Posted by William Charles on April 20, 2019
Credit Cards

Published on April 20th, 2019 | by William Charles

9

Santander Stops Issuing Credit Cards Due To Overcharging Customers

Santander has stopped accepting applications for credit cards. No information is given on the website, but according to Biz Journals the reason for this is that Santander has been charging some credit cardholders higher interest rates than they agreed to. Santander stopped accepting new credit card applications sometime in March and have stated that they identified “some minor errors related to credit card interest calculations and disclosures.” and that this affects “a small percentage of our credit card customers,”

 



9
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Ann
Ann

Seems pretty unusual for a bank to entirely shut down a line of business like this. I’m guessing some affected customer(s) complained to the CFPB, threatened a lawsuit, or both.

doc
doc

Yes, I would suspect that a government agency rescinded their license, for scamming, until they can correct and pay a large fine. Then business as usual, of course.

sloebrake
sloebrake

and also without admitting or denying they did anything.

Billy Bob
Billy Bob

Send in the lobbyists. Problem fixed.

Sam
Sam

CFPB is useless, it’s probably some actual regulator with power investigating

midawest
midawest

This. People seem to think the CFPB is a judicial agency that strong-arms companies, but most of those companies are just fine to say “no” and the CFPB rolls on their merry way regardless of how the consumer feels about the decision. They’re not much different than the BBB in that way except that companies presumably don’t pay for good rep with the CFPB.

Frank

Not a good bank — offered me a free checking account that paid you for using bill pay and gave free checks. Immediately charged me for the checks THEY ordered and I had to fight for months to get it reversed. They then changed the account to no longer pay for bill pay or any interest

doc
doc

Accidentally charging more interest than agreed upon? Yeah right.

If they were accidentally NOT charging any interest, then we would know it was an error.

Errors in the bank’s favor are intentional… hoping that unsuspecting customers cannot add and subtract.

Acker
Acker

Santander invested 2.3 Billion Euros with Bernie Madoff. ‘Nuff said.

Back to Top ↑