06
Jul
by
Tanesha
Who are they?
The company
In 1999 the First Bank of Delaware opened its doors for business. The bank provides a full line of personal and business banking services ranging from home equity loans to cash management. First Bank of Delaware
is currently operates two locations in Wilmington and one Lewes. In June ‘07 the institution held over $103 million in deposits.
The Head Man In-Charge
Sixty-four year old Harry Madonna chairs the bank’s board and also serves as its CEO. Prior to coming to First Bank of Delaware, Madonna served in several other executive banking positions, but his roots stem in law.
Place in the market
In the US, First Bank of Delaware’s stock is traded on the OTC BB. Over the past three years FBOD shares have averaged between $2.50 and $3.50 each. Share price peaked at $3.80 at the end of March ‘07. However, at the beginning of this month, shares closed at a five 5 year low of $1.81. Its stock is also traded on the Berlin Stock Exchange, where it is experiencing similar lows.
In the news
Old news – First Bank of Delaware was dinged by the FDIC because of concerns with its payday loan practices. The bank issued these loans through third party vendors such as Ace Cash Express. In 2006 the 
company stopped issuing these types of short term installment loan because the concerns were not resolved.
Recent news – The bank is listed as one of three defendants in a suit filed by the feds. The FTC and FDIC is seeking $200 million restitution $6.6 million in fines from CompuCredit, First Bank of Delaware and First Bank and Trust. According to the suit, First Bank of Delaware and its cohorts are fleecing Americans by employing deceptive lending practices. In the wake of the mortgage bust, the feds claim that these companies are involved in issuing credit cards in the sub-prime consumer market without fully disclosing associated fees. Mr. Madonna adamantly denies these allegations and remains firm that First Bank of Delaware has always been truthful when lending.
Other news – A Haverhill man realized that his identity had been stolen after discovering a Tribute Credit Card was issued in his name.
The card
The basics
- Tribute MasterCard is issued by First Bank of Delaware
- Unsecured card for people with a FICO score of at least 375
- Initial credit limit of $300
- Annual fee of $150
- $6.50 monthly maintenance fee
- 25 day grace period on new purchases
- Mandatory minimum first payment of $30 (must be paid before you can use the card)
- APR of 13.5% plus prime, but never lower than 19.5%
- Trouble paying on time?… then APR increases to 25.5%
- $35 fee for paying late or exceeding credit limit
- Credit limit increase within 6 months with good payment history
The extras
- Comes with travel accident insurance
- May be eligible for an additional card that has $70 limit
My take
The Tribute MasterCard is designed for people with poor credit. The card opens possibilities to those who have no other credit options. Though the cost of holding this card is expensive, it can be reasonably justified because the bank is taking a larger risk when lending in this market.
This card has received quite a few bad reviews. However, I think it can be a good card for some people in certain situation. And unlike another card in this category, the credit terms are easy to find and simple to understand. If used appropriately, the card allows those with poor credit to rebuild their situation. The Tribute MasterCard reports to all three credit bureaus… so as long as applicant understands and adheres to the terms, it can help.
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[...] is applying for credit card that is specially intended for people with bad credit, such as the Tribute and First Savings [...]
At first I liked the card, I went over my limit not my problem I knew what I had available and something else came in and They(tribute card) prcessed the transaction. Than 2 days later I paid $60.00 and only 30.00 was due but, they suspended my account and I was always on time. People beware I like my first premiere card better.
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I was with Tribute for over a year. Never late, Paid account in full several times. Then all of a sudden I notice I have no credit limit, and my credit report lists the account as closed by credit granter. One payment, late by 2 days and they cancel the account (Of course not until they charged my $150 annual fee).
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Same thing as John. Had the card for a while with very few problems of overlimit etc. When i used the card it was to pay for air tickets and the like. Salute Visa is the same company (or at least same website make-up). Salute cancelled me because of discontinuing a “program”. I emailed Tribute and questioned them about the “program”. The assured me I would NOT be cancelled and all was in good standing. I sent in $250.00 on a payment NOT LATE…then…bam they cancelled. I am a month from being paid off with them and they still charge a maintaince fee caring for an account the does not exist. I like my CreditOneBank card much better…no monthly fees as of yet.
