New Reviewer

Peoples United Bank - Peoples Bank / Elan Financial Services Credit Card

I have a credit score of 765 and was notified by Elan that after reviewing "risk factors" on my account they would raise my interest rate to 21% on future purchases from 14%. Hence. I filed al small claims action against the Bank that issues the credit card for violating NY GBL Deceptive and Unfair Trade Practices and fraud. Be advise, I have not been 30 days past due on any account in over 20 years. Based on my "risk assessment" they should reduce my rate to 11%. The first Court Hearing is May 7th, 2019 in Manhattan, NY. I am also filing a complaint with the NY State Attorney Generals Office. My advice is to avoid People's Bank Credit cards, they are a credit trap. I have several accounts (one business) with Peoples' that are over 55 years old, but Peoples really misjudged the integrity of Elan Financial Services. Elan reflects great discredit on themselves, People's Bank senior management and the whole financial services industry. We'll see what happens in Court.
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ID
#1528512 Review #1528512 is a subjective opinion of poster.
Product
Peoples United Bank Account
Reason of review
Problems with payment
New Reviewer

Filed a lawsuit against Peoples Bank using Elan Financial Services

I have a credit score of 765 and was notified by Elan that after reviewing "risk factors" on my account they would raise my interest rate to 21% on future purchases from 14%. Hence. I filed al small claims action against the Bank that issues the credit card for violating NY GBL Deceptive and Unfair Trade Practices and fraud. Be advise, I have not been 30 days past due on any account in over 20 years. Based on my "risk assessment" they should reduce my rate to 11%. The first Court Hearing is May 7th, 2019 in Manhattan, NY. I am also filing a complaint with the NY State Attorney Generals Office. My advice is to avoid People's Bank Credit cards, they are a credit trap.
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ID
#1528483 Review #1528483 is a subjective opinion of poster.
Service
Elan Financial Services Customer Care
Cons
  • Arbitrary intrest rate increase
Reason of review
Deception and Fraud
Loss
$5000
Preferred solution
Let the company propose a solution