These unfair practices have been going on for years. Although it is a relief that the government is doing something about it, the question is why does it take the government so many years before they do something to protect the consumers. Aren't they suppose to look after us not just to favor big corporations?

Again, although this is a good act by the government, people cannot appreciate it as much as if the govt had stepped much earlier so it does not smell of politics.

How can you ever get out from under credit card debt, when the "loan shark" credit card companies charge 29% interest??!!

Thank goodness. The holds issue is especially predatory. Those that defend the banks should consider this scenario that I've experienced. If you have say $510 in your account and you buy something that costs $500. The bank will put a $500 hold on your account, reducing your available balance to $10 while the transaction clears. Now imagine that you have another purchase for $11. Logic would dictate that you would overdraft by $1 and incur an overdraft fee for the second purchase. That does happen. However, because you are now in the negative the original $500 purchase will also be considered an overdraft when it finally clears! A second fee will be charged to your account, even though the $500 for the original transaction was held. This is pure accounting trickery and should be banned outright. I have no sympathy for the greedy bankers who devise these admittedly clever schemes to rake in more lucrative fees.

Wow, I had no idea that anyone really cared for we peons down here in the real world... I am sorry to say I did not know there was an Office of Thrift either...but if they can get these changes through, I am sure glad I know now! The banks and credit card companies have grown into monsters!!! And these rules are like a white knight on shining white horse come to slay the dragon. Thank you!!

This is why we need to fight to get progressive democrats in both house of congress and white house. I have torn so many credit card offers, and credit cards for the reasons posted in this column. It's long overdue!

THIS IS GREAT!!! I HAVE LOST LOTS OF MONEY DUE TO DEBIT CARD HOLDS. I AM VERY FUSTRATED AND GLAD THAT ACTION IS BEING TAKEN. I AM CURRENTLY IN THE OD $200.00 DUE TO THIS PROCESS. I WAS CHARGED 4 OVERDRAFT FEES. THIS IS VERY STRESSFUL AND A WASTE OF MY HARD EARNED MONEY. THAT MONEY WAS MY FOOD AND GAS MONEY. NOW I WILL HAVE TO REALLY WORK HARD TO FIGURE THIS OUT, WITH THREE CHILDREN AND A HUSBAND THE UNFAIR OD PRACTICE IS NOT HELPLING US OUT, IT IS MAKING US POOR!!!!!

"Last year, consumers were assed more than $17 billion in overdraft fees, according to the Center for Responsible Lending."

You said it!

I doubt whether any of the banks will remember how to make money without ripping off their customers, no wonder they're crying so much about the proposed rules.

"Last year, consumers were assed more than $17 billion in overdraft fees, according to the Center for Responsible Lending."

You said it!

I doubt whether any of the banks will remember how to make money without ripping off their customers, no wonder they're crying so much about the proposed rules.

"Last year, consumers were assed more than $17 billion in overdraft fees, according to the Center for Responsible Lending."

You said it!

I doubt whether any of the banks will remember how to make money without ripping off their customers, no wonder they're crying so much about the proposed rules.

It's about frickin time. Now let's see something actually get down.

Congress doesn't have the B---s to go against the banking lobby on something like this. Especially with the banks still struggling with the sub-prime debacle. Unless we , the voters, start flooding our congressmans and senators offices with e-mails they will find a way to let the banks off the hook.

It's about TIME!

What happen when the creditors already increased the APR without reason? My credit card just incresed my APR from 13.49 to 22% without areason. I've never been late

This may be too little too late as the banks have largely sapped the bulk of money from the consumers already. Whatever happened to the days when you went to the bank for financial help instead of financial ruin? Predators everywhere taking every unsecured dime.

Amen to this! I hope this becomes law and these credit card companies, who are nothing but legal loan sharks, have to abide by the rules of fairness and decency! All you hear in the news is about the housing crisis, but I would bet that credit card companies have caused more bankruptcies than anything else. Instead of working with a customer, they just keep piling on the fees and raising the interest rate until the debt can never be paid. Totally an unfair business tactic.

Amen to this! I hope this becomes law and these credit card companies, who are nothing but legal loan sharks, have to abide by the rules of fairness and decency! All you hear in the news is about the housing crisis, but I would bet that credit card companies have caused more bankruptcies than anything else. Instead of working with a customer, they just keep piling on the fees and raising the interest rate until the debt can never be paid. Totally an unfair business tactic.

Not only do they cheat you out of your money, but if you do not pay their blackmail charges they mess up your credit. I was just denied a mortgage and I am told the recent refusal to pay an overlimit fee (after they approved the purchase) was the deal breaker.

Our latest troublesome encounter with FIA Card Services... they assigned us a due date on Sunday, then would not accept it on the due date. THEN they charged us $39 because it was late. If their computer and generate a Sunday due date, why can't they accept that payment on a Sunday.

This is probably the only country where Credit Card companies can get away with anything they want. After the reality-check in the housing market, I want to see reality-check on Credit Card companies. My guess is that they are the ones responsible for people being unable to afford to pay basic services, groceries, gas and such just so the companies can meet their greedy $ goals. How’s that takes more than 10 years to pay a $5k balance with over a $100 monthly payments.

