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Thread: Consumer agency fines Capital One for card marketing

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    Re: Consumer agency fines Capital One for card marketing

    Quote Originally Posted by RadicalModerate View Post
    Fascinating. I used to actually DO this for CapitalOne, through a telemarketing company. I can tell you, from firsthand experience, that this is certainly what I saw going on during my 9 months working as a CapitalOne representative. We were told to distort and twist the truth to make it sound like a benefit to a customer. We were told to target older people and non-English speakers as especially "receptive" to what we were pushing. In reality, we were offering unnecessary and risky options that would inevitably lead customers to spend more and ultimately pay us more.

    I'm glad to see they got some form of punishment. It was a particularly dirty trick we were playing.
    Corrected. You chose to be a part of that trick for nine months. Own up to it.

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    Re: Consumer agency fines Capital One for card marketing

    Quote Originally Posted by Cardinal View Post
    Corrected. You chose to be a part of that trick for nine months. Own up to it.
    Yeah, cause I got the job under full knowledge that we'd be tricking old grandmas and immigrants out of money.

    You do realize this was 3+ years ago that I quit that job?

    Do you have any idea what my job there actually entailed, the details of it? Do you know what I did on a daily basis? Do you know the details of the parent companies business contract?

    No? Then why are you saying anything?

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    Re: Consumer agency fines Capital One for card marketing

    Quote Originally Posted by RadicalModerate View Post
    Yeah, cause I got the job under full knowledge that we'd be tricking old grandmas and immigrants out of money.
    Where in your three year stint did that become required of you?

    Quote Originally Posted by RadicalModerate View Post
    You do realize this was 3+ years ago that I quit that job?
    Relevance of this?

    Quote Originally Posted by RadicalModerate View Post
    Do you have any idea what my job there actually entailed, the details of it? Do you know what I did on a daily basis? Do you know the details of the parent companies business contract?
    I worked long enough as a telemarketer (two days) to know that we were encouraged to hit up old people because they were more trusting and easier to part with their money. I do not, however, pretend to know the details of your parent business contract. Relevance?

    Quote Originally Posted by RadicalModerate View Post
    No? Then why are you saying anything?
    You're on a forum that hundreds of people participate in, and possibly thousands lurk on. What makes you think you're the only one who knows anything about telemarketing?

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    Re: Consumer agency fines Capital One for card marketing

    Quote Originally Posted by Cardinal View Post
    Where in your three year stint did that become required of you?
    Lol, great reading skills. I didn't work there for three years, I worked there for ~9 months.

    I was hired on through a contract call center company. They are hired by outside companies, like CapitalOne, to take incoming calls and make outbound calls on behalf of the company. The contracts are for overflow handling (as in too many calls), special promotion media blitzes, and handling routine customer service calls. I was hired one month prior to the start of the Credit Card Act of 2009. My job initially was to handle routine customer service calls; take payments, adjust customer controls, review spending histories, etc. The acts that garnered CapitalOne's large fines weren't introduced into my company for the first two months. It was integrated into our customer service scripts after new training rounds. My job at that company was not to make sneaky scam calls to unsuspecting credit card holders; I took inbound calls and had to integrate CapitalOne's sales pitch into each call.

    So you're simple little, "you should've quit" line doesn't really work, now does it? That's because you didn't have any of the facts about my very tiny role in this was.

    Relevance of this?
    You and washnut are riding your high horses all over me because I happened to be one of many underlings who worked for or indirectly for CapitalOne when they were doing these illegal actions. Three years ago. The judgement and the fine just came out this week. So I think you and WN see a way to bash someone with feigned indignity because hindsight is 20/20; I bet you'd be singing a different tune if I had asked for your thoughts then.

    Don't take a judegement against an individual whose employer made as big mistake.

    I worked long enough as a telemarketer (two days) to know that we were encouraged to hit up old people because they were more trusting and easier to part with their money. I do not, however, pretend to know the details of your parent business contract. Relevance?
    Wow, two whole days. And I'm sure you "quit", too. Yawn...

    The relevance is the aforementioned fact that you have zero notion of my role at CapitalOne and it's illegal actions. You and Wingnut are both out of line for accusing me of willingly immoral actions without any knowledge of the facts of my employment there.

    You're on a forum that hundreds of people participate in, and possibly thousands lurk on. What makes you think you're the only one who knows anything about telemarketing?
    I'm not talking about telemarketing in general; I'm talking about MY telemarketing that I did for CapitalOne. Neither of your know what I did, but you're both more than willing to cast the first stone. So I'm telling both of you to sit on it cause you don't anything about what I did there.

