This seems to be a bank that has a hard time getting things right and an even harder time responding to its customers' needs. It has no trouble jacking its interest rates and fees skyhigh though.
Reading all of this might make you wonder just what kind of bank DMB is anyway. Well, it's one of a handful of "credit card banks" -- so-called banks whose primary business is issuing credit cards. A recent class action suit casts a little light on this odd breed.
Here are a few of the more recent complaints:
James of South Portland, ME April 5, 2009
James of South Portland ME (04/05/09) I recently contacted Direct Merchants to arrange a paydown plan, as CNN and MSNBC advise. Be in contact with your lender. Well I was told that any payment plan would be available to me, and if I paid under what the full amount due, I would be acessed late fee's, and possibly after 60 days, my account would be closed. When you go online to make a payment, due tomorrow,the 6th, full amount due, they have the date set up so the payment is actually being received on the 7th, and subject to late fees..
Anne of Haverhill, MA March 26, 2009
Anne of Haverhill MA (03/26/09) In 1996-1997 I opened an account with Direct Merchants for a secured credit card with a deposit of 500. The following year I increased it to 1000 with another deposit of 500. I ran into some financial trouble and had a balance of 800+/- on my credit card. I wasn't concerned because I knew I had the 1000 to secure my debt. I refinanced my house in 2002 and it didn't come up as a creditor.
I got laid off a month later. It appears they sold my debt to another company and kept my 1000. I tried to fight it but in 2003 when I sold my house, I had to pay the debt, now over 1100 with lawyer fees and such. So I paid my debt and am still out my 1000 plus all the interest for the past 10+ years. I have not been able to find a way to get in touch with them. I would like my money back and have no way to get it.
Bob of Lakeland, FL March 26, 2009
Bob of Lakeland FL (03/26/09) I filed a refund request for any overpayment to my account. I was told on several occasions o call back within 15 days. Now its nearly 2 months plus and I've still not received my refund.
General aggravation after being told on several occassions to expect a check in the mail.
Brenda of Orlando, FL March 13, 2009
Brenda of Orlando FL (03/13/09) I have been a customer for years. Since my credit isn't that great and can't get another card I just keep this for emergencies. They do not allow you to make a payment on the current date. On 3/13/09 at 1:09 am EST I submitted a payment which was only the annual fee (Not sure that I should have been charged that at this time either) of 29.00. The earliest date you can imput to pay is 3/14. I don't understand that. That would put me late probably as my due date is 3/17. The 13th is a Friday so they really won't process the payment til 16th. I'm digusted that companies are allowed to do whatever they want.
Phil of Tulsa, OK March 11, 2009
Phil of Tulsa OK (03/11/09) I can see from my experience and other's on here with DMB and other credit card issuers I've come to a conclusion the real reason why DMB is doing a lowering of all their card holder's credit limits is lower risk to a small degree, but what is really at work here is,first off your credit score takes a hit, and when you look around the U.S. all credit card issuer's are doing this so this may not be the only lowering of credit many of us will endure, so everytime another credit card issuer does what DMB has done your credit score takes a another hit.
This I believe is collusion on all card issuer's to get everybodies credit score so low none of us will qualify for loans or credit of any kind from all the bailout money the Gov't is handing out to them. Furthermore, if Gov't officals ask why the credit insitutions are not loaning out the bailout money they have a ready excuse ...nobodies credit score warrants any credit, so now they can take all that money and invest it where they want to and give their top Exec's pay raises and big bonuses. Great scheme and brilliant way for the bailout money to stay in the hands of crefit insitutions therefore the bailout money given these jerks doesn't make it into the economy to jump start it. However, we can come on here and gripe, but we have no one to blame but ourselves as we keep sending do nothing congressmen to congress.
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