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I am writing you to express my outrage with the practices of your Company. In a period when Banks have a very negative perception, your Company just fuels more this attitude.
I enrolled in your program few months ago. My credit was not very good due to some personal and business problems in the past and I was looking to take this opportunity to improve it DESPITE THE OUTRAGEOUS COSTS of your program.
I paid always more than the monthly minimum. I have another card with generally the same due date. I got along the way confused with these dates and it happened that I have been late 48 hours. In any case, when mailing the payment, I have no control when you process it exactly. It was the case this month when I sent a payment THE SAME DAY to my 2 cards providers, one was processed in time, yours late!
I am particularly outraged because I received a phone call from your Company originated in the US to verify a debit, I took advantage to tell that I was processing a payment shortly. I received on the 12 of March a letter from your Company telling me that if I was sending a payment for $260 or more I will have my authorization increased by $174. I made arrangements to be able to do it and sent $270 in place of the $30 minimum. I discovered today that you cancelled my account!! Reason: late payment. Even if it was the case due to reasons behind my control , we are speaking about few hours with a week end in the middle of it!!! I was told, too, that I was over my limit. Going back I discovered it was true $30 on $400 for few days due to charges your Company posted! I don’t check everyday twice a day my account to avoid it! Despite the fact I lost my job in January for economic reasons I paid more than my monthly amount due. By the way, I am starting in a new position next week.
In these times of hardship for a lot of people the attitude of your Company is outrageous. You could have charge me a fee, another one, for late payment but to cancel when I paid almost 70% of my balance is unheard of. I have had other providers in the past, I have never seen that. And don’t tell me it is your policy written in your small print, legally it matters, I know you are a lawyer, but in reality it is shameful like the story of the bonuses of the crooks at AIG. It seems that you belong to their club for what I, just, discovered on the Internet, (see attached). In fact, it is our problem in America where all the focus is shifted toward immediate reward and guided by pure greed without any common sense. To be legally right don’t implicate that your are morally correct. But morality doesn’t rhyme with Banks..
At this point, I ask you to reinstate, immediately, my account with full benefit of a $574 credit line and I will as usual pay monthly more than the minimum due. I want to use my card to rebuild my credit and don’t want to be carrying huge debts. It is not my way of life.
But if you decide to ignore my request, I tell you right away that you can move my actual balance in the loss column in your P&L, I will never pay it. Don’t bother to send me letters, don’t call me or send my file to collection, make a deal with some Debt Collection Firms , I will disregard all requests. Period. You are welcome to charge me interest on it at 26%!!!, to report me to Credit Bureaus… It will not get you ONE dime. In any case, you don’t care, you cashed in earlier more than this amount with all the fees you charged me.
On my side, I will create a blog, alert the media, write to the White House and the Treasurery Department, the FDIC, they are used to the name of your Bank…, to describe your ways of doing business. Your type of activity, providing credit for people with less than perfect rating has, for good reasons, bad reputation it will add up to the story.
By the way, when I call, I discovered that I was speaking to some “robots” in India, it should be time to move this operation to our Country…. But it will probably cut the bonuses and fancy gatherings for your Top Management.
My optimist nature makes me think that common sense will prevail. It will be “refreshing” in our actual environment. It is time for change!!
Regards,
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They are f-ing crooks. I called Tribute last month to make a payment. They said the payment was posted late but it was enough to cover the following month. I asked repeatedly if anything was due for the following month. She had an attitude but, said No. Next payment due will be two months later. The next month I was charged a late fee. Before they let me talk to Customer Service I had to make a payment with A/R. I did under duress. Then these bastards stated I could not talk to C/S until Wednesday after the payment posted. Then the SOB stated my account was closed, not suspended. So I made a payment for a card I no longer could use. They said “Well you owed us then money anyway. F Tribute!
