Consumer complaint received 2018-09-27
Company: FIRSTBANK PUERTO RICO
State: PR
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Problem with fees

Complaint:
Incompetence is the best word that describes this bank. This new complaint will be answering their last response of the previous complaint. ( ... ) and set up a method with the Insurance Company in order to guarantee that the checks are timely received and processed. Answer : Set up a method with Insurance Company in order to guarantee timely received and
processed? SERIOUSLY? The insurance company send the check on XX/XX/XXXX ( revised with XXXX XXXX from the Insurance Company. A check of {$26.00} was send ) and THIS MONTH THE PAYMENT HASN'T BE POSTED. Once again, a late fee and biggest interest charge because employees can do their work. 

Nevertheless, she insists that the Bank charged her excess interest, consequence of posting late the insurances checks, accruing interest over a higher balance, which caused the account to go on overdraft. As a resolution, Complainant requests the Bank removes the interest accrued that caused the overdraft, which total {$140.00}. After receiving the complaint, the Bank conducted an investigation in order to resolve Complainants concerns. As we expressed in our last response to complaint number XXXX, the Bank talked with the insurance company in order to set up a more efficient procedure to receive insurance payments in order to receive and processed the checks timely. 

Answer : Am I wrong in claiming the accrued interest? There's no better proof that this new statement. It's obvious that if this lazy bank charge post the payment late, interest will be accrued and SHOULD be fixed. Reversing late fees and posting the payments DID NOT decrease interest accrued WRONG BY THE BANK. The " investigation '' was extremely poor. Again ... which is the procedure to processes check timely? I didn't see that in XX/XX/XXXX. 

With regards to Mrs. XXXX allegations that the Bank overcharged her {$140.00} in interest, we do not agree with this interpretation. The total of {$140.00} is the sum of all the interest charged by the Bank from XX/XX/XXXX to XX/XX/XXXX. Our investigation showed that, before starting to receive the benefits of the unemployment insurance, the Complainants account had a balance, which had yet to be paid by the Complainant. Since the insurance covers only the minimum payment required by the account and since Mrs. XXXX has not contribute significantly to the payment of the pending balance, such balance continues increase by the accrual of owed interest and additional charges, such as new purchases and insurance monthly payment. 
Unemployment insurance payments only cover the minimum payment for the account each billing but does not stop interest from accruing over the balance pending payment in the account. Therefore, the complete amount of {$140.00} is not an overcharge by the bank, but the sum of the accrue interest the Complainant agreed to pay in her credit card agreement for any unpaid balance. On the other hand, the Complainant alleges that the Balance had been increase by the failure of the Bank to timely input the insurance payment. It is important to note that the Complainants account accrues interest every billing cycle based on the average daily balance and not on a daily basis. Thus, interest will be calculated at the date when the statement cycle closes over the average daily balance. 

Answer : Exactly. From XX/XX/XXXX to XX/XX/XXXX ALL THE PAYMENTS were late posted with interests accrued and not fixed. It's simple math. If the monthly payments were posted TIMELY, the interests WOULD BE WAY LESS. I know the Insurance just pay the minimum but as you can see ... when was the last time I used that credit card? Do an investigation ... Oh! And I don't alleged, I TALK WITH PROOFS. 

FirstBank is fully committed with compliance of any regulation that affects our operations and furthermore, with the full satisfaction of our clientele. Should additional information or clarification be needed, do not hesitate to contact FirstBank. 

Answer : Not true. Committed with compliance it's not the best job of the bank. They set up a false process to timely post the payments and it hadn't happen. Once again this month the payment is not posted, I have a past due amount, a late fee and more interest accrued.

Company response to consumer: Closed with explanation