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From T.W. in Colorado
I purchased an amplifier from Guitar Center over a year ago. Because of my good credit rating, I was approved for $5,000 on my Guitar Center card. I’ve only purchased this amplifier and supplemental gear with the card in a one-time, POS purchase. My principle was around $500. I began payments immediately through automatic drafts through HSBC of at least ten dollars over my minimum fee ($15/month).
These automatic drafts were scheduled for the 15th of each month. When I checked on my account several months later, I was shocked to find that $250 of my payments had not been honored and my principle remained at only $20 below its initial level of $500. After lengthy phone calls, it was determined that when I signed up for id protection, it was stipulated that each payment was due by the 12th of each month (a fact that was conveniently not communicated to me). Therefore, my payments on the 15th of each month had accumulated late fees, two of which were dismissed after much argument.
Still, $250 of my money (full-time master’s student; part time worker) was not honored by the company. So, immediately, I changed my automatic draft date to draw from my account payments on the 5th of every month. Surely this payment will be processed by the 12th! However, after setting this up for 9 months in advance, I come to find that my principle, which should be paid off by this month (Feb) remains at almost $300!
This means that I?ve paid HSBC over $500 (my original fee) and apparently still owe them $300 for reasons that I can not determine and they will not answer for! I’ve contacted them and asked them to either illuminate this situation for me or apply my payments retroactively, and they have done neither.
I’m infuriated with this company and would like to know if there are any legal remedies available to me. I would be more than happy to sign on to a class-action suit as there are apparently droves of others that share my predicament. All I want is remuneration for what I have lost and disassociation with that company forever. I think that they should be reprimanded and penalized appropriately. Thank you.
This article, I.D. Protection Changes Due Date, is just one of our articles from Bank Horror Stories, HSBC Secrets
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
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