Watch out for new bank tricks
With the passing of the Credit Card Act of 2009, and the new protections it offers customers, some people may think they can rest on their laurels because banks are finally being forced to do the right thing. Not so, says the Seattle times, and common sense.
According to the Seattle Times, some bank customers are already seeing the following:
- Increased or new annual fees.
- Increased interest rates.
- Increased late-payment fees.
- Shortened billing cycles to require faster payments (minimum is now 21 days).
- Added fees for not using the card or not charging a minimum amount.
- Higher fees for using the card outside of the country.
The point is that banks have increasingly gotten the mentality that customers are endless sources of nickel-and-dime fee income, rather than seeing their business as providing a good service for a reasonable fee.
It is now more important than ever to read over EVERYTHING you receive from your bank very closely and challenge anything they do that you don’t like or may be against the law. If your bank just won’t be reasonable, switch to one that is.
Fees & charges | admin August 24, 2010
