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:
Chrystal of Salisbury, NC February 27, 2009
Chrystal of Salisbury NC (02/27/09) I've had this credit card, with a credit limit of 5,000, for years and had it paid off for a long time. Then in December 2008 they sent me a piece of mail offering a special deal if I called the 800 number. The special was that I could have 6 mos. purchases with no interest. At the end of February 2009 we had less than 500 charged on the account. Then I receive an email alerting me that my account had reached its limit-I'm thinking no way, somebody else must have got ahold of my card. Pulled my account up on the computer and it showed my credit limit was 590 and that I was 28 over drawn on my account. And this was the only official notification I received.
Thought this must be a clerical error, I called and was told that this was a system wide decision. I asked why had I not been notified my mail and they said they would be mailing out those notices withing the next 2-3 weeks. After the fact. So within 7 days my credit limit was dropped 88.2% causing me now to be over the limit on my account. I asked what I would need to do to get that limit increased to 1,000 and they said I had to reapply. I told them I would like to reapply then because I know I would quality since I was already qualified for a 5,000 credit limit. They said I couldn't do that. I asked why and all they could say is you just can't.
This was the only credit card with a high limit and we rarely used it. Mainly we saved it for unexpected emergencies (like replacement of appliance or major car work). This was our only fall back card. Now I have no card to fall back on and I have lost the secure feeling I had beforehand because I know if we have an emergency happen, we have no where to turn, except bankruptcy.
Janice of Lithonia, GA February 25, 2009
Janice of Lithonia GA (02/25/09) We have had a DMB CC for over 10 years and we had a 9600.00 credit limit on it and the card has been paid off for several months. I went to put some merchandise on it and I called first to make sure that the credit limit was still 9600.00. THe statement I got in January 2009 said I had a 0 balance and a 9600.00 credit limit. When I dialed on the home page I found that my 9600.00 was dropped to 300.00 with no explaination. I called the customer service dept and all they could do was say I don't know. We have nevey been late and usually paid the card off each month. Dealing with these people is like dealing with a bunch of idiots who has no clue of what is going on. I don't know what happened and why it happened and obviously DMB doesn't know either. Probably my dealing with this bank is over with.
There is no consequences from this except I had to use another CC for my daughters wedding - the inconvenience is all that occurred.
Melissa of Beacon, NY February 22, 2009
Melissa of Beacon NY (02/22/09) Firstly I had a problem with them taking the money out of my account. I gave them the correct info over the phone, and they charged me almost 100 in fees for this payment not going through. Also they said they were taking 30 out of my account. Come to find out they took 40 and put me into overdraft. So the next month the same thing happens. They finally tell me why the payment isn't working. Still refuse to reverse the fees after they called me telling me I was such a great customer and they would not charge me any late fees.
During that same phone call, they tried selling the account protection to me. I told them no, THREE times. The lady then says ok I have enrolled you and hangs up. I promptly called back making sure she had not enrolled me, and they said she had not.
So I get my next months statements with the charge for the account protection. When I called to get all of this sorted out, they refused to reverse any fees after admitting it was their fault and told me to make a separate call about the account protection. They basically did not care when I told them I would take them to court if they do this again and are going to lose customers. Do not ever get a DMB card! They will financially destroy you!
I have lost so much money. I am a student who can no longer afford to keep paying these people. They have tacked on well over 100 in fees, and also caused me to overdraw my bank account, causing more financial loss.
Phil of Tulsa, OK February 21, 2009
Phil of Tulsa OK (02/21/09) I had a MC with a credit line of 8,000 from Direct Merchants Bank that I hadn't used in 2 yrs with no balance on it. Then this past Xmas I used it then on my Feb online billing i saw where my credit line had dropped to 1500 without notification and whats their justification? Who knows, but as I surf the complaint web sites I see Credit Card Companies doing this to many many Americans lowering their credit line and upping their interest rate without good justification, except GREED at it's best. Things is this action causes a hit on your credit report and then other card companies use that as an excuse to do the same thing and you take another hit on your credit report, then you can't qualify for a home loan, car loan, new TV etc. What a way to treat the hard working American taxpayer who's money is bailing [them] out. I'm for all big bank exec to be put in jail for greedy fraud and underhanded practices.
I wrote 4 emails tonight about Direct Merchants Bank. Sen Chris Dodd even tho he's not my Sen. he's over the Banking Committee write him. WE need a National movemant to knock the props out from under these greedy Credit Card people. GET BUSY each and every one of us.
Hit on my credit and credit report
Katherine of Norwalk, CT February 20, 2009
Katherine of Norwalk CT (02/20/09) I have been a M/C cardholder with this company for more than 5 yrs. I am never late and always pay a good deal more than the minimum payment req. Three days ago I had a credit limit of 9900.00 and available credit of more than 9300.00. Today my credit limit was reduced to 630.00 without any warning and after contacting the company without explanation. I am baffled.
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