Check you credit card statements!!
12-23-2009, 12:13 PM
#14
Power Poster
Join Date: Feb 2009
Location: home again, after 27 yrs!
Posts: 19,388
yep, the Government can never see these things coming. they make a decision and then wonder why companies retaliate.
cell phones came into being, but no rules about driving while using, etc. It just takes some brains to look forward and make rules before letting things run rampant. but...
:shock:
cell phones came into being, but no rules about driving while using, etc. It just takes some brains to look forward and make rules before letting things run rampant. but...
:shock:
12-23-2009, 12:28 PM
#15
Super Member
Join Date: Oct 2009
Location: Vermont
Posts: 1,407
The day this happens, that's the day I no longer use a credit card & close my accounts!!!! I can't afford waste my hard earned $$$ on interest!
[quote=mary quite contrary]I have also heard that for those of us that pay off our balance every month so we have no interest will now be charged interest from the day of the charge. So far that hasn't happened but I am certainly watching our account.
[quote=mary quite contrary]I have also heard that for those of us that pay off our balance every month so we have no interest will now be charged interest from the day of the charge. So far that hasn't happened but I am certainly watching our account.
12-23-2009, 01:54 PM
#16
Senior Member
Join Date: May 2008
Location: Central Oklahoma
Posts: 396
Originally Posted by LovingIzabella
Sorry to hear about your daughter.
I work for a Credit Union (not a Bank-that is a four letter word to us here) and the banks are infamous for pulling tricks like this. That is why the Credit Card Act was put in to place and will go in to effect in February of 2010.
"Legally a creditor can't report late until you are 30 days late, not just one."
this is a true statement, however they are not saying she was late they are saying the payment was one day past the due
date so therefore they can change her interest rate which yes they can do (again another reason the act is going in to place).
When the bill goes in to effect it will require CLEAR disclosures on total cost in interest and principal payments if only minimum payments are made, how long it will take to pay the card off if only paying the minimum...things like that.
A lot of banks are freezing credit lines and dropping limits so it automatically is pushing people into overlimit so they are getting fees that way. Funny how banks got all that money in the bailout program and are lending nothing and freezing lines....
Credit Unions did not get any bail out and are lending. If you have a credit union in your area I would highly recommend looking in to joining one. They are not-for profit so it is not about chasing the dollar for us.
Hugs
April
I work for a Credit Union (not a Bank-that is a four letter word to us here) and the banks are infamous for pulling tricks like this. That is why the Credit Card Act was put in to place and will go in to effect in February of 2010.
"Legally a creditor can't report late until you are 30 days late, not just one."
this is a true statement, however they are not saying she was late they are saying the payment was one day past the due
date so therefore they can change her interest rate which yes they can do (again another reason the act is going in to place).
When the bill goes in to effect it will require CLEAR disclosures on total cost in interest and principal payments if only minimum payments are made, how long it will take to pay the card off if only paying the minimum...things like that.
A lot of banks are freezing credit lines and dropping limits so it automatically is pushing people into overlimit so they are getting fees that way. Funny how banks got all that money in the bailout program and are lending nothing and freezing lines....
Credit Unions did not get any bail out and are lending. If you have a credit union in your area I would highly recommend looking in to joining one. They are not-for profit so it is not about chasing the dollar for us.
Hugs
April
12-23-2009, 02:20 PM
#17
Power Poster
Join Date: Dec 2009
Location: Outside St. Louis
Posts: 38,213
Credit Card Companies are doing all this underhanded stuff before the law on them changes next year, they will have all this craziness in place before they are regulated. I will have mine all paid off and will close accounts if any try this with us.
12-23-2009, 06:12 PM
#18
Power Poster
Thread Starter
Join Date: Jan 2009
Location: Front row
Posts: 14,646
My daughter found out her boss had the same thing happen to him and he didn't know it until it was too late. He had never been late with a payment. His advisor told him to pay off the balance and then ask for the highest credit limit he can get from BOA which will be a high one since he paid off a loan at 30%. Then tear up the BOA credit card and never use them again. As of next year, the credit limit will have to show on the bank's books as in reserve in case he has to use it and that has to be reported to the government. I have no idea what that all means but her boss sure seems to get a kick out of it. He can't even say the name of Bank of America without getting blood red in the face.
12-23-2009, 07:53 PM
#20
Senior Member
Join Date: Nov 2008
Location: Florida
Posts: 873
Definitely have your daughter get a new card and transfer her balance asap. Don't call and tell them you're cancelling the card, just don't use it. BOA also informed us they were decreasing our credit limit, along with others I talked to. None of us carry a balance, but it looks good on their books, because their decreasing their debt. They are charging a friend $4 twice a month to take money out of one BoA account to pay her mortgage at BOA! Several friends are noticing that automatic bill paying is not getting credited to the payee for many days. Can you imagine how much money is being earned by all the float that's out there.
Mary Ellen
Mary Ellen
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