lenders may tolerate more than one and obviously Merrick does not. An attempt to an executive office at Merrick may warrant better results. Unless I am not understanding, I see no reason to alert either of those entities or sue them because they didn't violate any rights.

Established Contributor
Posts: 619
Registered: ‎06-18-2007
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Re: Merrick Bank = Total Shysters (What else is new, right?)

Well, I agree, navigatethis12.   I dont care enough to complain, nor do I think it would work, even if I did.

 

I was venting about how trigger-happy they were to close an account over a minor glitch.

 

By the way, I just went online and processed the BT through Cap On'es online BT widget like it should have been done in the first place.  Had I done that originally, the account would still be open.

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Valued Contributor
Posts: 2,020
Registered: ‎06-16-2012
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Re: Merrick Bank = Total Shysters (What else is new, right?)


john398 wrote:

They maybe bad but atleast they give you a free monthly real FICO score


that is the only reason that i still have their card. Do not like the fact that their annual fee is billed monthly. They are very sensitive in many things and i guess the experience the OP had adds to the list. Sorry to hear about the bad experience you had. I recieved a letter back in Nov. warning me that they will close my account if i kept opening too many new accounts and then the following month i get a 200 limit increase....LOL. I just got approved for another prime card and if Cap1 grants me a nice CLI then i will close Merrick Bank. I have a Walmart card so i can still get my free monthly TU Fico score.

Cards: (Chase x7) (Citi x6) (Amex x5) (BofA x3) (US Bank x4) (Barclays x4) (WF x3) (Cap1 x3) (Synch x3) (Penfed x2) ( Macys Amex) (Discover, Nasa ,Diners x1) PLOC: Citi (18k) WF (10k)
Valued Contributor
Posts: 1,969
Registered: ‎01-24-2012
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Re: Merrick Bank = Total Shysters (What else is new, right?)


ChesterPDexter wrote:

Well, I agree, navigatethis12.   I dont care enough to complain, nor do I think it would work, even if I did.

 

I was venting about how trigger-happy they were to close an account over a minor glitch.

 

By the way, I just went online and processed the BT through Cap On'es online BT widget like it should have been done in the first place.  Had I done that originally, the account would still be open.


I understand completely. Twice I have made a payment online and had the bank reject it because it was "suspicious". I would also be upset if the account was closed over one returned payment. I was just pointing out to those two that the Consumer Financial Protection Bureau is not for this kind of situation. The Better Business Bureau cannot do anything and is just for show.

Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: Merrick Bank = Total Shysters (What else is new, right?)


dodgerslv wrote:

john398 wrote:

They maybe bad but atleast they give you a free monthly real FICO score


that is the only reason that i still have their card. Do not like the fact that their annual fee is billed monthly. They are very sensitive in many things and i guess the experience the OP had adds to the list. Sorry to hear about the bad experience you had. I recieved a letter back in Nov. warning me that they will close my account if i kept opening too many new accounts and then the following month i get a 200 limit increase....LOL. I just got approved for another prime card and if Cap1 grants me a nice CLI then i will close Merrick Bank. I have a Walmart card so i can still get my free monthly TU Fico score.


Wow identical to me they ythreatened me and than gave me $200 cli twice :smileyhappy:

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