Continental Finance Company

All applications are valid for 90 days.  Our declined applications are removed after 90 days.  Your first application was processed on 4/10/14, with a result of an APPROVAL for a secured card with a $50 security deposit requirement.  When you applied again on 6/3/14, you were declined due to a previous application submission within 90 days.  Furthermore, this decline notification would have included information regarding your previous approval for the secured card and gave instructions on funding the $50 security deposit for that application.  You then applied on 11/27/14 and again on 2/9/15, respectively, and were declined due to the previous approval for a secured card.  Again, these declination letters would have referenced the previous approved application and provided instructions on funding the $50 security deposit.  Since you did not submit the $50 security deposit until 13 months from the origianl approval date, we were required by law to confirm that you still qualified for this account.  As previously stated, upon review of your credit file, we found that there was a significant change to your credit scores, resulting in the requirement of a fully secured card with a $500 security deposit requirement.  We regret that we are unable to honor any request for acceptance of the $50 security deposit since your credit history no longer warrants approval for that product.

The attached was mailed to Ms. [redacted] in response to her concern.

Our records indicate that on November 7, 2015 we received two $35.00 payments.  One was a check payemtn and the other was sent via the Auto pay option from our interenet accoutn access.  On November 10, 2015, the check payment was returned unpaid due to a stop payment.  Since no valid...

payment was received during the December 2015 billing cycle, you were considered to be past due and assessed a $25.00 Late Fee.  Your next payment due was $95.00.  On December 12,2 015, we received a $35.00 payment via the Western union Speedpay option.  On December 13, 2015, your account was provided a courtesy reversal; of the $25.00 Late Fee.  When your $35.00 Debit card payment was made on January 4,2 016, via the Western Union Speedpay option, your account was considered to be current.  You have since made a $35.00 and a $11.00 payment via the Internet Payment option and the account is in god standing.  We find that no further action is required as your concern has been resolved.Sincerely,[redacted]Vice PresidentCustomer Relations

Ms. [redacted], Your card was declined because you failed to activate the card per the instructions on the sticker that was on the front of your MasterCard.  Until the card is activated, it cannot be used for purchases.  Please contact the Activation department at 800-935-3808. ...

Additionally, we find that your first monthly billing statement reflected a credit limit of $500.00, the billing of your $125.00 Annual Fee and the available credit of $375.00.  Although this statement only reflected an account balance of $125.00 with a $35.00 payment due, we find that on September 29, 2015 you made a payment of $500.00 to the account.  We further show that on October 28, 2015, you successfully accessed your account using the online system.  If you experience any further issues with the website, please contact Customer Service at 866-449-4514, this phone number is also listed on the back of your card.Sincerely,[redacted]Vice PresidentCustomer Relations

Ms. [redacted],Our records indicate that on May 5, 2015 your account was reviewed due to the posting of a credit in excess of your $400 credit limit.  It was found that May 1, 2015 your account received a credit from [redacted] in the amount of $2218.56.  A review of your...

account reflected only one purchase at that merchant for $318.56.  Since it is against MasterCard regulations for a merchant to place a credit onto an account other than that used for the purchase, or an amount that is in excess of the original purchase, your account was revoked pending documentation from the merchant explaining the excessive credit.  On May 6, 2015, you contacted our Customer Service Department and was advised what documentation was required in order to reinstate your charging privileges and for the refund of the credit balance on your account.  On May 7, 2015, we received a letter from you explaining the credit; however, this did not satisfy the requirement of documentation from the merchant.  On June 5, 2015, a Customer Service Manager contacted the merchant for clarification of the credit.  After receiving the necessary verbal explanation, your charging privileges were reinstated and a request was sent to the Accounting Department for a refund to be sent to you for the credit balance.  On June 5, 2015 a refund check in the amount of $1837.85 was sent to your address on file.  Your account is still open for use.  If you would like to close this account, please contact Customer Service at [redacted]We trust that our response to this matter will be met with your satisfaction.Sincerely,[redacted]

We find that this concern was also submitted via the CFPB and attached is the complaint and response.

Please see the attached letter mailed to Mr. [redacted] on 1/4/16.  We are unable to validate the information he had provided and, therefore, the application cannot be processed

We find that this concern was also submitted to Mid America Bank & Trust Company, our MasterCard issuer.  Attached is the response sent to that complaint.

[redacted]
As stated in the Terms & Conditions that you were required to read and electronically accept prior to the submission of your application for credit, there is an annual fee of $75.00 each year.  In addition, there is a $12.00 Monthly Maintenance Fee that begins...

assessment upon reaching the 13th month.  Since you had requested to close your account within 60 days of the Annual Fee Assessment on your anniversary date of January 1, 2014, the fee was removed from your account balance on January 16, 2014.  You also received a courtesy reversal of one $12.00 Monthly Maintenance Fee.  Please be advised that, in accordance with the Terms & Conditions of your account, this fee will be assessed each month until the balance has been paid in full.  Your account balance, as of the date of this response, is $295.94.  Please submit your payment via the Internet, the Western Union Speepday option with a rep over the phone, or by mail to:  Continental Finance Company, Po Box 105125, Atlanta, GA 30348-5125.  Please include your full 16 digit MasterCard account number on your payment to ensure prompt posting.
[redacted]
This is an attempt to collect a debt and any information obtained will be used for that purpose.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 1[redacted] and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
This is not an excuse, it is just an explanation.  It does not negate the fact that I am paying ridiculous interest and monthly fees in exchange for a crtedit line increase.  You can't use the terms of the agreement that you like, and not the others!
I was told that if I paid your fees, and makde my payments, I would receive a credit line increase within a year,  it has not been increased. This is a violation of the agreement and I should be recompsensed for all my fees for the past 6 months and be given the credit line increase.
Your response looks like a robot drafted it!
Regards,

