Posts Tagged ‘credit cards’

Bank of America, Banking on Overdrafts?
Anastasia Crosson
March 12, 2010
File under Tags: Bank of America, overdraft fee, overdraft rules, the Federal Reserve
Bank of America is going ahead with a new overdraft policy, announced Wednesday, intended to protect customers by avoiding account overdrafts. This action comes in advance of the Federal Reserve’s July 1 deadline for banks to comply with new opt-in overdraft regulation. Overdraft fees are a more than $100 million dollar business for banks, so a large decline in profits is imminent. This begs the question, what are these institutions banking on to keep their revenues a float? For Bank of America, overdraft protection plans may be the new revenue earner. For consumers, they may not yet be as protected as hoped for.



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New Credit Card Rules Would Mean Smaller Fees for Smaller Mistakes
Posted 11:45 AM 03/04/10 Credit
Comments: 23Print E-mail More Text Size A A A Credit card companies have devised any number of clever ways to siphon money out of consumers’ wallets, but the ones that bother people the most are probably those that impose big fees for small mistakes: You’re late one day paying a $5 balance, you get charged $39. Go $3 over your credit limit, you get charged $31. Short-term issues with your credit give you permanently higher interest rates.

But the rules of the credit card game are about to change: Consumers should soon find they are paying lower fees for late payments, over-the-limit fees, and other penalties — fees proportional to their mistakes. Interest rate hikes will need to be reviewed every six months and lowered if the conditions that led to the increases no longer apply.

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Physician Finance Consulting, is pleased to announce that the Congress is FINALLY starting to look at the credit card companies and their unfair credit card practices. Many of us have fallen victim to having to pay late charges because our credit card payment  was late(even by one hour) or had our interest rate increased to 18-29% . When you contact your credit card company, you usually receive very little customer service and it’s rare they will change the rate or delete the late charge. In the meantime, we receive tons of mail asking us to sign up for their 0% program only to find out a few months into the contract that buried somewhere in the very tiny print was a clause that stated if we were late on our payment(even one hour) the 0% program was void and the rates would go up to a high rate. (more…)

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