Direct Merchants Bank

Discussion in 'Credit Talk' started by Dani, May 4, 2001.

  1. Dani

    Dani Well-Known Member

    Ooh, I can't stand these people. I called in March to have my Mom's ludicrous interest rate reduced from 20% to 16.24%. My Mom gets a letter three weeks later with a variable interest rate of 16.74% and her current statement reads 17.74%.
    So I call to argue (because I do like arguing) and they tell me that they cannot adjust her rate for another six months! I said we agreed on 16.24% and the interest rate has decreased (thanks Alan), but the interest rate on the account rises! She said it is variable I said ok reduce it then, since the interest rate has lowered. I was told "no we cannot do that since the rate is variable and we reduced your interest rate a 1-1/2 months ago". What?!?
    So I asked her "You can increase my interest rate to 24% although the fed rate is decreasing and there is nothing I can do about it?" She said yes until the six months from the last rate decrease is up. Unreal.
    Thanks for letting me vent.

  2. MikeB

    MikeB Banned

    I closed my account with them. You might consider it too.
  3. Dani

    Dani Well-Known Member

    Thanks Mike for replying. I told my Mom to consider it. No wonder they have lawsuits against them.

  4. greyfox

    greyfox Well-Known Member

    Dani, I found DMB to be impossible to work with. I ended up closing my account, also. They don't seem to care whether they keep their customers.

    I find Providian to be very good in the sub-prime field.
  5. miles

    miles Well-Known Member

    Sorry your mom is experiencing problems Dani. Have you tried Planetfeedback? I am going to give it a shot with Providian regarding an account upgrade or at minimum, a grace period and with CapitalOne. Many have had positive results. Good luck!
  6. Doris K.

    Doris K. Well-Known Member

    Direct Merchants subprime division is one sleazy operation. Hopefully, they will learn the same painful lessons Providian once did when it was forced to pay out hundreds of millions of dollars because of lawsuits over the same types of behaviors.

    I have convinced my daughter to sue them for the money they owe her. Unfortunately, the amount is just over $200, so it will be a small claims drop in the bucket. Obviously, DMB does not like refunding security deposits, and they have a huge repertoire of BS lines and outright lies they use to give their customers the run-around. Thus far, courteous communication with them has failed miserably.

    Because a tiny $200 small claims suit isn't likely to raise an eyebrow at DMB, more drastic action needs to accompany this suit. Does anyone know of some other measures my daughter can take to send a stronger message to this rip-off organization? She has no balance with DMB, and she voluntarily closed her account. In the year that her DMB account was open, she had no late payments or negative payment history with them whatsoever. They simply won't refund her security deposit.
  7. Dani

    Dani Well-Known Member

    Thanks everyone for your input. I'm glad I'm not the only one who thinks DMB are sleaze balls. Miles, I didn't think of trying Planet Feedback. Thank you for the advice. I will try it later tonight. Everyone have a good weekend.

  8. MikeB

    MikeB Banned

    To elaborate more, I wrote the BBB on them with no success at all. This lady, Traci Holland, told the BBB a bunch of lies and told the BBB to close the file. I sent in the proof to dispute the lies and never got a reply back. I wrote a complaint to planetfeedback, and geez the same lady wrote me a letter with a bunch of lies again. I ended up getting $58.00 refunded after I complained that they charged me two over-the-limit fees in one weeks time (no kidding). I have had so many problems with them that I just feel obligated to spread the word on them, so if you are happy with them, ignore my vents.
  9. greyfox

    greyfox Well-Known Member

    This lady, Traci Holland, told the BBB a bunch of lies and told the BBB to close the file. I sent in the proof to dispute the lies and never got a reply back. I wrote a complaint to planetfeedback, and geez the same lady wrote me a letter with a bunch of lies again.

    So good old Traci gave you the treatment, huh? I don't think she is a real person...I think they have a letter-writing program named "Traci Holland" ;)
  10. MikeB

    MikeB Banned

    The kicker is that Metris (parent company of DMB) is a member of the BBB Reliability program. I just now saw this on their website. How can a company that has screwed so many people and just lost a class action lawsuit be endorsed by the BBB?

    It is funny how I complained to the BBB about DMB's practices and the fact that I disputed a charge with DMB in writing, and my bill of rights were completely violated. Traci Holland with DMB told BBB that they never got anything in writing, but I printed a copy of the letter from their own online email system and mailed it into the BBB. I never got a response. The more I hear the DMB name, the more I wish I would have filed a lawsuit against them. Ok..I am relaxing now....
  11. jtw

    jtw Well-Known Member

    I've dealt with Traci Holland too, she sucks soo bad and soo does dmb. they are complete morons, i closed my account with them a few months ago. they are impossible and totally unflexible. they would not unsecure the acct or raise the limit even after 1 year of perfect history. i still owe $340 on my $500 limit card. It sucked so bad, it's the worse card I've even had. Capital One has been wonderful. With capital one and the consumer advocate I have gotten 1 card unsecured after a year, and a $1000 increase on another and $500 on another. Capital One rocks!! Their consumer advocate is very nice and has the ultimate authority to raise your line. He gives good increases unlike Traci Holland. I'm hoping to get some more money knocked off my balance with dmb considering the lawsuit. Avoid DMB like the plague!!!

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