It might be a good idea, when naming a bank, to make sure you don’t choose a name that can be used as a bad joke.
In 2011, the Federal Deposit Insurance Corporation (FDIC) ordered World’s Foremost Bank, the issuer of the Cabela’s Visa card, to pay back over $10 million to cardholders and pay a civil fine of $250,000. The FDIC said the bank “did not operate its credit card programs in an appropriate manner with regards to certain overlimit fees, credit line decreases, minimum payments due, late fees, penalty interest rates, notices to customers and collection practices.”
The FDIC also told the bank to stop certain practices, like placing collections calls to customers when they were at work, after they’d been told not to; reducing customer credit limits, then applying overlimit fees to amounts that had been charged before the credit limit was reduced; and charging late payment fees when due dates occurred on Sundays or holidays and payments are posted the next day.
We’re now investigating to see if World’s Foremost Bank is following the law in its debt collection practices. If you’ve owed money on your Cabela’s card, and you have evidence showing that World’s Foremost has used illegal practices in trying to get you to pay, we’re interested in hearing from you.
Here are some kinds of behavior that state and federal laws forbid:
Laws vary in different states, but the Telephone Consumer Protection Act (TCPA)—which forbids robo-calls about debt to cell phones—is a federal law that applies in all fifty states.
If you’ve experienced questionable debt collection practices with a Cabela’s Visa credit card serviced by World’s Foremost Bank, fill out the form on this page and attach evidence, such as letters received or cell phone numbers called and dates of calls.