Consumer complaint received 2023-05-06
Company: Genesis FS Card Services, Inc.
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem when making payments
Sub-issue: Problem during payment process

Complaint:
Indigo Card issued by Genesis FS Card Services company committed fraud. 
I wat regulators to step in and make a hefty fine and penalty against them to teach them a lesson. 

Here is what has happened. 
My first month statement cut off time ( statement closing date ) was XX/XX/XXXX and that was my first month. 
I had paid them {$75.00} Annual Fee for joining. That was for promise of using first 12 months. 
Indigo did something that breached that promise and breached the contract and breaced the law by committing fraud by usury for pretending payment is applied towards the account while in reality, in the background they do fractional reserved banking like your cash in checking account what banks do. 
They keep the money in their position using it like a fund or loan to enrich themselves instead of truly applying it to my credit limit to increase my available credit after payment is posted. 

After XX/XX/XXXX statement, money order in the amount of {$300.00} was mailed with certified mail and It was posted with delay in regards to certified mail receiving date which was days before posted XX/XX/XXXX ( still on time payment which was due due date XX/XX/XXXX ) Account shows card balance {$0.00} cents and payment posted successfully. 
But available credit is still showing XXXX ( - {$1.00} actually ) after paying {$300.00} on {$300.00} credit limit and maxed out but paid in full XXXX out of XXXX ) Company stated available credit will not be made available to you until XX/XX/XXXX. 
This triggered red flag that they are using my money elsewhere instead of freeing up available credit by paying towards credit limit. instead they only pretend and it only appears to e showing posted payment XX/XX/XXXX. 
If it was real, my credit limit should had been {$300.00} again the day payment was posted. 

Because of this i want {$68.00} which is XX/XX/XXXX ratio of annual fee of {$75.00} that is {$68.00} minus {$0.00} current balance ) be refunded to me by check and I have requested them to close my account on XX/XX/XXXX due to card issuer committed financial fraud against the credit card consumer. failure t do that will cause legal action court costs and penalties on companies cost for causing damages ). Legal action will be taken. Your terms and conditions doesn't make you immune against fraud or liability. 

I reserve the right to get compensation set forward by authorities to be paid by company to me as punitive and compensatory means. 

I am requesting heavy fine and penalty against the company to teach the a lesson and make them inline with the regulations. I have another credit card with XXXX and the moment I pay they instantly change my credit limit and increase it by the amount of my payment i made. That is how it should be. But small companies have big dream of becoming like XXXX XXXX  so the go greedy and abusive and commit fraud to get bigger and richer on consumers cost and expense. 

I was at vet to my pet dog to vaccinate my puppy and I had to pay {$180.00} and my Indigo Card got declined for not having available credit because in background Genesis Financial ( company which issued Indigo Card ) is using my money elsewhere like fractional reserve banking. Illegal in credit cards regulation. You must have banking charter and it must be a cash deposit in a checking account to do that. Not credit limit in credit card. 

Payment made with money order sent with certified mail on XX/XX/XXXX Last payment posted XX/XX/XXXX Payment due date XX/XX/XXXX Credit limit {$300.00} Date Description Type Card Amount XX/XX/XXXX PAYMENT RECEIVED - THANK YOU Payment - {$300.00} I want this complaint be REFERRED TO ; Office of the Comptroller of the Currency Also I want ; We also entered your complaint into the XXXX XXXX XXXX, a secure online database operated by the Federal Trade Commission. Civil and criminal law enforcement authorities worldwide, including Consumer Financial Protection Bureau investigators, use the XXXX XXXX XXXX to identify questionable business practices that may lead to investigations and prosecutions. 

I want the CFPB to publish this description on consumerfinance.gov so that others can learn from my experience. The CFPB will take steps to remove my personal information from this description but someone may still be able to identify me. Learn how it works. I consent to publishing this description after the CFPB has taken these steps. 

Publishing this description will not affect how the CFPB handles your complaint.

Company response to consumer: Closed with explanation