Ms. [redacted],Your account was provided an additional $35.00 late fee refund as a courtesy and your account balance is $90.63 due 8/20/15.  Please make this payment in full to avoid any further assessment of fees.Sincerely,[redacted]
Vice PresidentCustoemr Relations

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], I am not satisfied because the other two requests were not addressed.  The class action modification and the card cancellation process question.  Thank you for the response in regards the SCRA issue
Regards,
[redacted]

Ms. [redacted],We find that we have already provided your account with a courtesy refund, therefore, we regret that we cannot honor your request for a $50.00 credit.  Additionally, to ensure that you receive statements via US postal Mail, pelase log in to your secure account access and change your statement delivery method to Paper.  If the account is set to E-Statement delivery, we are unable to send you previous statements via US Postal mail.

Revdex.com:
Verdana;">
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I did recieve two letters from them, saying that it was charged-off, yet they cashed my $500 check after that, but denied that they did until I showed proof. They also charged me ANOTHER $293 which I paid over the phone (see R&R letter). My entire credit limit was only $500,and I had made several payments until my dad died&i got behind on things. Caught up as quickly as I could, within the next 2 months. The letters I got from them said they would be refunding $293 and blamed the collections Dept for the discrepancy,and to please mark my Revdex.com complaint as satisfied. I had not recieved $293 (approx)refund, this I marked'offer rejected'. If they refund the additional $293 and remove the charge off, I will be happy. I feel if they wish to keep the charge off strike on my credit, then they need to refund the $293,the $500 I paid that was supposedly after already charged off that they shouldn't then have cashed. I don't appreciate the fact that they continually lied about receiving the money they recieved from me,etc. I feel they were dishonest&my concern is how often are they doing this when no one reports it or stands up to them? Maybe this complaint will improve things within the company, I don't know. But I will be happy to resolve if they carry their end. Thanks

responses with the CFPB are sent within 60 days of the date of the submission of the concern.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does...

not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
 I've received no response from this company in regard to this complaint or one filed with CFPB.  They are billing me for an item not received, I was sent an empty watch box by a merchant, Ashford.com.  Their fraud/dispute dept is well aware the box arrived empty. Ashford.com is known to send defective items and or empty watch boxes.  
Regards,
[redacted]

Mr. [redacted],
We have requested copies of your monthly billing statements for the time periods in which you have stated you should have been protected under the SCRA.  As soon as the statements are received, we will make any necessary adjustments that the account may have been eligible...

for.  After completion of the review, and any eligible adjustments, a confirmation letter will be sent disclosing the outcome.

Mr. [redacted],
Per the account notes, on January 25, 2016, you stated that you have reconsidered your request for the refund of the $35.00 due to a refund of the payment would result in a $35.00 balance on the account since you had already utilized this overpayment by making purchases with the...

card.  Therefore, no action is required as this situation has been resolved during the call on 1/25/16.   
Sincerely,
[redacted]
Vice president
Customer Relations

Our records indicate that on June 6, 2015, we received an application, via the internet, for the Surge MasterCard, containing your personal information.  This application for credit was approved for a secured MasterCard account with the requirement of a $150.00 Security Deposit.  An...

email was sent to the email address provided during the application process advising of the credit decision and included instructions on how to fund the security deposit.  To date, you have not funded this security deposit and no account has been opened. We are including a printout of the email that was sent regarding this credit decision.  As indicated on the enclosed printout of the application and the decision email, we find that the email address is a match the contact information you have provided to the Revdex.com.  Therefore, we find that you had knowledge of this application and find no evidence to substantiate your allegation that the application was submitted without your knowledge and the inquiry cannot be deleted.  Sincerely,Vice PresidentCustomer Relations

With respect to your concern over the payment hold policy, the Availability of Credit and Payment Holds is identified in the Agreement and provides the following:
 
Availability of Credit and Payment Holds.  Generally, payments are credited to your Account on the date they are received.  Depending on the payment amount and/or how long your Account has been opened, and if you have previously made a payment that was not to honored for any reason, such payment will not increase your credit availability until we are assured  that the payment has not been dishonored.  This payment hold will take up to seven (7) days.  If you use a payment service provided by a third party to deliver your payment to us, that third party may charge you a fee for such service; such third party fees will not be billed to your Account.  Credit to your Account may be delayed up to five (5) days if payment is (a) not received at the Payment Address or (b) not accompanied by the payment coupon portion of your Monthly Billing Statement.  Delayed crediting may result in late fees and additional interest charges and fees being applied to your Card.
 
Regulation Z requires a creditor to credit a payment as of the date of receipt, except if a delay in crediting does not result in a charge. 12 C.F.R. §1026.10(a).  “Date of receipt” is the date the payment reaches the creditor.  Payment by check is received when the creditor gets it, not when the funds are collected.  (CPB Official Staff Commentary §1026.10(a)(i). 
 
If a charge is not imposed, a creditor may establish reasonable payment requirements.  1[redacted]   Regulation Z does not require a creditor to post a payment to a consumer’s account on a particular date.  12 C.F.R. §1026.10(b)(1). Nor does it not require the credit line to be available on the date of receipt.
 
Accordingly, a creditor may refuse to increase the available funds for a reasonable period after payment receipt to ensure that the payment will not be returned.   This is precisely what CFC did.  No fees or interest were charged.  Regulation Z permits this practice; the Agreement disclosed it.