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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.

 

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Rob Kall is an award winning journalist, inventor, software architect, connector and visionary. His work and his writing have been featured in the New York Times, the Wall Street Journal, CNN, ABC, the HuffingtonPost, Success, Discover and other media. 

Check out his platform at RobKall.com

He is the author of The Bottom-up Revolution; Mastering the Emerging World of Connectivity  

He's given talks and workshops to Fortune 500 execs and national medical and psychological organizations, and pioneered first-of-their-kind conferences in Positive Psychology, Brain Science and Story. He hosts some of the world's smartest, most interesting and powerful people on his Bottom Up Radio Show, and founded and publishes one of the top Google- ranked progressive news and opinion sites, OpEdNews.com

more detailed bio: 

Rob Kall has spent his adult life as an awakener and empowerer-- first in the field of biofeedback, inventing products, developing software and a music recording label, MuPsych, within the company he founded in 1978-- Futurehealth, and founding, organizing and running 3 conferences: Winter Brain, on Neurofeedback and consciousness, Optimal Functioning and Positive Psychology (a pioneer in the field of Positive Psychology, first presenting workshops on it in 1985) and Storycon Summit Meeting on the Art Science and Application of Story-- each the first of their kind.  Then, when he found the process of raising people's consciousness and empowering them to take more control of their lives  one person at a time was too slow, he founded Opednews.com-- which has been the top search result on Google for the terms liberal news and progressive opinion for several years. Rob began his Bottom-up Radio show, broadcast on WNJC 1360 AM to Metro Philly, also available on iTunes, covering the transition of our culture, business and world from predominantly Top-down (hierarchical, centralized, authoritarian, patriarchal, big)  to bottom-up (egalitarian, local, interdependent, grassroots, archetypal feminine and small.) Recent long-term projects include a book, Bottom-up-- The Connection Revolution, debillionairizing the planet and the Psychopathy Defense and Optimization (more...)
 

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