This is an ongoing investigation and potential class action against GE Money as its role as a credit card lender and servicer based upon numerous consumer reports that bring into question the business practices of GE Money.
GE Money is a division of General Electric. GE money offers credit card and other finance products and loans direct to consumers. GE Money also offers financing through a variety of divisions (Care Mark for example). GE Money at times services credit card loans on behalf of third party lenders and GE Money offers financing of third party merchants such a Pay Pal, Amazon, Lowe's, and many other well known merchants.
This class action investigation against GE Money centers around the following consumer complaints:
1. Consumers report that GE Money failed to timely credit the consumer's account for payments made in a timely manner, whether the consumer paid online, via telephone or via regular mail. Many of this consumers report that GE Money's failure to timely credit their account led to unwarranted late fees and an increase in monthly finance charges.
2. Consumers report that GE Money failed to adequately staff its customer service centers which lead to wait times when attempting to contact GE Money at times lasting into the hours. This understaffing problem allegedly rendered it impossible to resolve billing and account issues in a timely manner, which meant that consumers faced unwarranted late fees and increases in their finance charges.
3. Consumers report that GE Money again failed to properly staff its customer service centers which led to a pattern of GE Money failing to respond to customer email and standard letters. This led to allegedly unwarranted late fees and finance charges.
4. Consumers report that GE Money changed due dates for monthly payments without sufficient notice thereby causing increased late fees and unwarranted finance charges.
5. Consumers report that GE Money routinely charged additional service fees when a consumer paid his bill on line or via telephone.
6. Consumers report that GE Money would increase monthly finance charges based upon disputed late charges, even when those late charges were eventually removed.
7. Consumers report that GE money would continue to charge interest even after the consumer paid the account off in full.
Name (Stock Symbol)
General Electric Company (GE)
General Electric Company operates as a technology, media, and financial services company worldwide.
GE Money (GE)
GE Money, a division of General Electric, lends money to consumers.
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