This is probably the only country where Credit Card companies can get away with anything they want. After the reality-check in the housing market, I want to see reality-check on Credit Card companies. My guess is that they are the ones responsible for people being unable to afford to pay basic services, groceries, gas and such just so the companies can meet their greedy $ goals. How’s that takes more than 10 years to pay a $5k balance with over a $100 monthly payments.

it is about time the Bush adm is trying to do the minimum to stop there fat cat corp buddies from ripping off americans!

What a joke! Now, those of use who manage our finances properly (even those who live paycheck-to-paycheck) will see an increase in the good rates that we’ve EARNED to make up for those who won’t bother to learn the terms and conditions of their credit and deposit accounts. Instead, the nanny-state has to jump in and complicate things even more by creating so-called opt-out disclosures and procedures to make things even more complicated.

Know the rules, be responsible, be prudent and NONE of these things will ever happen to you. Even if they do, you’ll be in a position to say, “adios” to one company in favor of another who will treat you the way you deserve.

This is good news, but the timing with the recently introduced legislation is uncanny. Maybe the banks are lobbying to have the regulators take the lead, so that they may be able to 'talk down' some of the rules? And where have the regulators been for the last 10 years or so?

Otherwise, this all sounds good in the long run, but I hope our representatives continue with the legislation just for our protection.

This proposal is already too little too late. Banks have been getting away with this stuff for the last 20 yrs now and it's become excessively abusive within the last 10. One bank in particular who is NOTORIOUS for all of the above abuses is ADVANTA BANK CORP. They seduce small business owners with "teaser" rates like 0% interest on balance transfers and "fixed" APRs which turn into "variable" APRS within 6 months unbeknownst to the unwitting card holder. They have a scheme where they systematically raise interest rates on EVERYONE'S account about every 6 months. People with spotless credit records are paying upwards of 36% with absolutely no justification for the increases. What happened to the day when a contract was a contract and it was BINDING ? Sorry... you cannot , without appropriate cause turn a FIXED rate to a VARIABLE rate when there has been no violation of terms.

If you notice ALL credit applications now say in teeny tiny print " We have the option of changing any of the terms of this agreement for ANY REASON at ANY TIME". Well....that makes whatever rates they're offering to lure you in invalid as you're absolutely NOT guaranteed the rate(s) promised and that you agree to when opening your account. Anything to do with banks should NEVER EVER be unregulated. I signed a petition earlier in the year for credit card reform. I hope the Congress passes it into law. This abuse needs to stop and these banks need to be punished. Not only that a CLASS ACTION SUIT needs to be filed against the entire credit card industry for damages to people's credit, reputations and bank accounts and to reimburse all "fees and interest" that were charged due to unfair practices.

Wow,
After bank of America has rob some of the poor’s people in America and made billions doing it
You go guy's, to little to late
How bout making the banks returns all the illegal fees and charges back,
wow

An inconvenient typo in the article: "Last year, consumers were assed more than $17 billion in overdraft fees" ... I think you mean "assessed," not "assed."

I don't normally comment on spelling but this is, well, an unusual case that you may want to attend to. :)

Bravo, it is about time that these issues were addressed. One step further might help also. Two of my friends had a 16.99% interest rate with one credit card company. They were offered 3.99% to transfer funds from another credit card company, with a 3% fee ofcourse, but were not told until after the transactions went through that they did not qualify and ended up with 24.99% interest and the 3% fee. So they were truly taken by the credit card companies.

I would vote 200 times over for these bans. Bank of America hiked my Visa from 5.9% to 19.99%. I have had this rate for 4 years now and have perfect credit. After a fight I brough it down to 9.99% and received a credit for the finance charges. On my MasterCard they hiked my rate from 7.99% to 19.99%, which I was able to argue back down to 12.99%, but no credit. This is outrageous and something needs to be done about it!

I would vote 200 times over for these bans. Bank of America hiked my Visa from 5.9% to 19.99%. I have had this rate for 4 years now and have perfect credit. After a fight I brough it down to 9.99% and received a credit for the finance charges. On my MasterCard they hiked my rate from 7.99% to 19.99%, which I was able to argue back down to 12.99%, but no credit. This is outrageous and something needs to be done about it!

I would vote 200 times over for these bans. Bank of America hiked my Visa from 5.9% to 19.99%. I have had this rate for 4 years now and have perfect credit. After a fight I brough it down to 9.99% and received a credit for the finance charges. On my MasterCard they hiked my rate from 7.99% to 19.99%, which I was able to argue back down to 12.99%, but no credit. This is outrageous and something needs to be done about it!

Hopefully our legislatures will go forward with pro consumer legislation as Rep Carolyn Maloney has proposed. The banks have been stealing money from honest people for too long.

I'll believe it when I see it. Banks will send in their lobbyists to corrupt a few key members of Congress who will water down the bill and tell us gullible weaklings that it is in the American peoples' best interest and we will accept the lie and do absolutely nothing about it. Past history is the best evidence of what to accept in the future.

Finally! Let's see how Congress bungles this one up.

