GE Money Informative - Fraudulent Business Practices
SALT LAKE CITY, UTAH -- Well - they are really coming down hard on GE Money in New Zealand - too bad the US Government does not seem to be PROTECTING the US citizen from GE MONEY'S FRAUDULENT BUSINESS PRACTICES
GE Money misled customers
Friday, 14, Nov, 2008 11:42AM
GE Money has admitted misleading 3,660 of its customers, by charging interest during what was supposed to be an interest-free period.
It will now refund them just over $3 million. The customers all bought goods from [snip] and Bond and Bond stores during a Pay Nothing Until July\August promotion last year.
A Commerce Commission investigation found customers who did not pay off the loan by an early exit date were then charged interest from the time of purchase.
GE Money promises to send all impacted customers details of their refund by the middle of December.