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Well, looks like Tribute has stung me too!!! I have had this card for over a year and a half. From day one, I have paid my account in FULL each and every month, paid at LEAST one week BEFORE the due date. Never been over the limit…Nothing but a woman who is desperately trying to rebuild her credit. I made my payment on 09-01-2009 (not due until 09-16-2009), it shows the payment as posted, but they have not released my credit. Then I notice that $150 of what credit I had available was GONE and yet it shows NO explanation as to where the $150 went to. Absolutely does not list this amount anywhere on my account. And then I notice the real kicker: 0 credit line!!!!!! What the he__???? I have had no complaints against this company until now. I have went along with their outrageous FEES simply because I had no choice. Now, over a year and a half of having a PERFECT history with these idiots and there is no explanation from them whatsoever. Well, I don’t know about you, but where I come from, we REWARD people who do the right thing!@! This company had no reason whatsoever to do what they have done to me. NONE…period!!!!
Isn’t there some kind of law to protect me???? I started out with the minimum opening limit and have worked my butt off for the minimal credit line increases I have received during my time with this company.
If anyone out there in this world knows more about consumer rights and how they would apply to my scenario, I would be eternally grateful for the information. Tribute has not treated me fairly and I want some answers.
How much longer is our infamous government going to continue to let these vultures take advantage of people like me?????????????????
Looks to me like they have a license to SCREW people.
Somebody, anybody, please help me. This just is not right.
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I used the card for big purchases. An airline rang my card up 3 times for an $800 ticket. The first one went through, the last 2 got declined. I called Tribute and told them the airline made a mistake and that I only wanted to buy one ticket. They left the authorizations for all 3 on the account, then sent me a letter saying the account was closed. What?????/ I did nothing wrong and got screwed. I am a teacher and this is the summer and I do not get paid. I had kept credit on my account to use for rent; now I have to make other plans.
I was never late and even paid the account totally off once this year!
I hate Tribute for what they did. I am going to sue them and you all should, too!
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At some point in the last few days, all Tribute Master Card accounts were closed without notice. I discovered this when I went online to make a payment and discovered I had a $0 credit limit. I called customer service and was told all Tribute Master Card accounts had been closed and no more cards will be issued. This is after I have been a loyal customer with an excellent payment history. No notice whatsoever. I’m just happy I discovered this online and not in a restaurant or store somewhere. Welcome to the brave new world of “consumer protection” in which many credit card companies will figure out how to take advantage. There are many good credit card vendors out there. In my opinion, First Bank of Delaware is not one of them. Basically, I feel like I was told, “thank you for your business. Now go screw yourself.”
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The same thing just happened to me. Suddenly one day I had a zero credit line. I was just charged the yearly $150.00 fee a few days before. I called and got someone at a call center overseas that stated
” the program was being discontinued”. and “all accounts were being closed”. I had the card for over three years and I never had a late or overlimit . I would like to know if there is any further action that I can take and if there will be compensation for thier illeagal actions.
Thanks,
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Comment by patrick gruest
Don’t think it is you. I had no over limit charges, paid balance on time, been with them over a year 1/2, and have several credit line increases. I just paid off balance of $250 Sept 5. They received payment on time. I went on-line to check my account to see if payment had been posted, and lo and behold 0 credit limit when I had a credit line of 1,3000. I tried calling there is no answer at all. No one picks up. When I put my account number in recording says no such account can be accessed. I e-mailed them got automatic response. Apparently this has happened to many people as they are going out of business. I received no notice whatsoever. No letter, e-mail, or smoke signal for cripes sake. I am glad I didn’t try to use it as I would have been denied.
ps what did the banks do with the money they got to help stay in business?
Barbara pissed off
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Same thing happened to me. I had the card for years 3+. Never late on the payment, they had just charged $100 annual fee to my account, so I went in and paid $100 dollar, keep in mind the account was not over the limit. I went in to check my available a couple of days after making payment thru bill pay, to my surprise $0 available. They closed my account for no reason. I was still willing to pay them monthly, but over the next month or so they started adding on fees, I gave them a call and stated that I wanted to continue paying the account as I had been, but required they remove the fees. The said they would not and I stopped paying. Now they call me 5-10 a day. As far as I’m concerned this is criminal, and fraudulent. I’m not paying them anything. Something needs to be done, this is just not right.
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