When you buy gas etc and a hold is put on your account it should be disclosed in your reciept that is printed when the transaction is made. The amount of the hold and also the date it will be released from your account should be disclosed. Some purchases are immediately shown on your online banking while others take days to show up. What causes the delay for some?

In all the years the Bush administration has been in power all has been done to protect card issuers and banks. Regulatory rules have been removed and the banking industry has been able to do as it saw fit. No agencies under the Bush administration has been consumer friendly, they have been staffed with cronies who have destroyed protections put in place to protect consumers. Now that the Bush administration is coming to an end these Aholes are now trying to ease whatever consequences they may get due to their actions against consumers. I am all for banking regulation and well as regulating other industries that should "self-police" under the Bush regime. Corporate America has demonstrated that, given the chance, their only goal is profiteering. We need regulatory controls in place by non-cronies, responsible people who will look out for our interest as these agencies were originally designed to do. The banking industry created this mess with the assistance of the Bush administration, it is way past time to reign them in.

When you buy gas etc and a hold is put on your account it should be disclosed in your reciept that is printed when the transaction is made. The amount of the hold and also the date it will be released from your account should be disclosed. Some purchases are immediately shown on your online banking while others take days to show up. What causes the delay for some?

Finally, some good news on a Friday. At least it's a start, and let's hope they can actually make these rules stick.

I think most of these ideas are fantastic. Overdraft fees, however, are generally a reasonable fee. Many banks charge too much for them, but in most cases an overdraft privelage saves customers from much larger problems that result from bounced checks. If a customer does not have the funds to cover a written check, a disincentive is reasonable. I think there are unfair overdraft practices--excessive dollar amounts, unfair holding practices, etc. However, overdraft fees as a concept are not necessarily unfair. PS-Compare fees and pick an institution with fair practices. You might try your local Credit Union.

The banks can squawk, but this is so needed, and so right on. Credit cards seem the necessary evil, but the sense of being a victim, always waiting for the next hit from the mighty and powerful, pervades this cardholder's experience. Keep with this, regulators. I feel better already.

The banks can squawk, but this is so necessary, and so right on. The sense of being a victim waiting for the next hit pervades this cardholder's experience. Keep with it, feds. I feel better already.

The banks can squawk, but this is so necessary, and so right on. The sense of being a victim waiting for the next hit pervades this cardholder's experience. Keep with it, feds. I feel better already.

Finally. This is long overdue.

I recently had to take over my mothers finances and she had a card that was charging 26.99 interest rate and they talked her into carring a card protection insurance that was $55.00 per month. This was protection in case she was off work. She is 79 years old and hasn't worked in years. She was making payments of $189 a month and her balance was only reduced $6.00 a month. This was a credit card issued by a bank in Arkansas. How's that for fair banking...

The banks have been doing so many things with CC that has been allowed to put any unsuspecting card holder to fall into the trap of perpetual debt until they are forced to declair bankrupcy due to the fees and charges that are at times in ecccess of $300 and $400 a month added onto your debt of the card balance. Then you make a payment of $500 and $400 goes to the fees and the $100 left over goes to $75 service charge and now you have only paid down $25 on the actual card debt. At that rate you never bring down the actual card debt. No wonder the person is left with only one alternative to file for bankrupcy.

It's about time someone did something. I've never been a day late with my Home Depot bill, but last month they raised my Interest rate by almost 3 points. Now considering the fed has been lowering the rates, you would THINK we'd see some of that. However, it's the greedy credit card companies that just fatten their wallets with it. It used to be they "hid" their greed, today they don't care who knows -- after all, who is going to stop them?

I am usually an advocate of laissez-faire economic policies.

But the banks have been asking for this for a long time, with their callously abusive practices towards their customers.

To me, the most egregious abuses are in the service contract itself - the part that says the bank reserves the right to alter the contract at any time, for any reason, and the part that substitutes binding arbitration for civil lawsuits for dispute resolution.

The amazing aspect of the proposed regulations is that it even requires a public comment period--considering that essentially it is a "Top 7 List of Credit Card Company Sneaky Weaseling" . . .

Certainly, it has been a long time coming, but does there really need to be a lot of deep thought involved in determining whether it might be bad for banks and credit companies to cheat, lie, and steal?

Gee whiz! Should we allow credit card companies to send bills just five days before they are due, especially when the only way to get the payment to "The Lakes" is to send it USPS Express Mail?

Why shouldn't credit card companies be able to make entirely bogus offers and to charge $35 for a $1 overdraft that was caused by a gas station computer putting a $100 hold on an account that had $100 in it, when the customer then purchases $10 of gas, leaving a real balance of $90?

A normal person thinks to himself or herself, "I have $100 in my account, and I need $10 of gas and a $1 Coca-Cola!"

So, the person buys $10 of gas and a $1 Coca-Cola, but the way it works in reality is that the credit card company not only uses the transactions to grab $35 for itself, but does it a few more times when the same honest and simple person decides to spend $4 on a box of oatmeal and pound of sugar at the local Wal-Mart Supercenter, so that he or she can have something to eat for the next week or two, because the prescription medicine just increased in price, which maps to having to cut back on food . . .

