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Time to Put a Big Leash on Bank and Credit Card Company Penalties

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It's time to get the new congress to put a big leash on banks and credit cards. They are totally out of control, charging outrageous fees for late charges, for bounced checks... and raising interest rates.

An acquaintance got a call from her credit card company. Someone in Europe had attempted, twice, to make purchases. They advised her to cancel her credit card and start a new account. She did. They raised the interest rate on her account to close to 30%. This is criminal. Every day, if people make on late payment, the thieves in the credit card industry will raise interest rates to beyond 30%.

Congress should a stop to all of this, while cancelling the recent bankruptcy bill that was passed as a gift to credit card companies last year. This should be very high priority, along with vote technology cleanup, habeus corpus reinstatement and universal health care.

OK. I confess. I opened an account with Bonton last month to take advantage of some deep discount sales on clothing. They sent me a bill and my mail got lost for a few days. (With two kids in the house, this stuff happens.) I went to call to take care of it and found that there was a $29 charge for the late fee. The amount due-- $10. This is outrageous. These companies are rogue operators who think they can get away with this. We have to tell our legislators that it is no longer acceptable for them to allow credit card companies and banks to rape and pillage, continually screwing their constituents. No... congressperson....... I do not accept this behavior and I expect YOU to do something about it... sooner, not later.

A few months ago, I made a minor mistake on a calculation and overdrew one checking account by about $5.00

That set into motion a cascade of charges-- and after a week, that one charge ended up producing charges of over $100-- all because of the money that was deducted from the first charge. I have a relationship with my bank and knew to go in to fight the charges... and they credited back almost all of them.

But my ex is not so bank savvy. She made a mistake that caused a charge which led to more charges, which caused bounced checks and before she knew it, she had $300 in penalty charges. It doesn't take much at $35 each, if you've written a batch of small checks for purchases and bills.

These big charges are outrageous and do not in any way reflect the costs to the banks. They are predatory profits. It is up to congress to stop them.

 

Take action -- click here to contact your local newspaper or congress people:
Put A Big Leash on Banks and Credit Card Companies

Click here to see the most recent messages sent to congressional reps and local newspapers

Rob Kall is executive editor, publisher and website architect of OpEdNews.com, Host of the Rob Kall Bottom Up Radio Show (WNJC 1360 AM), and publisher of Storycon.org, President of Futurehealth, Inc, and an inventor . He is also published regularly on the Huffingtonpost.com

Listen to over 200 of Rob's Podcast interviews here.

Rob is, with Opednews.com the first media winner of the Pillar Award for supporting Whistleblowers and the first amendment.


With his experience as architect and founder of a technorati top 100 blog, he is also a new media / social media consultant and trainer for corporations, non-profits, entrepreneurs and authors.

Rob is a frequent Speaker on the bottom-up revolution, politics, The art, science and power of story, heroes and the hero's journey and Positive Psychology. He is a campaign consultant specializing in tapping the power of stories for issue positioning, stump speeches and debates, and optimizing tapping the power of new media. Watch me speaking on Bottom up economics at the Occupy G8 Economic Summit, here.

See more Rob Kall articles here and, older ones, here.

To learn more about Rob and OpEdNews.com, check out A Voice For Truth - ROB KALL | OM Times Magazine and this article. For Rob's work in non-political realms mostly before 2000, see his C.V..

And here's a one hour radio interview where I was a guest- on Envision This, on 10/23/13. And here is the transcript. 

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Rob's radio show, The Rob Kall Bottom Up Radio Show, runs 9-10 PM EST Wednesday evenings, on AM 1360, WNJC and is archived at www.opednews.com/podcasts Or listen to it streaming, live at www.wnjc1360.com

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Giving someone a new card because their other card... by Alessandro Machi on Sunday, Feb 18, 2007 at 9:17:48 PM
Giving someone a new card because their other card... by Alessandro Machi on Sunday, Feb 18, 2007 at 9:20:02 PM