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Complaint Details
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Initial Complaint
06/14/2022
- Complaint Type:
- Billing Issues
- Status:
- Resolved
I paid Amalgamated bank of Chicago $10,000 USD to open a secured credit card. if this is not clear yet, the bank provides you a credit limit based on a deposit, in this case $10,000 credit limit that functions as a credit card but using your own money. This serves to build your credit and credit line.On May 2022, I received a letter saying that the Amalgamated bank of Chicago had SOLD my secured account to another bank and two things will happen, 1-The balance will be held with the new bank 2- the difference between the credit balance and my initial deposit amount will be returned to me via check in the mail. However, the new bank claims to have bought the debt part and not the securitization amount and Amalgamated say that they don't know about the $10,000 check I gave them 10 years ago.I tried to call both banks and they keep going in circles, yet no check has delivered to me.Desired Resolution:Billing adjustment - I need the $10,000 check in the even the new bank will provide only debt OR a check for he balance between credit and securitize amount. ($10,000).Credit Correction. Amalgamated bank has ruined my credit by illegally closing my securitized credit card, claiming that I was in bankruptcy but my account was always in good standing and a SECURED card is not part of a bankruptcy, since it does not accumulate debt. Plus I have a bankruptcy dismissal.Failure to do so, will bring law suite against Amalgamated bank of Chicago.Business response
06/23/2022
June 23, 2022
Better Business Bureau of Chicago
&Northern ********, Inc.
330 *************************************************************************************** 60603
RE: Case #********
Dear Customer Relations Advocate,
********************** (****) is in receipt of your consumer complaint from ***************************** dated June 14, 2022, regarding BBB Case #********. ********** has concluded our research into this matter and identified the following issues and resolution:
On October 3, 2013, a $10,000.00 Secured Amalgamated Bank of Chicago (****) MasterCard account (along with a $10,000.00 ************************** account) was opened in the customers name.
****s MasterCard portfolio, as well as all associated **** ************************** accounts, were acquired by ******** in August 2021. The ************************** accounts were retained at ****, but all withdrawals from these secured savings accounts require direction from ********. Notification of this acquisition was provided to **** MasterCard customers at that time.
******** sent a letter dated March 24, 2022 to the customer, stating Good news! Due to your responsible credit card use, the security deposit held on your MasterCard secured credit card, formerly issued by Amalgamated Bank of Chicago, was returned to you via a check. (Exhibit 1)
The customer contacted ******** when she did not receive a check in the mail, and she received misinformation from TCM representatives, asserting new bank claims to have bought the debt part and not the securitization amount.
When the customer contacted ****, the **** representatives correctly stated that the $10,000.00 ************************** account resides at ****, but any withdrawals from this account require approval from ********.
In late May, 2022, customer MasterCard was declined by ********, closed status due to bankruptcy.
**** ********** officer contacted customer on June 15, 2022 to acknowledge receiving the BBB complaint and to inform the customer that **** would be working closely with ******** in order to resolve the issues stated in the BBB complaint, since TCM acquired both ****s credit card portfolio as well as the secured ****************** accounts in August 2021.
On ******************* contacted TCM regarding the customers assertion that she has not received a check for the balance in her *************** account, that customers TCM MasterCard was closed and negative credit bureau information was placed by TCM even though her credit was managed responsibly. TCM then forwarded a copy of the BBB complaint to their compliance department for review.
******** contacted **** on June 22, 2022 with the following resolutions: 1.) TCM removed the block/reclass from the card, leaving it open to buy; 2.) TCM is adjusting the credit reporting to remove any indication of delinquency; and 3.)TCM approved the release of the security deposit back to *****************************.
On June 22, 2022, tickets were processed to close customers ************************** account for $10,132.42, and a cashiers check in the name of the customer for $10,132.42 was sent via overnight mail to the customers mailing address.
On June 23, 2022, **** ********** officer contacted customer to confirm that *** envelope containing the cashiers check was received. ********** officer also advised customer that it may take up to 90 days for the credit bureau information updated by ******** to be reflected on the customers credit report.
Bank records and communications with ******** indicate that this matter has been resolved. Amalgamated Bank of Chicago takes all consumer complaints very seriously and is dedicated to the compliance of all applicable regulations.
If you have any additional questions, please feel free to contact me.
Regards,
*************************
Vice ********** ********** Officer
************
*****************
DD/cdw
Attachments
cc: *****************************
******************************************************************************************************************************************************************* 11724-1505
TCM Bank, N.A.Customer response
06/24/2022
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. With one exception - My credit was unnessessarly destroyed and I request a letter from ******** stating that the reporting to the credit reporting was incorect and it should not take 90 days to correct a mistake on their part.
Sincerely,
*****************************Initial Complaint
01/03/2022
- Complaint Type:
- Billing Issues
- Status:
- Resolved
I owed ****** on my credit card(amagamated bank of chicago). I used my bank to pay for all my bills. I have done this for many years using the same acct **************** to pay for my credit card ****************.I transmit $900 and $400 to aboc. The papers are proof that santander bank sent the **** to amalgmated bank. Amalgmated bank has no knowledge that I paid $900 and $400. On ***** sandander bank(my bank) even fax the transmission to aboc(fax number ************. I had two case no numbers created by tcm bank . case no ********, ********* on 12/22 fix the problem. Today is jan3. and I spoke to *******(tcm bank). the problem is still not fixed that I paid $**** to aboc for the ****** that I owe. They took my money and didnt give me credit for what I paidCustomer response
05/16/2022
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
********************************************
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Contact Information
30 N La Salle St
Chicago, IL 60602-2590
Business hours
Today,9:00 AM - 5:00 PM
MMonday | 9:00 AM - 5:00 PM |
---|---|
TTuesday | 9:00 AM - 5:00 PM |
WWednesday | 9:00 AM - 5:00 PM |
ThThursday | 9:00 AM - 5:00 PM |
FFriday | 9:00 AM - 5:00 PM |
SaSaturday | Closed |
SuSunday | Closed |
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Get a QuoteCustomer Complaints Summary
2 total complaints in the last 3 years.
0 complaints closed in the last 12 months.