Instead of having a $85 in the account, the sneaky weaseled person now has a negative balance, which includes several hundreds of dollars in bogus overdraft charges and assorted fees, which maps in the real world to not being able to afford their prescription medications for the next months . . .

The public comments and televised hearings are going to be grand fun to read, watch, and hear . . .

Whether the regulators and Congress actually will be able to extract the sneak weasel lobbyist hands from their wallets and purses is another matter, but at least everyone will know about it . . .

If the Federal Reserve (FED), the other regulators, and Congress cannot stop banks from sneaky weaseling, then there is no hope at the dawn of the early 21st century, which maps to this being a great time to stock-up on flour, oatmeal, pinto beans, rice, and sugar (but not at the stores that have rice quotas) . . .

Thanks!

P.S. Stellar reporting, Bob! The reality is that The Red Tape Chronicles did a lot to help make people aware of all this sneaky weaseling, which is the key to stopping it . . .

I'll never forget the shock when I was a victim of double-cycle billing. Normally I pay my credit card in full, but once I paid only the minimum and then paid in full the following month. Naturally I expected to pay one month of interest on the outstanding balance. What a surprise! I was billed for a total of 3 months interest based on the infamous double-cycle billing method, which would be called a mugging if it happened on the street.

About Time!

Personally, I consider credit cards nothing more than legalized loan-sharking. They are very dangerous. Because of that, my wifes makes sure to keep our cards paid off every month, before any interest hits. The ONLY reason I/we use our cards is we want the frequent flyer miles or money back (Discover) - we get a little something extra for our money. For all of my kids sake, and the overall financial health of American consumers, I really, truly, hope all of this becomes law.

Thank God!!!! Finally. Someone has been listening to us scream!!

Its about time the consumer is the main concern here! I think the Feds should also regulate the interest charged by credit card companies by capping it. As it is, credit card companies charge interest rates that are tantamount to usury, which is illegal. If all credit card companies were regulated as far as interest rates, people could pay off their cards sooner and the companies wouldn't be making a windfall profit from the ridiculous interest rates they now charge.

It's about time! Now all we have to do is get the Feds to do their job and the banks and lobbyist stay home!

Where is Stone Philips ?? My wife and I are avid " Dateline" fans and miss his presence on the show !!

Please let us know. Thank You

Its about time the consumer is the main concern here! I think the Feds should also regulate the interest charged by credit card companies by capping it. As it is, credit card companies charge interest rates that are tantamount to usury, which is illegal. If all credit card companies were regulated as far as interest rates, people could pay off their cards sooner and the companies wouldn't be making a windfall profit from the ridiculous interest rates they now charge.

It's about time! Now all we have to do is get the Feds to do their job and the banks and lobbyist stay home!

I'm still surprised at the amount of folks out there who think the Bushes began all this deregulation. Sorry people, but that began with Regean. Joe Doe in Oklahoma City has it right though. It seems that all any business and/or business want to see is the "bottom line", or to my way of thinking, the CEOs VERY LARGE bonuses. It might not (notice I said might)make me so angry and disgusted if the "extra" monies were going to the workers who produce the goods and services. But even they are taken for a ride when their pensions and medical plans are ruined or are cut back to such an extent that it's worthless.

So don't blame just the Oval Office; watch the nincompoops in congress as well. Remember people, YOU voted them (hired them!) into office. Go to polls and vote them (fire them) right back out. Flood their offices with letters and e-mails and let them know that is EXACTLY what you are going to do, and then for crying out loud DO IT!! You're the boss, NOT them.

Linda Strain (aka: onery old bag)
Tucson AZ

Yeah Right, Congress regulating banks is like sending in a fox to guard the chicken coop. I paid $47,000 over 7 years to B of A for a $10,000 balance. Now I pay all my monthly statements in full. Last month I had no charges but was invoice $3.72? I was told it was a handling charge.

All credit card companies charge some kind of handling fee even if you do not use the card. The fee is actually a charge to send you a statement.

If you make a payment by phone, what? a fee of $5.00 to $15.00 for talking to a computer, Congress will do nothing, no different then controling the IRS, What congress does better then another government in the world is make themselfs rich. Kiss ass for big businesses and screw the American public who is too frightened or too stupid to do anything about the problems government officals cause.

Face reality people, talk is cheat, remember five years CATS, citzens against taxs, drop income taxes, pay 2% higher sales tax and balance pay off the deficit andin two yeare have a surplus of five trillion to use on our own country. Buried deeper then a corpse now.

Why??? congress, why do you think the USA is in the shape it is now, our duly elected officals are looking out for themselves and thier buddies. AND PEOPLE WE ARE NOT THIER BUDDIES.

IF youw ant changes, we the people need to make them but then again, if we try today we can be labeld terrorist. We're screwed but don't want to face reality.

Land of the free, banks have always ruined people in the name of profits, what makes you think they will change.

This is long overdue, the credit card industry hold the record for the most consumer complaints over the past 7 years, more than the othe top 3 combined, the absolute worst of these crooks is the Chase Credit Card company and J.P.Morgan Chase Bank the number one company that should be put on your "DO NOT DO BUSINESS WITH LIST">

listen people - you are dealing with BANKS who bear a striking resemblance to POLITICIANS and USED CAR SALESMEN.

