topic Re: Merrick Bank = Total Shysters (What else is new, right?) in Credit Cards

Merrick Bank = Total Shysters (What else is new, right?) UPDATE: No resolution

Anonymous — Wed, 27 Mar 2013 17:18:14 GMT

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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

youngandcreditwrthy — Thu, 21 Mar 2013 15:21:00 GMT

I'd report it to the CFPB

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 15:27:19 GMT

@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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 15:38:39 GMT

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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 15:50:10 GMT

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

Re: Merrick Bank = Total Shysters (What else is new, right?)

navigatethis12 — Thu, 21 Mar 2013 16:15:49 GMT

@Anonymous 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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 16:20:21 GMT

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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

dodgerslv — Thu, 21 Mar 2013 16:22:34 GMT

@Anonymous 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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

navigatethis12 — Thu, 21 Mar 2013 16:28:09 GMT

@Anonymous 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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 16:30:03 GMT

@dodgerslv wrote:
@Anonymous 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

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 16:35:37 GMT

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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

youngandcreditwrthy — Thu, 21 Mar 2013 16:57:31 GMT

Well, the CFPB is there to investigate this type of stuff. They did receive just shy of $1 billion to do so.
Is there anything that says a spouse cannot use their checks to pay the account.
I know you don't want to waste energy, but it's worth looking into. Would also be advisable to check your "Cardmember Agreement" with Merrick to see on what basis they can close an account.

Re: Merrick Bank = Total Shysters (What else is new, right?)

djrez4 — Thu, 21 Mar 2013 17:33:14 GMT

I suggest not using derogatory/racist terms in your thread titles.

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 19:17:07 GMT

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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 19:20:09 GMT

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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Thu, 21 Mar 2013 19:23:50 GMT

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

Re: Merrick Bank = Total Shysters (What else is new, right?)

dodgerslv — Thu, 21 Mar 2013 19:47:13 GMT

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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

tcbofade — Thu, 21 Mar 2013 20:00:41 GMT

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?

Re: Merrick Bank = Total Shysters (What else is new, right?)

boomhower — Thu, 21 Mar 2013 21:18:19 GMT

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.

Re: Merrick Bank = Total Shysters (What else is new, right?)

Anonymous — Fri, 22 Mar 2013 00:10:21 GMT

@Anonymous 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 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 %.