Feds to tighten rules on credit card companies-New rules aimed to curb abusive credit card practices

MarketWatch ^ | May 2, 2008 : 1:49 p.m. EDT | Ruth Mantell, MarketWatch

[Ernest_at_the_Beach]

Just posted this:

Fed expands auction, accepts wider collateral ( bonds backed by auto loans and credit cards.???)

[browardchad]

I do it all on the net now.

Same here, for at least three years. Saves time and stamps, and no problems with "lost checks" and subsequent late fees.

[Appleby]

I pay mine at the bank. Nobody in her right mind uses Canada Post for anything that has a deadline.

[A Texan]

“They're no better than loan sharks doing business in a back alley.”

Hell I know a “guy” who lends money and only charges 20%. He has adjustable rates depending on the amount you borrow too. The cc companies are worst then the loan sharks!

Note: I have never borrowed money from the guy, we are just acquaintances.

[dan1123]

assessing a fee for paying an overdraft unless they provide a consumer with the right to opt out of payment of overdrafts; a reasonable opportunity to exercise the opt-out; and the consumer does not opt out.

This is the thing that ticks me off the most. I remember one time I forgot how much money I had in checking and I made one charge near the end of the month that put me in overdraft. The bank could have simply not accepted the charge and I would have put it on a credit card for the week until my paycheck came, but instead they took it, rearranged the charges for that day and the day before (since it was a weekend) to put it at the front and charged me $10 overdraft for every charge I made all weekend. It ended up being over $100. The bank refused to refund any of the money.

I ended up closing all my accounts at the bank and warning everyone else off. The bank was Washington Mutual.

[kitkat]

***I pay mine at the bank. Nobody in her right mind uses Canada Post for anything that has a deadline.***

I pay mine at the bank, too, and I’m not in Canada. I make sure I get a receipt so that the credit card company can’t say they didn’t get it in time.

[rb22982]

Online bill pay is crucial IMO if you have a lot of accounts (mortgage/car/credit cards/student loans/electricity/etc)

[rb22982]

You think it’s crybaby expecting a bill and processing payments in a relatively normal fashion? Geeze get real. I do online payments now entirely and never had a problem but back when I relied on checks and snail mail it was amazing how many times I 1) never received a bill 2) sent my payment in 2 weeks in advance but didn’t get credit until the day after my due date. These companies are very, very predatory and change your contract for any reason all of the time. I have seen many people with 0 lates get rate jacked by several different credit card companies for no reason. Consumers should do their due diligience but the companies lending the money should do their part as well.

[rb22982]

Almost all banks do that, especially on weekend payments. Criminal IMO. I try to never go below $500 now in my checking account for just that reason.

[psjones]

I’ve been paying my discover card bill and visa bill online for years now. I prefer to do it that way, i am in control as to when the payment gets posted rather than wondering when they received the check.
Also, being there’s a benefit to being able to view your activity online rather than waiting till you get your bill, it allows you to monitor all your charges which are posted about a day or two after the charge has been made.