GIVE UP ON CREDIT EXCEPT AS A GATHERING PLACE FOR MONTHLY BILLS. OWE NOBODY NOTHING AND LET THE CREDIT CARD COMPANIES DRY UP FROM LACK OF INCOME EXCEPT FROM WHAT THEY COLLECT IN FEES FROM THE SELLERS

Have an addiction to credit? YOU DESERVE EVERYTHING HAPPENING TO YOU - YOU B(R)OUGHT IT ON ALL BY YOURSELF!!

Alot of these credit card companies like to charge for every little thing. About 1 1/2 yrs ago, I got behind on my 3 credit cards for 2 months, gradually paying on them alittle late but got caught up by the 3rd month. I had 2 of the companies HSBC BAnk and First Premier calling me like every week for payment after I had spoken to someone at their companies telling them when I would pay. The 3rd company Capital ONe never called me and my highest balance was with them. Needless to say, I cancelled the other 2 cards and just kept cap one. Since they hounded me, they no longer have my business. ONe card is paid off now & the other is down to less than $100. Cap one didn't hassle me, therefore they still have my business.

OK I agree the Banks have gotten out of hand but to blame them for the public's inability to manage their finances is rediculus. what ever happened to living within in your means. Yeah I'm tired of having to over pay for everything because low life scumbags that probally shouldn't even be given credit cheat the banks out of billions of dollars a year by not paying their credit card bill then crying about the interest and late fees. then they file bankrupcy and let the rest of us pick up the tab. IT'S NOT WELLFARE!!!

When all else fails,educate yourself,MANAGE your money,stick to the rules you agreed to when you opened the account.If you watch your account and
pay ahead of time you will not have these kinds of problems.Its your money handle it.

This article needs info on the public comment period so that we consumers might have a chance to go and speak oour minds.

When all else fails,educate yourself,MANAGE your money,stick to the rules you agreed to when you opened the account.If you watch your account and
pay ahead of time you will not have these kinds of problems.Its your money handle it.

Any idea on how the average consumer has their say during the "public comment" period? or is this just for financial institutions?

Recently an online company placed a hold on $841 in our bank account *after* the purchase was cancelled. A little research showed this company to have a constant stream of consumer complaints which are being ignored by government, banking and business organizations.

The bank informed us they would charge a fee on the account if these "holds" caused us to overdraw.

You're darn right I want to make a comment.

Bankers are a bunch of whores! I got the interest on a credit card just about doubled just recently. I called and asked why. We've NEVER been late, and always send far more than the minimum balance. My explanation was that I had too many inquiries on my credit report. I checked and they were right. However, the reason was that we sold our house in another state faster than we thought it would go, so we had to get a temp apartment. Naturally the apartment checked our report. We then moved to another state, and had to go early because we had to start jobs that we were being transferred to, so we had to get another short term apartment until the house was ready. We applied for a mortgage and yep, another credit check. All legitimate reasons. I returned the call to the credit card company and explained why the inquiries. They didn't care and said there was nothing they could do. As I said at the beginning of this comment... Bankers are all Whores and Thieves. I hope the Government does have the stones to enact new rules against this kind of thing.

Keep watching the proposed legislation...the key word is proposed. Congress doesn't have the political fortitude to risk millions in campaign contributions to pass such legislation. Or if by some miracle it is passed into law, it won't go into effect until 2015 or some other date far enough into the future to give the credit card companies enough time to develop fresh new revenue schemes. The news media is giving the legislation "front page" coverage now, but their interest and reporting will go away as soon as it dsicovers another sound bite issue. Very little more will be reported about this after today.

I'm a banker and I can tell you that Credit Card interest rates and Overdraft fees are way way out of line and have been for years. Interest rates are way down and they are still allowed to charge 23% and upwards. SOMETHING MUST BE DONE. We think the oil industry is bad, this needs some attention and quickly.

I'm a banker and I can tell you that Credit Card interest rates and Overdraft fees are way way out of line and have been for years. Interest rates are way down and they are still allowed to charge 23% and upwards. SOMETHING MUST BE DONE. We think the oil industry is bad, this needs some attention and quickly.

I'm a banker and I can tell you that Credit Card interest rates and Overdraft fees are way way out of line and have been for years. Interest rates are way down and they are still allowed to charge 23% and upwards. SOMETHING MUST BE DONE. We think the oil industry is bad, this needs some attention and quickly.

I am in the process on cancelling all affiliations with major national banks. I've had my fill of them long before thsi article. I am using only local credit unions who know my name when I walk in and prove to me that they give a rat's A_ _ about me as a customer. See Ya! Wells Fargo and Chase!

