Credit Card Hearing Starts With a Surprise

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I MADE A PAYMENT 05-08-08 THURSDAY IN THE LOCAL BOA BRANCH ON MY CREDIT CARD THE BANK DID NOT CREDIT THE ACCOUNT UNTIL THE 12TH A MONDAY. IT WAS DUE SUNDAY THE 11TH.

WHY AND HOW CAN THEY SAY I DID NOT MAKE A PAYMENT ON TIME WHEN I PAID IN THE BRANCH THREE DAYS PRIOR.

ONCE I GET RID OF THIS I WILL NEVER HAVE A THING TO DO WITH BOA.

VICTOR of CA @ May 30, 2008 19:12:35 PM

Credit card company's are banksters

They are no better than the common bookie or gangster, I am shocked that Congress has not made nurmerous arrests if the CEO of "ALL" credit card companys and thier deceptive practices

JoJo of NJ @ May 21, 2008 18:02:07 PM

other scams

now insurance companys are doing it too

after 15 years of having payments deduicted from checki ng always timely

up we nt rate duje to thney said a credit report

bob holden sr of AZ @ May 03, 2008 04:32:22 AM

Accept or forfeit rewards already earned

Today I received a notice of change of terms from Capital One. The notice also stated that if I didn't accept their higher fee schedule there was a list of punitive action they would take including the forfeit of rewards already earned.

Huh, that would be theft. It is unfortunate that a company that obviously has made money in trade for services provided to a customer ( the documented earned reward by the customer), would treat a customer in such a way.

Watching Rep. Carolyn Maloney receive testimony from Sr Executative Vice Presidents of the major credit card companies (4/17/2008 congressional hearing), I noted these men were visibly in their 40's. These were straw-men. Where were the real senior people who were responsible for the direction of the company?

I urge Rep. Maloney to not believe the retoric of benificial service to their customers (4/17/2008 congressional hearing). I can't believe beneficial service is part of the equation when even a person's dog is solicited to get a credit card. It's about the money, and any way they can get it. Note that Capital One gave me their documentation that Customer relations are disposable.

Bud of CA @ Apr 18, 2008 17:33:17 PM

Credit card hearings

At previous congressional hearings there were also regular folk testifying.When they were about to testify ,a miracle happened! The card companies cancelled their debt. Then the CEO's who came later to testify could state it (money owed) had been a mistake and when they learned about it , they immediately corrected the problem.

This time the CEO's conquered the congress by pre-empting the common folk testimony by putting a very high wall in their way.......no repeat of past hearing(no embarrassing testimony and no zeroing out the debt.)

sharon scott of OR @ Mar 19, 2008 18:23:56 PM

Credit Card Banks Are Criminal Enterprises

We, the public, can fight abusive credit card banks, which truly operate as criminal enterprices. Household Bank, now HBSC, held my payment checks until overdue. I caught them by sending payments “signature returned” and then stopped payments completely. They wrote off the $4000 plus balance. Providian charged an over limit fee resulting from their annual fee. I objected, and they settled for 1/2 the balance $900 balance. Later, I received a small check from the class action suit against this practice. Capital One tried to charge me a $35 late fee, and then $35 over limit fee because I submitted my online payment 10 minutes late -- due to my internet service was temporarily down. I yelled at them to refund those fees and after they did, I paid off and canceled the card. Bank of America turned me down for credit card processing because I’m an astrologer. I stopped making payments on their credit card, with a $1500 balance.. Upon learning I’m a Vedic Astrologer, part of Hinduism, they stopped collection efforts on the card.

Most recently, both Wells Fargo Financial and Wells Fargo Bank set credit card payment dates on holidays—an obvious attempt to gain extra late fees. I objected and stopped making payments to both—balances of $2600 and $1000. What's most sad about this is that Wells Fargo has historically been ethical, but greed overwhelmed them too.

Doug Riemer of AZ @ Mar 19, 2008 17:41:55 PM

Or....

"Credit is a privilege and a convenience. Those who don’t agree with the interest rates or policies of the issuers are free to live on a cash basis."

Or go to Congress to ask for a level playing field. The credit card industry has been writing legislation the last 7 or so years, and it's about time there was some sort of balance restored.

If THE CREDIT CARD COMPANYS don't like they can stop trying to aggressively lend to poorer individuals who make them so much money on fees.

ASA of MI @ Mar 17, 2008 19:45:40 PM

The proposed 45-day advance notice seems fair and adequate, although I strongly disagree that rates should not be increased due to unrelated credit activity. Credit card companies obviously apply interest rates as risk-based pricing. If I were to lend money to an individual with multiple open accounts, high balances, and a spotty repayment record, I would demand to a high rate of return; or I wouldn’t lend. How is it fair to restrict the lenders from adjusting their required returns (interest rates) as consumers subsequently deteriorate their credit profile (miss payments, etc.)? I contend that limiting issuers’ ability to adjust rates in the future will undoubtedly lead to higher rates and stricter parameters at the origination of credit card accounts.

Credit is a privilege and a convenience. Those who don’t agree with the interest rates or policies of the issuers are free to live on a cash basis.

Ian of FL @ Mar 17, 2008 14:44:49 PM