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    Re: Consumer agency fines Capital One for card marketing

    Quote Originally Posted by RadicalModerate View Post
    The acts that garnered CapitalOne's large fines weren't introduced into my company for the first two months. It was integrated into our customer service scripts after new training rounds. My job at that company was not to make sneaky scam calls to unsuspecting credit card holders; I took inbound calls and had to integrate CapitalOne's sales pitch into each call.
    So, what you said before...

    were told to distort and twist the truth to make it sound like a benefit to a customer. We were told to target older people and non-English speakers as especially "receptive" to what we were pushing. In reality, we were offering unnecessary and risky options that would inevitably lead customers to spend more and ultimately pay us more
    You did that for seven months then, if I read that correctly? That was your verbatim description of some of your duties there.

    Quote Originally Posted by RadicalModerate View Post
    So you're simple little, "you should've quit" line doesn't really work, now does it? That's because you didn't have any of the facts about my very tiny role in this was.
    While you've said a lot about other duties you held at your company and the fact that all this happened three years ago, I fail to see why I was wrong in saying you should have quit. Unless your description of the timeline or my understanding of it is inaccurate, seven months seems like a really long time to be paid, at least in part of your duties, to con old people and non-English speakers.

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    Re: Consumer agency fines Capital One for card marketing

    Quote Originally Posted by tessaesque View Post
    I used to work for Citi in the credit card division.

    We had 10 or 15 products available to customers similar to those Capital One is being fined for.

    These programs, while expensive, can be beneficial to a certain demographic of card holder.

    The payment protection plan, which is usually a varying fee based on your balance (i.e. $0.43 per dollar of balance) is a program that will cover your minimum payment for a designated period of time under certain circumstances. Those circumstances would include lay-offs, serious illness that results in short-term/long term disability, and a few other situations. The down side, other than the fee, is that you cannot use the card when you're in protection mode. Then again, if you don't have normal income you probably shouldn't be using a credit card anyway.

    Credit monitoring is a service offered by almost every single bank in existence and several 3rd party companies. It can be invaluable. I know when I had it on my Citi card I got alerted quite a few times when "weird" stuff happened...out of state inquiries, a card swipe outside my normal activity area, etc. The program also offered $10k to cover costs associated with credit theft.

    I'm assuming the issue that led to Capital One being charged involves their methodology. And I'll agree that the men at the board room desk/marketing department/supervisors are very, very serious about pushing these credit products onto consumers. And why not? They're a HUGE profit boon for companies. I know how Citi did it: We had to offer, offer again, and if the customer accepted we had to read them 2 pages of legal information (they'd later receive that in the mail, too) before signing them up.

    Looks like C1 reps were lying about the system. My guess, having been that poor jerk sitting at the phone bank, is that the pressure to meet sales quotas, especially in this economy, resulted in a lapse in proper procedure. I actually feel bad for the reps in this situation. I remember very well how hard we were pushed to sell, sell, sell...but we were never encouraged to lie about the programs. In fact, we were warned that if we were caught lying in a call audit we'd be immediately terminated.
    Red: I don't disagree, and in an ideal world I'd even agree, but at the same time a credit card may be needed for things like food and gas for a job search. Unless you're maxed out, I think it'd be a better option to save the insurance premium and continue to use your card (albeit in low-volume crisis mode) and get small cash advances to make minimum monthly payments.

    Blue: My son used to do this type of job for a few different companies, and he was always taught to ask three times before giving up... which just pisses me off when it happens to me. When I say 'no', I mean no. The first time. I expect that to be respected. I don't care that it works on others. I used to get mad, but no longer do that. No point. It's just a job for the rep, albeit an annoying job. Then I would hang up, but I got no satisfaction out of that. Plus, it probably helped the company as the rep could talk to the next 'victim' faster. So now I'm a bit more insidiously passive-aggressive about it...

    Them: Would you like to buy <blah blah blah full spiel>
    Me: No thank you.
    Them: Round 2 of what I'm missing <blah blah blah full spiel>
    Me: No thank you.
    Them: Round 3 of what I'm missing <blah blah blah full spiel>
    Me: No thank you.

    Call finally ends.


    Quote Originally Posted by Helix View Post
    and it's not just capital one. my credit card is somehow charging me the credit protection nonsense again after i had it removed. looks like i'll have to waste time calling them (again) to have it removed (again.) every time i use the damned card, i think about how much i don't want to ever use a credit card. needless to say, i don't use it often, and i do not carry a balance from month to month.
    If phone calls won't get it resolved, write them. Snail mail. Create a paper trail just in case you need to dispute the charges.


    Quote Originally Posted by lpast View Post
    The bane of having an 800+ credit score is that EVERYONE wants a piece of you and everyone wants to sell you something...My wife and I are utterly inundated with garbage everyday...via mail, email and phone...I have my name on ALL do not call lists...cell phone too...I unsubscribe from everything I can and it just keeps coming...sigh...maybe I should go bankrupt so they leave me alone and let turtledude pay my bills lol
    At the opposite end of the spectrum, if you have a low credit score you get bombarded with offers from bottom-feeding usury credit cards like First Premier, Credit One, and so on. The ones that have annual fees like $175, AND monthly fees that also add up to $175/yr, interest rates anywhere from 35% to 79%, and so on. No matter who you are, somebody wants a piece of you.