It is about time regulations are being reviewed to take charge of the out of control Banking practices. I had two MBNA credit cards and a little over a year ago when Bank of America bought out MBNA I was notified of the merge. If I didn't approve I could close my accounts. Of course I have used these cards for several years and was quite happy, so I didn't see any reason to close the accounts.
Three months later I noticed a sharp increase in the minimum payment due. Upon further review of both accounts I discovered the interest rates nearly doubled. Furiously I called BOA to ask them why. During my five year history with MBNA I was never late, I never exceeded my credit limit and I usually paid the account in full every three months. The answer I was given was because my balances were over 50% of the limit. What???? Fortunately I was able financially to pay them off, which is what I did.
Later I thought, what if I wasn't able to pay them off. And what about the thousands if not millions of similar customers that couldn't. Bank of America made quite a wind fall in interest earnings and/or created a financial disaster for many hard working loyal customers. It may have looked simple on paper to the pencil pushing executives but it is pratices like this that is destroying our economy.
Thank you in advance to all the government officials that put a stop to these unfair Banking practices.

Please do not forget the law of unintended consequences. When and if the laws/regulations change the profitability of the banks' credit card business, the banks will change their lending practices. It will become more difficult to obtain a card, balance limits will be lower and the banks will try very hard to limit their exposure to bad debts and problem customers. I am not for a second condoning the current bank system of credit card charges and legal robbery - just remember that the banks will adjust and it WON'T be as easy to obtain a card.

I totally agree with all the propsed regulations. One abuse which hit my small business a few years ago was: When US Bank of Oregon was taken over by a mid-west concer, I had many years of no overdrafts with them. Suddenly, I got hit with 10 $27 OD charges. I ran to the bank and found out that the account my credit card receipts were being posted to (the next day always previously) 3 days later. Since the bank new the money was there, they didn't bounce anything, but hit me with the OD charges. As a solution, they said "If I went with their program, they would again start crediting them the next day" However, their program had a 4% discount instead of the 1.3% discount I was then paying.

I made such a fuss, loudly in their lobby, they reversed the charges; I closed the account and went to a different bank after over 20 years with them.

I have no problem with overdrafts that are associated with excessive holds from merchants being eliminated. However, consumers do not understand how debit cards work. They are cash cards, not credit cards. Consumers need to ask themselves if they had not deposited money into the bank and spent the cash instead of swiping the card would they have had enough cash to make a purchase at the very time they swiped the card (Not the next day when the direct deposit is suppoed to come through). If the answer is no they would not have enough cash, then an overdraft charge should be charged.

Consumers place too much blame on the banks. It is the consumers responsibility to maintain a register and balance their checkbook. When the customer maintains his/her register they have evidence of an error should one occur. When they do not maintain a register they are relying on the bank to take their word that a mistake has been made.

Personally I chose to maintain my register and moniter my account. I do not want a bank to balance my checkbook for me, that is my responsibility as a customer of a bank.

Best news I've heard in a long time! These need to be made into laws!

Even financially prudent cardholders can be caught up in some of these practices. I have a credit score in the 800s and always pay my bills off every month, putting the check in the mail the day after the bill arrives. Yet after the Thanksgiving holiday, I got socked with a late charge because my payment arrived one day late. (Incidently, the late charge was more than the original bill.) Upon closer perusal of my statement, I discovered that the grace period had been downgraded from 25 to 20 days. I got the fee removed and continued to use the card for four months, keeping careful track of the cycle ending date, the bill's arrival in my mailbox and the date the payment was credited. My payment was invariably credited one or two days before the late date.
When I decided to cancel the card, a supervisor offered to reinstate the 25 day cycle.
No thanks. If my bill takes 8 to 10 days to reach me and my payments have a similar transit time, something is very wrong and, in this case, I'm not inclined to blame the postal service.

I have an unfair practice for you....Bank of America at some point in the recent past has changed the way they debit your account. In the past charges made with your check card would be deducted from your account on the day they posted to your account. Now, they hold you accountable for the day you "swipe" your card. It doesn't matter if it doesn't post for 3-4 days after that. I found this out the hard way. I have direct deposit. I would always go out the evening before my check hit the bank and make some purchases. (knowing that the bank was closed and my check would be in my account first thing in the morning) I have never had an issue with this in the past. This past pay period I received 2 over draft charges for items that weren't posted to my account until after my check was in there. The "ever-so" nice young lady on the phone said that didn't matter because I had used the card the evening before. Isn't that sweet? Even if it's not being deducted from my account until after the money is there....doesn't matter. I don't see how this can be legal, fair or just. Thanks for letting me say my piece.

I have an unfair practice for you....Bank of America at some point in the recent past has changed the way they debit your account. In the past charges made with your check card would be deducted from your account on the day they posted to your account. Now, they hold you accountable for the day you "swipe" your card. It doesn't matter if it doesn't post for 3-4 days after that. I found this out the hard way. I have direct deposit. I would always go out the evening before my check hit the bank and make some purchases. (knowing that the bank was closed and my check would be in my account first thing in the morning) I have never had an issue with this in the past. This past pay period I received 2 over draft charges for items that weren't posted to my account until after my check was in there. The "ever-so" nice young lady on the phone said that didn't matter because I had used the card the evening before. Isn't that sweet? Even if it's not being deducted from my account until after the money is there....doesn't matter. I don't see how this can be legal, fair or just. Thanks for letting me say my piece.

