03-21-2013 09:35 AM
I would love to go undercover into their offices as an employee and sit in on a risk-management meeting. I understand that all banks have risk-management procedures and methods but wow - they are something else. I assume that the vast majority of their cardholders open a card, run it up, and "burn" it, and they try to recoup expenses through collections. So they don't know what to do with normal customers.
Maybe they weren't making enough money off me..? I have been charging and paying with no interest being assessed, and generally paying before statement dates. Maybe they don't like this? Not enough revenue for them, maybe?
Or maybe it was just automated, as they implied. But wow - I think they are oriented toward very-short-account-lifespans, with the pattern I mentioned of charge-up, charge-fees, charge-offs, collections. And anomalies (people with longstanding accounts who pay their bills) are of no use to them.
I'd love to see how profitable or unprofitable they are, and their expenses and revenue.
03-21-2013 09:57 AM
03-21-2013 12:17 PM
I guess you're talking to me, since I made up the thread title. I wasn't aware that I used an offensive term. I will not mention Merrick Bank again.
03-21-2013 12:20 PM
OK, LOL - that was a good one - was it not?
(serious now) I know it's not "total," so I'll have to go look up the other word to see if it is racist or derogatory in any other way. I was not aware, obviously.
Don't a lot of words have roots in terms once used differently? ("Idiot" comes to mind; people say that all the time and don't think it's aimed at anyone as a derogatory term.) While I'm looking it up, please suggest a replacement that would fit in that exact place but not offend. I hesitate to choose a new one in case it just offends someone else.
03-21-2013 12:23 PM
OK, here's what I found: "a shyster is a slang word for someone who acts in a disreputable, unethical, or unscrupulous way, especially in the practice of law, politics or business."
Good enough, then
03-21-2013 12:47 PM
well, it may time to close Merrick Bank...or should i just keep in the SD? they have threatened to close my account already once and now that i just got another card and will probably apply for other prime banks come Aug/Sept im afriad they may just close my account. Dont use them at all other than check my monthly Fico and make the online payment for the annual fee.
03-21-2013 01:00 PM
Sorry to hear that this happened to you, but I'm on the other side of the fence as well. A payment that was submitted was returned. Failed. Not honored.
You think that Merrick Bank is out of line?
Try bouncing a check to your electric company...
Yes, I already know that isn't what happened, but that's what Merrick Bank sees.... (as would most any other bank, I imagine.)
What have we learned?
Merrick Bank doesn't like returned payments.
Is that a suprise? Really?
03-21-2013 02:17 PM - edited 03-21-2013 02:18 PM
They are on my hit list do to the annual fee being billed monthly. I have two of them, how are you guys getting the FICO through them? Only reason I have kept them this long is the $3200 and $1900 CL and relatively low interest rate for me.
03-21-2013 05:10 PM
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 had a similar, but not quite as drastic result not too long ago. In my case i used a 0% BT check from my Barclay account to pay off the balance at the time on my Merrick card. Same result, showed for several days as 'Processing, then my Merrick balance went to -0- as expected...then a few days later original balance returned and received email the check had been returned "Unknown Account". Turns out that BT checks do not contain routing and account number info directly to your account as your normal checking accounts do. Best part is a Merrick rep had walked me through the BT on the phone fully aware of the fact I was using a Barclay BT check and never informed me of this little fact.
Now luckily I was 15 days out from a payment even being due on my Merrick account so this did not cost me a late payment, but did incurr a 'returned check' ding on my Merrick record as well as a $25 return check fee. In the end, because the CS had noted assisting me in processing the BT and because Barclay rep was nice enough to send me an email to fax Merrick explaining the funds were actually available and it was an honest 'mistake' in how it was processed, Merrick removed the ding from my record.
In any case I would make the effort to get it cleared up and account reopened. For one, based on your signature line you have to ask yourself can you afford to lose this tradeline considering the effect it will have on your overall UTIL %.
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