GE Money Accused of Unfair Business Practices
An investigation and possible class action lawsuit against GE Money may be underway due to allegations that the company is engaging in deceiving business practices.
GE Money is a division of General Electric. GE money offers credit cards and other finance products and loans directly 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 also offers financing of third party merchants such a Pay Pal, Amazon, Lowe's, and many other well-known merchants.
The investigation into GE Money centers on the following consumer complaints:
- GE Money has failed to timely credit consumers' accounts for payments made in a timely manner, whether paid online, via telephone or via regular mail. Many consumers have reported that GE Money's failure to timely credit their account led to unwarranted late fees and increased monthly finance charges.
- GE Money failed to adequately staff its customer service centers, which has resulted in hours of waiting. This understaffing has, allegedly, made it impossible to resolve billing and account issues in a timely manner. Consumers say that as a result, they have been forced to face unwarranted late fees and increased finance charges.
- GE Money failed to respond to customer emails and standard letters, resulting in unfair late fees and finance charges.
- GE Money unfairly changed due dates for monthly payments without sufficient notice. Consumers say this resulted in late fees and unwarranted finance charges.
- GE Money charged additional service fees when a consumer paid a bill online or via telephone.
- GE Money increased monthly finance charges based upon disputed late charges, even after the late charges were removed.
- GE money charged interest even after the consumer paid the account off in full.
If you feel that GE Money has treated you unfairly, you may be able to seek financial compensation. For more information about the current investigation and potential class action, contact a consumer fraud lawyer today.