I think it's great that this is being done. However, I would also say that we as consumers have given that power to the banks and credit card companies by being enticed by their offers, then not paying attention to our statements (and inserts, and fine print) and then claiming surprise when the terms change. You ahve to monitor your own finances, and that means thoroughly checking your statement and being aware of any changes that occur.

And I have never needed to 'argue' down my interest rate; I've had a Citibank card for 8 or 9 years, and whenever my rate goes up slightly (because it's their right to raise it), I call in and let them know I've received a better offer, but since I am so happy with their service, would they consider lowering my interest rate? They always do. No arguing required.

I even have a Discover Card that I stopped using once I paid it down, and I recently got a call from them, asking me if there was a problem with their service. I explained that I had received a better offer through my Citibank card, so they offered me an even lower rate! (3.9% for 6 months, so I know that in August it will adjust.) It pays off when you have good credit, pay your bills on time, and treat the credit card representatives with respect.

It doesn't go far enough. They need to include a provision that forces banks to credit purchases made with a debit card in chronological order. For instance, you have $20 in your account, so you make a series of 6 purchases totaling $15. All of the sudden an unexpected automatic bill payment goes through for $30. They will deduct the $30 first so that they can charge overdraft fees on the 6 purchases totaling $15. $35 X 6 = $210 in overdraft fees. So they charge you $210 on $15 worth of purchases, even though the 6 purchases were made first. It should be illegal and banks should be sued for this practice. I'm shocked but not all that surprised at the 17 billion dollars in overdrafts. I'd be willing to bet that if banks were forced to deduct purchases chronologically, it would cut that 17 billion in half or more.

Eventually Congress will have to realize that this gotcha capitalism is working against the American economy. As people are working harder, longer, and being more productive, their actual earnings are going down. Part of this is crappy dollar, inflation, and energy prices. But, the fact that credit card companies, banks, cell phone companies, insurance companies, etc are able to nickel and dime Americans to death also doesn't help. Congress may not be able to help energy prices or inflation but they sure as Hell can stop companies from using unfair practices to screw over people.

I have an unfair practice for you....Bank of America at some point in the recent past has changed the way they debit your account. In the past charges made with your check card would be deducted from your account on the day they posted to your account. Now, they hold you accountable for the day you "swipe" your card. It doesn't matter if it doesn't post for 3-4 days after that. I found this out the hard way. I have direct deposit. I would always go out the evening before my check hit the bank and make some purchases. (knowing that the bank was closed and my check would be in my account first thing in the morning) I have never had an issue with this in the past. This past pay period I received 2 over draft charges for items that weren't posted to my account until after my check was in there. The "ever-so" nice young lady on the phone said that didn't matter because I had used the card the evening before. Isn't that sweet? Even if it's not being deducted from my account until after the money is there....doesn't matter. I don't see how this can be legal, fair or just. Thanks for letting me say my piece.

HA HA HA HA I feel bad for you poor schleps still using your credit card. If you can't afford to pay cash for it you shouldn't be buying it. The reason you're still poor is you're still trying to stay up with your neighbors by SPENDING SPENDING SPENDING on your credit card. Turn off your cable and go to the library - you'll save money and maybe even become mildly educated while you're at it. Cut up your credit cards and if need be take another job to put food on the table. But no, you poor slobs will continue your miserable lives not saving a dime and living paycheck to paycheck, drooling all over your couch as you happily devour the pablum that comes out of the TV. Those of us who are living within our means will continue to laugh as you plead for someone else to bail you out...AGAIN!

Please let's do what's necessary to make all of this become actual laws. One of my credit cards with a large balance recently tried to impose an interest rate that was actually double what I had been paying. I make all payments on time and pay more than the minimum amount due, and there was no justification for this. It said I could keep my current rate & terms if I canceled the card; I canceled it immediately. Also a few months ago we got hit with multiple overdraft fees on our bank account, when I still showed that we had several hundred dollars in the account. Obviously the debit card "holds" mentioned in the article are what caused it. We went in and argued with the bank and got all of the money refunded, but people shouldn't have to go through this hassle in the first place. I will not pay a bill unless I know I have the money in the account to cover it. These tactics hurt the people with the least money to begin with, so they end up with even less.

I was a credit card customer of Capital One until after I had bypass surgery about the day when my credit card bill normally arrives. Due to the surgery and subsequent hospital stay, the bill was misplaced and not paid (total of $124.35). When the next bill arrived a month later, a late charge of $30 had been applied and the interest rate had gone to 22%+. I had been a customer for over 6 years, paid my bill in full each month, and never been late. I called to get the issue resolved and was told that they would remove the $30 late fee IF I paid the bill in full over the phone. I do not give my bank account number over the phone to anyone and i told them so. I said (and did) that I would pay the bill in full by check that day and to cancel/close my account. I received a bill the next month for $70+, the $30 late fee plus another $30 late fee plus interest. That was over 13 months ago, the total is now almost $300 and I have written, and told them over the phone that I have no intention of paying that bill. They have turned the bill over to a collection agency that rudely calls at all times of the day, and I have also told them they are wasting their time. Their stated purpose is to continue to escalate the bill until it is sufficient to create a severe blow to my credit rating. What do you have in YOUR wallet?

