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Is Home Depots Bank Trying To Pull A Fast One?

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  • Is Home Depots Bank Trying To Pull A Fast One?

    Early last year I purchased a new lawnmower at HD during one of their pay in 12 months no interest promos. I figured that I would pay off my monthly charges every month plus an additional amount of money and would have the lawnmower paid off way before the 12 months was up. After awhile I began to notice that I owed more on the lawnmower than I figured I should have. After looking over some past statement I found out that the bank was not applying all of my monthly overpayment to the open balance on the lawnmower. What they were doing was taking some of that money and paying off some of the current months charges even before they had billed me for them. You don't suppose that maybe they were trying to run the year out without letting the balance of the lawnmower reaching zero so they could charge me back a years worth of interest?

    Something about this stinks to me and when I went to the local HD to personally pay off the balance of the current statement they wouldn't guarantee me that the payment I was going to make would indeed pay off the lawnmower as I had current month charges pending. I called the 800 number on my statement to see if I could get some clarification on the matter. Of course, what I got was a bank and not HD as it seems charges to your HD Card are not carried on the HD books but the banks. In reality what you charge on your HD Card is not a debt to HD but their bank who pays HD and absorbs the risk of collection, for a fee of course. At least, that's what I was told.

    My resolution to this situation is to not purchase anything at HD using my HD Charge Card until such a time as I show no current charges and then pay off the balance of the lawn mower. To ensure that I don't have any current charges pending that could cause a problem I believe that I will just refrain from even visiting a HD until say Black Friday.

    I hate sneaky people and sneaky companies and this looks like a sneaky and quacks like a sneaky.
    Teach your kids about taxes..........eat 30 percent of their ice cream.


  • #2
    Re: Is Home Depots Bank Trying To Pull A Fast One?

    It seems that they are applying the extra money to any outstanding balances before they apply it to the promotional purchase. I guess thats fair if you owe them money.

    Comment


    • #3
      Re: Is Home Depots Bank Trying To Pull A Fast One?

      Originally posted by TheMaster View Post
      It seems that they are applying the extra money to any outstanding balances before they apply it to the promotional purchase. I guess thats fair if you owe them money.
      Sorry but I disagree. If I receive a statement from them that says I own $50 for last months charges plus $100 for the balance of the promo amount and I send them $100, my next statement should reflect a $50 balance due for the promo amount, right? It does not! They are taking some but not all of that extra $50 I sent and applying it against the current months purchases of which I have not yet received a statement for. I'm not saying that I don't owe them for current purchases but I am saying that if I paid the entire normal balance due for last months statement then anything extra should be applied to the outstanding promo balance. Just to clarify, on the statement there are two separate total balance due amounts listed. One is for promo purchases and the other is for normal everyday type purchases. Also, why would they apply any of the overpayment to current charges when the money due for the promo purchase is a much older debt? Riddle me that Batman.
      Last edited by BadgerDave; 02-25-2011, 02:37 PM.
      Teach your kids about taxes..........eat 30 percent of their ice cream.

      Comment


      • #4
        Re: Is Home Depots Bank Trying To Pull A Fast One?

        Originally posted by BadgerDave View Post
        Sorry but I disagree. If I receive a statement from them that says I own $50 for last months charges plus $100 for the balance of the promo amount and I send them $100, my next statement should reflect a $50 balance due for the promo amount, right? It does not! They are taking some but not all of that extra $50 I sent and applying it against the current months purchases of which I have not yet received a statement for. I'm not saying that I don't owe them for current purchases but I am saying that if I paid the entire normal balance due for last months statement then anything extra should be applied to the outstanding promo balance. Just to clarify, on the statement there are two separate total balance due amounts listed. One is for promo purchases and the other is for normal everyday type purchases.
        I understand you disagree but most of the time thats how it works. If you have any outstanding balances any extra money will go towards paying those outstanding balances before it gets applied to the promotional purchase.

        So basically you hafta keep a ZERO balance if you want to pay extra on the promotional purchase. It does not matter if you have not recieved the statement yet...you made the purchase and its credit extended to you...so you owe even tho you have not got the statement.

        I hope that helps but if not you can get your credit card agreement out and maybe it will explain it better.

        Comment


        • #5
          Re: Is Home Depots Bank Trying To Pull A Fast One?

          After you called them did they reallocate the payment?

          Comment


          • #6
            Re: Is Home Depots Bank Trying To Pull A Fast One?

