I think this call made on today (February 13th 2008) is my 5th time to call Orchard Bank to mail out the cancellation confirmation letter as well as the deposit check since I cancelled my credit card on January 2008. After over one month, I still have not received my deposit check since they claimed I would receive it in one month. But this time, this 5th representative told me I will receive the deposit check in 2 months. Did they change their policy on sending out customers deposit checks in just two weeks? I am very curious.
I applied this credit card over 27 months ago because my credit score was low. I also had to deposit $1500 as secured fund to get their secured credit card. They initially claimed I can get my deposit back after 18 months. After that 18 months, I ever called them about my deposit. They told me I can not get my deposit back, but they will consider my request once they think my credit is good enough,something like that. Did that mean that they will hold my deposit for 5 year or even forever because it is their decision on if I can get my deposit back. Although my credit score has increased dramatically since then (not because of Orchard Bank credit card), but my deposit was still FIRMLY HELD by them.
After I applied Orchard Bank credit card for low credit customers, I ever applied Citi credit card and Bank of America credit card. Both banks are very good. Citibank hold my deposit for 18 months and they sent me my deposit after 18 months. They also increased my credit limit to $2500 without my request. Bank of America returned my $1500 deposit on time after 6 months.
Personally, I suggest you can try those two banks if you are considering to have a bad credit or low credit card. My typing speed is very slow, but today I must spend some time and write some something about my real story. If my story can help others avoid further problems, I will feel a little better.
I received my deposit check from Intermountain Community Bank which is the bank for the Orchard Bank credit card. Before I received this check, I called Orchard Bank's 503 phone number about 10 times. What I learned is that you should dial their 1800 number instead of 503 phone number. I guess that their employees in India or other foreign countries picked up the 503 phone calls. But the 1800 phone calls are picked in USA.
Some lessons: Be very patient if you have Orchard Bank credit card and you plan to get your deposit back. They claim you will get your deposit check in 2 months. But you still have to give them call because after 2 months you will still probably don't get your check. If possible, go to Citibank or Bank of America and apply for their secured credit card or unsecured credit card. These banks are 1000% better than Orchard Bank.
It seems like that it is nearly impossible to make a secured credit card into unsecured even I make payment very promptly and I keep my balance low. After 26 months, my credit card is still secured. When I request that they change the status to unsecured, their reply was that they will research the issue and made their decision in proper time. My credit has increased dramatically in two years and several banks give me $2000 unsecured credit. But never dream of getting a unsecured credit card from Orchard Bank.
Dial 1800 phone number on bank of your credit card instead of 503 phone number because their overseas employees simply don't solve problems and maybe even make problems worse. That is really a waste of time and the employee's time. In my experience, Orchard Bank credit card and Capital One credit card are the worst credit card. Try to avoid these two credit cards and don't fall trap by their advertising tricks.
ILLINOIS -- I have had this card for three years. I recently set the card up to automatically withdraw funds from my checking account. I then set up bills to withdraw funds from the credit card. They decided, out of the blue, for no reason that they can disclose to hold my funds for up to 14 days. The funds have left my bank account and are now sitting in limbo (I feel in their bank drawing interest) until they "verify funds."
It was an electronic payment, so they actually have the verification or my bank wouldn't have OK'd the funds to begin with. Not one customer service agent can explain to me WHY they have held THREE payments in the amount of 150.00. There is to be another automatic payment in 5 days...wonder if they'll decide to hold that too.
HUNTINGTON, NEW YORK -- About a year and a half ago, I applied for an Orchard Bank Gold MasterCard and am a very satisfied customer. There was an annual fee of $39.00, but for that I received 0% for a year and after that an APR of 12.9%. At the end of the year, they gave me a credit limit increase and since I had paid on time, pre-approved me for a second card, the Orchard Bank Platinum Visa. This card had an annual fee of $29.00, but came with a 0% APR for 18 months and then a regular APR of 11.9% locked thereafter.
I kept the Gold Master Card opened and still received great offers for 0% on balance transfers regularly (twice in the past four months). The customer service is excellent and aside from the annual fees (which are minimal) I have never had to pay a penny for interest on purchases in the year and a half I've been with them. I highly recommend doing business with this company. I'm very satisfied!
NEW YORK, NEW YORK -- On January 22nd I received my credit card statement with a $69.00 annual fee. I called Customer Service and told them to close my account immediately due to not wanting to pay such an outrageous annual fee (especially for a card that was not even gold or platinum). I was told that due to a January 21st charge...that I still had to pay the January 17th annual fee despite my immediately closing the account when I found out on January 22nd.
I explained that I didn't know about the charge on the annual fee on the 17th until I rec'd the statement on the 22nd...or I would have closed the account on that day and not used it on the 21st. Needless to say, the woman I spoke with couldn't care less about my being ripped-off...and insisted that there was nothing that I could do about it.
Does anyone know if this is legal? Does anyone know the name/address for the CEO at Orchard Bank aka HSBC? Would greatly appreciate any assistance or advice. Thanks!