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People's United Financial Inc. Message Board

  • go_phor_broke go_phor_broke Jul 3, 2000 9:13 PM Flag

    USERY !!!!

    Apparently this bank is heavily into usery these
    days: 27.99% APR credit card rate
    !!!????

    OUTRAGEOUS ! Almost CRIMINAL !!

    You can bet that this
    kind of profiteering behavior is going to have a
    big-time downside -- can you spell l-a-w-s-u-i-t-s
    ?

    PBCT SUCKS !

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    • aren't you putting the horse before the
      cart?

      People's is now on notice. we will see how they respond.
      if it's not satisfactory, the attorneys will let
      fly, and regulatory complaints will be
      issued.

      I tend to go for individual actions. however, I
      suppose if it turned out to be a policy problem, and
      there was a class that actually could be identified,
      then there might be a class action in it.

      guess
      we will all just have to wait and see.

    • "that is why I've found the courts to be an effective means to resolve these types of problems."

      Does this mean that you are intending to file a class action law suit?

    • 1-since I don't live in CT, or anywhere else
      where People's branche are located, I have no other
      People's accounts

      2-after being screwed a few years
      back by TransUnion (and fighting 3 years with them to
      correct errors) I check my credit report twice each year.
      yes, US Bank has (in violation of FCRA) placed
      derogatory information on our credit report. this info. has
      been there for at least 1.5 years. no, there is no
      other significant damaging info. on our
      cr.

      3-regarding the illegal USB info? yes, US Bank is being sued
      again (we prevailed in the last court case)

      4-we
      have lots of other cards: we don't really need
      People's for anything. it's a matter of principle. I think
      they are now engaging in abusive, price gouging
      tactics. My response these days to unethical or illegal
      corporate conduct is to go for the
      jugular.

      5-People's has been put on notice, and we are waiting to see
      what there response will be. regulatory action is a
      hammer we have hung over their heads. we will file
      complaints with appropriate state and federal regulators if
      satisfaction is not obtained. my experience has been that the
      regulators do not/can not do a lot for individual complaints
      (especially federal). that is why I've found the courts to be
      an effective means to resolve these types of
      problems. I suppose we may find out soon if Joe Leibermans
      legacy of consumer advocacy lives on in CT.

      The
      consumers of this country have been getting screwed every
      which way but north recently, by greedy, incompetent,
      arrogant corporate interests. it's just time that we, the
      consuming public, give a few shots back. I pick my fights
      very carefully, making sure all the elements are
      satisfied, all the witnesses are available, and all the
      duckies are in line, and then I take them on like a pit
      bull. you may think this is a waste of time and energy,
      but many of the consumer protections you enjoy have
      come as a result of the actions of me, and many others
      like me.

    • True, which is why I was waiting until the
      dividend starting to bump up against 7.0% to think about
      buying. PBCT has a good history of maintaining and
      increasing the dividend, and that yield would act as a
      cushion to keep the price from falling too much,
      especially if there is a deflation.

      A bigger problem
      is that they are concentrated in CT; as CT goes, so
      goes PBCT to some extent.

      An as for the
      problems:

      There are two anonymous whiners and one person who
      appears to have had too many cups of coffee today. This
      is hardly a landslide. In the days that I was in the
      branches I saw a lot more than two whining customers a
      day.

      Their protests not withstanding, you would be amazed
      how many "bank problems" turn out to be "customer
      problems". Banks do make mistakes (and when they do, they
      should be held accountable). However, banks balance
      every day and errors have to be corrected every day.
      How many people do you know that balance their
      checkbook every day?

      For someone who claims to do
      research, you put a lot of credence in two anonymous posts
      on unmoderated boards.

    • Well I for one have been predicting a major
      economic slowdown (maybe even serious deflation next year)
      since last November.

      Bank stocks are very
      cyclical, they tend to do well in the period coming out of
      recession, and earnings continue to increase through the
      growing economy stages.

      My point was that, if you
      look at the charts, this stocks earnings appear to
      refect a general slowdown, comensurate with interest
      rate increases and concerns over possibly economic
      retreat - its a typical cycle.

      So, maybe ya'all
      shouldn't be expecting to see any significant earnings
      growth until after this latest economic stage has run
      its course.

      Of course, that could take a few
      years.

      Just my opinion (the stock has had a good run-up of
      the past 6 - 7 years: But all good things must
      eventually come to an end)

    • If the rates go up significantly and/or the
      economy slows significantly, then PBCT will face an
      earnings slow down. So will just about every other bank.
      The real question is the quality of the loan
      portfolio that they keep; I have no idea what it is like.

    • Just out of curiosity:
      1) How many other PBCT
      accounts do you have besides the credit card?
      2) Have
      you looked at your credit report to see what happened
      to it (if anything) as a result of your problem with
      USB? Has anything else happend lately to damage your
      credit standing?
      3) If there was any damage, have you
      taken steps to correct it?
      4) If you don't like the
      bank, why don't you just go somewhere else to get a
      credit card? I used to work there, but I found plenty of
      other cards that were just as good (if not better)
      deals.

      I will understand if you don't want to post the
      information, but make sure before you go to the authorities
      that you have good answers to all those
      questions.

      Finally 5) Why are you posting here instead of just going
      to the authorities?

    • that they no longer want to deal with. so much for customer relationships and loyalty.

    • Without spending a lot of time in D & D, I'd say PBCT is on the backside of a 5+ year earnings bell curve.

      What sayeth the rest of the board?

    • Well, let's see if I can answer.

      I've come
      to follow a number of people (some of whom
      apparently post in different places under different IDs)
      because they have, in the past, gotten into some very
      interesting battles that led to some very interesting
      disclosures - not sure that that is what is going to happen
      here, but we'll see.

      To be clear, there is also
      a small entourage of people who apparently follow
      *me* around to different boards, just to see what
      fireworks I might be going to set off (no, these other
      folks aren't alter-egos of myself).

      I don't
      engage in rumor mongering - that's way I haven't laid
      any allegations on this board - just asked questions
      / just asked for some
      clarifications.

      Whenever I do make an allegation, it will be based on
      information from verified sources - still doing my research
      though, and waiting to see what transpires
      here.

      If I make a comment, the purpose is not to affect
      stock price or otherwise impact the shareholders. But,
      I do believe that everyone should have access to
      all available information - even the
      negatives.

      If there are people out there that don't like PBCT,
      or feel that the bank has suddenly headed in the
      wrong direction, then their opinions should be heard
      and evaluated too. That kind of information does
      *not* typically show up in the public record, and
      therefore needs special attention.

      And yes, I agree
      with you that the Longs too often malign the Shorts,
      when in fact they probably should be taking some cues
      from them.

      I'll be here, watching and
      listening. If thing get hot and juicy, I'll jump in.
      Otherwise, I'll just get bored with poor ole PBCT, and go
      elsewhere for fun

      Later Boys !

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