            I talked to batman and he said that in order to pay extra on a promotional purchase one must have a zero balance at the time the entity extending credit receives payment and its credited to the debtors account. How do you pay extra when you owe more than your trying to pay?????? Riddle me that one

            Comment


            • #7
              Re: Is Home Depots Bank Trying To Pull A Fast One?

              So I guess if what you're saying is true then banks are guilty of trying to make it as difficult as they can to pay off older balances in the hopes of gaining the ability to charge back originally waived interest charges. Another reason why bankers rate right up there with lawyers as one of the most untrusted professions.
              Teach your kids about taxes..........eat 30 percent of their ice cream.

              Comment


              • #8
                Re: Is Home Depots Bank Trying To Pull A Fast One?

                Originally posted by cpw View Post
                After you called them did they reallocate the payment?
                No.
                Teach your kids about taxes..........eat 30 percent of their ice cream.

                Comment


                • #9
                  Re: Is Home Depots Bank Trying To Pull A Fast One?

                  Originally posted by BadgerDave View Post
                  So I guess if what you're saying is true then banks are guilty of trying to make it as difficult as they can to pay off older balances in the hopes of gaining the ability to charge back originally waived interest charges. Another reason why bankers rate right up there with lawyers as one of the most untrusted professions.

                  No No there is no such thing as an older balance. You have a balance or you dont. Now they call a promotional purchase that because it has special strings attached to it.....one of those strings is that you cant pay extra on the promotioanl item unless you otherwise have a zero balance for regular purchases.

                  You must pay for regular purchases before any extra can be paid on the promotional. its simple. Its been like that for years.

                  Comment


                  • #10
                    Re: Is Home Depots Bank Trying To Pull A Fast One?

                    I can't stand banks, but they aren't doing anything wrong. Do you have the original agreement? If it says something different, then that's the only leg you would have to stand on. Otherwise they are not obligated to allocate your payments in the way that makes the most sense for you. Your charges post to the account when they make them... not when the statement comes out.
                    Last edited by Andy_M; 02-25-2011, 03:39 PM.

                    Comment


                    • #11
                      Re: Is Home Depots Bank Trying To Pull A Fast One?

                      Screw the banks and credit cards save up pay cash. Yes tools are expensive and take time to save up for but I'll come out ahead at the end.
                      Hate banks too.
                      So many fee's out there makes it hard to get by when your getting nicked and dime to death. Just switched banks because they started charging fee's from paper statements or just to talk to someone.

                      I was told as long as I had a business account no fee's also no fee's on my personal account as long as I had X in the account. They started charging me $12.00 each a month in fee's! Closed that account quick. Went to a credit union free no charges and I can talk to someone free.
                      Rod
                      MT. Washington Sewer & Drain Cleaning
                      Serving Berlin, NH and North Conway, NH areas
                      http://unclognh.com
                      http://mtwashingtonseweranddrainclea...m/default.aspx

                      Charging less does not mean more call volume it just means you have to work harder to reach your goals.

                      Comment


                      • #12
                        Re: Is Home Depots Bank Trying To Pull A Fast One?

                        How do you switch banks in Berlin, I thought there was only just the one

                        I
                        sigpic

                        Comment


                        • #13
                          Re: Is Home Depots Bank Trying To Pull A Fast One?

                          We have a few banks now 3 or 4 diffrent banks now and two credit unions.
                          Rod
                          MT. Washington Sewer & Drain Cleaning
                          Serving Berlin, NH and North Conway, NH areas
                          http://unclognh.com
                          http://mtwashingtonseweranddrainclea...m/default.aspx

                          Charging less does not mean more call volume it just means you have to work harder to reach your goals.

                          Comment


                          • #14
                            Re: Is Home Depots Bank Trying To Pull A Fast One?

                            This doesn't sound like an unusual situation to me. That is the way most credit card agreements are worded. When I want to buy something on one of those one year same as cash promotions, I start with a card with a zero balance, purchase my items, and don't use the card again until I have a zero balance again.

                            Comment


                            • #15
                              Re: Is Home Depots Bank Trying To Pull A Fast One?

                              Not that I like it, but that is a very standard agreement and if you read your fine print, it is more than likely spelled out.

                              I too, like you learned the hardway and as a result, I've tended to stay away from any type of promotional offer unless I'm sure I won't tack on new credit card purchases.

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