Consumer complaint received 2017-08-05
Company: DISCOVER BANK
State: IL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement
Sub-issue: Card was charged for something you did not purchase with the card

Complaint:
I am having a problem with my credit card account with XXXX XXXX XXXX. I have a consumer credit card account with them and on XXXX XXXX of 2017 I transferred {$1200.00} of my balance on that account to my XXXX XXXX credit card account at 0 % interest for one year on the balance transfer. On XXXX XXXX the transaction cleared on XXXX XXXX 's books and showed as a {$1200.00} debit on my account from XXXX XXXX XXXX. However, as of X/X/2017 at XXXX eastern time on my Discover account summary there was no entry for a credit of {$1200.00}. The {$1200.00} is still on XXXX XXXX 's books at the SAME time it is on XXXX XXXX 's books. It 's been on Discover 's books for ONE WEEK. XXXX transfers take about 1 to 2 days so how can Discover account for it still being on their books billed to my account? I called Discover and asked this question. I spoke to a XXXX " XXXX '' and she said that they do not see any transaction entered by XXXX XXXX for this transfer. I asked if she could put that in writing and send it to me. She said she could not. I then asked if she could escalate this to her supervisor. She did. I asked her supervisor, XXXX " XXXX '' and she said they do not have a process for this. I was very animated at this point as this is completely improper. I explained to XXXX XXXX that I did a similar transaction with XXXX XXXX  and that showed up properly on the books of both XXXX and XXXX XXXX with the transaction clearing at XXXX XXXX on the XXXX and at XXXX on XXXX XXXX ; which is a typical XXXX transfer. I then said basically ( I am paraphrasing here ) " one week plus to clear a swift transfer? This is XXXX! I suddenly owe with interest {$1200.00} to Discover out of thin air??? '' Either XXXX XXXX is lying and entering a balance onto their books they never received or Discover is lying and are not showing the balance transfer on their books. Folks, I suspect someone is padding their balance sheet here. And I can imagine why. I have been inundated with 0 % balance transfer offers. And to me this is a financial instrument I want to use to pay off existing balances with a lot more ease. They make money off the fees. They take the risk. Why not? Why should XXXX XXXX and XXXX XXXX over at the XXXX  and their bankster pals get ZIRP and shmucks like us get 14 % amd 26 %. So as a responsible consumer I took advantage of this offer to manage my debt by spreading out the payments at 0 % and using my earnings productively during that time period to invest in hard assets or just save it as a cash reserve. And these XXXX at Discover do n't put the transfer and leave it on their balance sheet for a week? XXXX did so why did n't they? And then I ask myself : how many other poor shmucks are they doing this to and how much does that add up to as an inflated valuation on their balance sheet? Is it a one time thing just on my account or are these clowns doing this over a whole bunch of balance transfers? You guys can look into that part if you want, because if you ask me, I smell a rat. But what I really want you to help me with is this {$1200.00} Discover is trying to XXXX me on. They basically said in a more polite way " XXXX you, talk to XXXX XXXX ''. Needless to say that sent me to the moon, but there is not much some low level employee of Discover can do about it. And I am not some big shot with millions in an account at some investment bank. I was basically venting and spitting in the wind. I did get them to agree to escalate it to executive support regarding them putting it in writing that they never got the balance transfer request from XXXX XXXX. Basically they would put in writing that they think XXXX XXXX are deadbeats. Fat chance they 're going to do that. So finally I called XXXX XXXX but their Account Specialist desk was the only authority that could deal with the problem and they were closed for the evening. However, the rep I did speak to was very helpful and confirmed that the transfer from Discover was legit. It did clear and they got the money from Discover. They also said they would pursue an investigation if I called tomorrow. On the other hand that Discover was NOT helpful and told me to basically get lost says a lot about what 's going on here. Now I figured the only think I have left to turn to for help is your agency. Which is why I am filing this complaint with the CFPB since as feds with the authority to investigate shenanigans by the banks and other lending institutions, you 'd have some muscle and can lean on Discover a lot harder than XXXX XXXX can lean on them. At this point I am also about *this* close to calling my attorney as well and see what advice he has. The way I see it someone is either grossly negligent or committing a willful act of fraud on their books. Either way I am getting screwed here and I am mad as XXXX about it. Sincerely, XXXX XXXX XXXX ... a fed up consumer. Fed up with the banksters. And just plain fed up. PS : You know all this 0 % balance transfer madness by the banks is a canary in the coal mine and this is n't going to end well. They 're all doing it. Credit is squeezed. So they 're robbing XXXX so XXXX can shore up their balance sheets. And I am getting the sense that the lending institutions with weak balance sheets are in panic mode. Discover may be one of the weak antelopes in the herd when the bond vigilantes and short sellers come out of their graves like XXXX XXXX XXXX XXXX XXXX. It 's one big fat mother of all bubbles, the systemic risk is higher, the connections exponentially more complex, and the impact far greater. It 's going to be the XXXX crisis and credit freeze on steroids, except this time the nit wits in the XXXX, XXXX and XXXX that made the problem worse are out of ammo. Everything they know is wrong. And so are their models and their policies. And just look at all the stinky piles of XXXX on the Fed 's books from the money printing and spending spree on garbage securities of the past 9 years. With all that they wo n't be able do a thing to keep the whole Ponzi scheme from unraveling. Pay off whatever debt you can as fast as you can folks. That 's what I am doing. Or at least am trying to do if Discover would just honor my transaction!

Company response to consumer: Closed with explanation