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      CommentAuthorman
    • CommentTimeMar 18th 2010 edited
     permalink
    If you wish to complain about your Fry's card and Fry's management tells you to deal with First Electronic Bank, tell them they own First Electronic Bank.  
     
    Frys is the parent company of First Electronic Corporation aka First Electronic Bank aka Fry's Credit Card  
    http://www.fdic.gov/regulations/laws/bankdecisions/DepIns/firstelectronic.html  
     
    First Electronic Corporation/Bank is registered in Utah  
    http://www.dfi.utah.gov/HCSList.htm  
     
    First Electronic Corporation/Bank gets a C- rating from the BBB  
    http://www.bbb.org/utah/business-reviews/banks/first-electronic-bank-in-draper-ut-22013489  
     
    Detailed information about First Electronic Bank  
    http://www.manta.com/c/mmg6bpc/first-electronic-bank
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  2.  permalink
    Now you know why they push the Fry's card so hard.
  3.  permalink
    That may be but those in the store have no authority/power over the bank...have to deal with bank or corporate office
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      CommentAuthorfryguy
    • CommentTimeMar 19th 2010 edited
     permalink
    wrong thread
    •  
      CommentAuthorasdf
    • CommentTimeMar 24th 2010
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    frys pwns
  4.  permalink
    Okay I can understand being upset with Frys about a lot of things, but seriously why the Frys card? Of course Fry's owns the First Electronic Bank. If you ever had to go to one of the saturday morning meetings for not meeting your quote then explain it to you. From a business perspective it makes a lot more sense then hooking up with Mastercard or Visa because all the revenue the Frys Card generates goes directly into Frys. Why do you think they push it so hard or provide such discounts because of the Frys card? They get all the money from a sale with a frys card and so that lets them do tings with it that no way would they do if they had to split the profits the card generates.
  5.  permalink
    several reasons to be upset at this. by doing this they don't promote good customer service...they seem to push all of the decision making to "bankers" in Utah, who are lax to respond to inquiries and requests. you can't speak to a decision maker there. also, they are not a true "bank" but a finance company masquerading as a bank, which allows them FDIC insurance to depositors, which are basically Fry's corporate deposits...try asking them if YOU can become a customer of that bank, see what they tell you. they actually now have a d+ rating at the BBB...again, no evidence here that they promote good customer service. they hide behind their "contracts" and "agreements," knowing that half of what is in there is one sided and unenforceable with questionable language (trust me, all bank documents are about 50-80 percent unenforceable). they hold no loans on their books, nor any credit card balances (the credit card balances get sold immediately back to fry's, so when a fry's customer service person tells you that fry's doesn't have any authority over this, it is a BLATANT lie as fry's DOES BUY BACK EVERY PENNY OF YOUR CREDIT CARD BALANCE...if you don't believe me, check out the fdic call reports), but they pass their community reinvestment act reviews even though they don't make any attempt to lend in any community AND while not getting any sort of large punishment for deceiving consumer practices in the past.  
     
    i am floored how a "bank" like this can even exist...they have a right to exist and make money, but they should be forced to be a finance company and not be eligible for fdic deposit insurance, they don't serve any sort of community purpose other than to exist as a conduit for fry's.  
     
    now, nothing above is actually technically illegal, but part of being a bank is serving a community and they don't do this, or promote good customer service for the parent company they are serving, but they don't do this either. there is zero corporate transparency on this issue (no one says directly to you over the phone that fry's owns first electronic bank) and while they will open a credit card for you, they won't offer you an opportunity to bank / deposit with them and they don't have a website that is totally honest with whom they are or descriptions with any of their services they offer (i.e. like a traditional banking institution does). this is essentially a way for fry's to funnel profits from one company to another (probably for tax purposes) or even perhaps a way to siphon off income for the owners of fry's in a way to shelter taxes (can't say for sure as I don't know the whole picture), keep all of their deposits "in house" and still be insured, all on the backs of their customers. again, illegal, perhaps no, but not totally honest and definitely not for the good of the customer but for the good of fry's.  
     
    maybe my beef is more with the government or the fdic than with fry's...
    •  
      CommentAuthorSasquatch
    • CommentTimeApr 27th 2010
     permalink
    Mmmmm, banking loopholes.
  6.  permalink
    I have had and used a Fry's credit card for several years. I have made a lot of purchases using it, and a lot more with other means of payment. I am here to say that the Fry's credit card is absolutely the worst system I have ever had the displeasure of using. Their web login system is pathetic, and has been buggy off and on since I first used it this spring. This from a computer supply company?? It really reflects poorly on an otherwise fairly good operation.
  7.  permalink
    Dude, you are thinking too much in to this. All you do is you make a purchase one a year or two and make sure you get special financing. Pay your bill on time each month and you will have no problems.

    The only thing I will agree with is the online system is pretty ghetto and buggy.
  8.  permalink
    Truth: the Frys Credit website is by far the WORST finance website I have ever used. The login process seems to have been designed by the Taliban, and the object is never to let anyone finish their login.
  9.  permalink
    I signed up for a fry card 2 weeks ago my credit limit was 1500 I bought a security camera 572 explain why 2 weeks later it's on my credit report as a unpaid bill wtf is wrong with fry electronics? I call Corporate office and it's a freakin bank this place sucks ill never do business with them again
    •  
      CommentAuthorObiWan
    • CommentTimeOct 17th 2013
     permalink
    The Fry's salesperson probably forgot to tell you about the high interest rate too. Pay it off, cancel the card, and file complaints with the FDIC, BBB and your state AG's office.