Consumer complaint received 2024-10-02
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Problem with fees
Company: U.S. BANCORP (VA)

Re : Complaint Against Elan Financial Services Regarding Improper Interest Charges, Balance Transfer Allocation, and Payment Due Date on Fidelity Investments Credit Card I am writing to formally lodge a complaint against Elan Financial Services concerning the handling of my Fidelity Investments credit card account. Despite consistently paying my full purchase balance every month, I have been improperly charged interest on purchases, experienced inappropriate reductions in my balance transfer amount, and had my payment due date set inconveniently before the statement closing date. 

Below are the key details of my issue : 1. Account Holder Name : XXXX XXXX XXXX 2. Account Type : Fidelity Investments Credit Card ending XXXX 3. Credit Card Issuer : Elan Financial Services 4. Issue Description : I have a 0 % APR promotional balance transfer {$7600.00} ) that expires in XX/XX/XXXX. ( See attachment ) As per my plan, I have been paying off my purchases in full each month to avoid any interest charges on those transactions, intending to leave the balance transfer amount untouched until the expiration of the 0 % promotional period. 
Despite paying off my purchases in full, I have been improperly charged interest on purchases. For example, in my XX/XX/XXXX statement, I was charged {$200.00} in interest on purchases, which should not have been charged since I cleared my purchase balance before the due date. From XXXX to XXXX, I have consistently paid for my purchases in full however, Since my XX/XX/XXXX, statement, I have noticed that my balance transfer amount has been DECREASING, even though I did not intend to pay it off. I specifically made payments to cover only my purchases. The reduction of the balance transfer has occurred without my instruction and contradicts my payment preferences and in violation of the balance transfer promotion. As of the latest statement, the balance transfer amount has been reduced to {$3600.00} from {$7600.00}, which should NOT have changed FROM the {$7600.00} Amounts if payments were properly applied. 
Furthermore, I have noticed that my payment due date is consistently set before the closing date of the billing period. This arrangement is confusing and inconvenient, as it makes it difficult to plan and pay accurately without inadvertently incurring charges or affecting how payments are applied. I request that my payment DUE DATE be changed to a date AFTER the statement closing date to ensure proper timing and application of payments. 
5. Resolution Sought : I request full refunds of all interest charges that have been wrongfully applied to my account while I was paying my purchases in full. 
I seek clarification as to why my balance transfer amount has been reduced and I request that any payments applied to the balance transfer be reversed and reallocated correctly. 
I request that Elan Financial Services adjust my payment due date to fall after the statement closing date to prevent future confusion and interest charges. 

Please NOTE : The most recent statement dated XX/XX/XXXX says, PAY THIS AMOUNT OF {$14000.00} TO AVOID INTEREST DOES NOT TAKE INTO ACCOUNT THE {$7600.00} BALANCE TRANSFER THAT SHOULD HAVE NO INTEREST!!! 

Furthermore, I request that Elan Financial Services be instructed to allocate my future payments strictly toward purchases and ensure that no further improper interest charges or balance reductions occur. 

I believe this matter is a violation of fair billing practices and an unfair assessment of interest charges, which has caused financial harm. I respectfully request that the CFPB investigate this matter and help resolve it promptly. 

Thank you for your attention to this important issue.