Direct Merchants Bank - Direct Merchants cuts limits by 2,000% Are they going under?
Within 6 days of claiming they sent written notice, Direct Merchants slashed my credit limit from $9,000 to $410, and then claimed that I was over my limit by $22.52. It is likely they are attempting to charge a $30+ fee for overdraft in an attempt to get additional fees from customers.
My credit score is 753 to 764 depending on which reporting agency, and I have not been late on any payments to Direct Merchants.
My warning, if you have a Direct Merchant credit card, you too may be subject to slashed credit limits which are below your balance so they can charge the overdraft fee.
The bank is obviously in big trouble and is trying to rip-off as many customers as possible before going belly up. If there was a chance in *** of them staying in business, they would not cut the limit of $9,000 to $410, (just under the remaining balance), of a long time customer who has always paid on time.