    Quote Originally Posted by RadicalModerate View Post
    Get bent.
    Last edited by radcen; 07-21-12 at 08:41 PM.
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

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    Re: Consumer agency fines Capital One for card marketing

    Quote Originally Posted by lpast View Post
    Ive posted several threads in a short period of time about Big Banks and Corporations and Big Pharma criminality. Their ripping off the american people for millions and billions and in turn recieving MINOR slap on the wrist fines...then issuing WE DID NOTHING WRONG but were paying the finet....Your crooks and thieves just like AL Capone and Vito Genovese and Mexican Drug Cartels...
    This bank like all the others just laugh at this...they swindled and pocketed alot more than the fine...

    Capital One Financial agreed to pay $210 million to resolve charges by banking regulators that its call-center representatives misled consumers into paying for extra credit card products
    The enforcement action, announced on Wednesday, is the first by the Consumer Financial Protection Bureau, which said it unearthed the activities through an examination of the bank
    The CFPB was created by the 2010 Dodd-Frank financial reform law and is nearing its one-year anniversary.
    The government said $150 million of the sanctions will go to reimburse affected customers, while the remaining penalty will be split between the Office of the Comptroller of the Currency, which fined the bank $35 million, and the CFPB, which will collect $25 million.


    Consumer agency fines Capital One for card marketing | Reuters
    Here's what Bank of America did to me: I had a Visa card through them, and it was at 12.9%. One day, they upped the rate to 29.9% because it was close to maxed out at the time. OK, no problem there. They can charge whatever rate they want to. But what else did they do? They applied that rate retroactively to everything I had bought under the 12.9% rate, and increased my payments.

    Here's what I did to Bank of America: I said **** you, and refused to make payments. They got quite nasty for a while with the bill collectors, but after 3 years I am past the statute of limitations, and they can't do a damn thing to me. Also, during this time, I recorded all my calls, and got one of the bill collectors in a lot of hot water, when they attempted to tell me that a warrant was out for my arrest, which was not true, and was also illegal as hell. After I filed a complaint with the Attorney General's Office, I never heard from them again. Bear in mind that this is the only debt I refused to pay. I paid the others all off, and in October my car will be completely paid off. They did not attempt to pull the Bank of America scam on me, and so I dealt straight with them.

    Bottom line here is that Bank of America attempted to rob me, so I robbed them instead, and I have no remorse whatsoever about it. My credit is shot, but I don't need those assholes anyways, so a big fat middle finger from me to them. I will never own a credit card ever again, even AFTER the 7 years expires, and I can get credit again. I will save money for those times I need it instead, and these scumbags can take a flying leap off a short bridge into deep water, while wearing cement shoes. I don't need them. Period. End of story. And I also made it crystal clear that I am the last person a white collar criminal enterprise wants to **** with.
    Last edited by danarhea; 07-21-12 at 10:46 PM.
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  8. #28
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    Re: Consumer agency fines Capital One for card marketing

    Quote Originally Posted by danarhea View Post
    Here's what Bank of America did to me: I had a Visa card through them, and it was at 12.9%. One day, they upped the rate to 29.9% because it was close to maxed out at the time. OK, no problem there. They can charge whatever rate they want to. But what else did they do? They applied that rate retroactively to everything I had bought under the 12.9% rate, and increased my payments.

    Here's what I did to Bank of America: I said **** you, and refused to make payments. They got quite nasty for a while with the bill collectors, but after 3 years I am past the statute of limitations, and they can't do a damn thing to me. Also, during this time, I recorded all my calls, and got one of the bill collectors in a lot of hot water, when they attempted to tell me that a warrant was out for my arrest, which was not true, and was also illegal as hell. After I filed a complaint with the Attorney General's Office, I never heard from them again. Bear in mind that this is the only debt I refused to pay. I paid the others all off, and in October my car will be completely paid off. They did not attempt to pull the Bank of America scam on me, and so I dealt straight with them.

    Bottom line here is that Bank of America attempted to rob me, so I robbed them instead, and I have no remorse whatsoever about it. My credit is shot, but I don't need those assholes anyways, so a big fat middle finger from me to them. I will never own a credit card ever again, even AFTER the 7 years expires, and I can get credit again. I will save money for those times I need it instead, and these scumbags can take a flying leap off a short bridge into deep water, while wearing cement shoes. I don't need them. Period. End of story. And I also made it crystal clear that I am the last person a white collar criminal enterprise wants to **** with.
    Good for you, what BAC did was reprehensible. That being said as you mentioned this was the one bad experience you had with financial institutions. We should call out the bad actors (as you have done) but not paint everyone in that industry with the same brush (as you have not done).

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