Wake up people. This reform will never happen. When has this administration or this legislature done anything for Average Joe??? This will 1) Get swept under the rug 2) Watered down so as to be useless to us.

Wake up people. This reform will never happen. When has this administration or this legislature done anything for Average Joe??? This will 1) Get swept under the rug 2) Watered down so as to be useless to us.

More credit card regulation is better than less, at this point. Your article, however, calls to my mind a larger problem we're all facing now, with banking regulation. I own a business that services many small banks around Michigan. All the banks I work with are being 'beat up' by bank regulators these days for making loans (during the good times) on which today they are taking losses. So, many commercial banks are facing the double whammy of loan losses due to the economic downturn, coupled with angry regulators discouraging them from making 'risky' loans. Why is this bad for the average joe? Because banks are now sitting on their 'assets' (pardon the pun) and not lending to grow existing businesses or start new ones. This will have the exact opposite effect in the economy that we all need right now - it will further the slowdown and deepen it. Bank regulators need to be concerned about bank asset quality, but they also should be wise enough to realize that punishing banks for 'bad loans' (most of which were great loans when they were originated a few years back, but fell on hard times during the unusual economic downturn we're now in) will only make our current economic situation worse. Sorry if this didn't apply directly to your article, but the article brought this to mind and I thought you might find it interesting.

Under "self police" understanding banks were regulator, judge, police and criminal at the same time. All in one. No wonder Bush and his regime has lowest ranking in history.

On yet another abusive practice... why hasn't one of the regulatory bodies looked at the excessive holding period for a depositor of a large check. It used to be that banks had to free up your funds for withdrawal in two days...afterall, they get Fed credit overnight in most cases. They hold back access to your deposit for 5-10 days while thay sell it in the overnight Fed Funds Market and earn interest for their own account.

Way to go JD in Seattle! I'm all for personal responsibility and always think that a person who is going to have and use a credit or debit card needs to read and understand the rules governing it; however, you have clearly shown what happens WAY TOO OFTEN with these "sneaky weaseling" banks and card companies. Completely innocent consumers are getting MUGGED on a routine basis. It's happening to college kids, seniors, blue collar workers, and academics alike. Regulation should require no public comment forum---it should simply be a big "DUH" for the lawmakers.... To borrow an overused cliche: Git 'r done!

I agree FULLY it is about time that something should be done. Bank of America took over my MBNA MasterCard and made no changes until about 6 months later, when my interest rate was to go from 12.99% to 26.99%(variable) unless I disputed the increase and stopped using the card, which I did by sending them a certified letter. I have also contacted my congressman in supoort of bill H.R. 5244 (The Credit Cardholder's Bill of Rights Act), and urge EVERYONE to contact their representatives to do the same to bring these and other practices to a screeching halt.

look, if there is a will there is a way so lets all stop complaining and do something that will actually have an impact.....the government works for you (even though it doesnt seem like it sometimes) but if enough people were to get together and sign a petition or take some sort of action above and beyond complaining about it in an online forum, this could become a reality.....think about how much an extra 17 billion dollars in consumers pockets would help the economy....forget the stimulus plans, just stop the overdraft fees for crap reasons. The only reason you should be assessed an overdraft fee is if your 'actual balance' (completely different from 'available balance') falls in to the red.....

Come on, people. This will never happen.
There will be speeches, and bills debated, and lots of chest pounding...but nothing will come of it. There is too much money to be sucked out of your pocket for our bought-off congress to ever change things. Just suck it up; whether you like it or not that is what you will have to do.

If only we had a "magic wand," we could do it. I wish I had a magic wand. However, unlike the repuglykan rapist who happens to be the president, I'd use my magic wand for good. I'd use it to defeat George Bush and his regime. I'd use it to restore the rights and power of the poor and working class. I'd use it to enforce laws that make illegalfor banks to extort money from consumers. I'd use my magic wand to scrape the religous rite (especially all the fundamentalist christians) off the bottom of my shoe and return separation of church and state to it's rightful place. I'd use it to elect Barack Obama as President of the United States. Finally, I'd use my magic wand
to ensure that George Bush lived to regret everything that he has done, including sending thousands of young men to their deaths and for raping the poor and working class people of THE UNITED STATES of AMERICA!

Uh.... instead of whining about the OD fees, be more responsible! And yes, if you get an OD fee as a result of a hold, CALL THE BANK WHEN THE HOLD IS REMOVED! Once the bank is able to see that you had the money in the account all along, they REMOVE the fee! You need to take responsibility for your actions, but also need to make sure that you pay attention to every detail of your account.

About 6 months ago, my employer didn't deposit my paycheck on payday, causing my account to OD. I called the bank when the check hit, they noticed that it was a day later than normal, and refunded ALL OD fees to me! Yes, they will do that when there is nothing in the account that dictates there should have been an overdraft.

I can't believe that it takes government intervention to solve problems that the general public can solve on their own.

You guys really think they are going to so anything about the banks when the banks lobbiests are lining their (congress) pockets with lobbying money? It just be all talk, no action, or like the "stimulus package" from ol' George, too late and too little to help.

While I agree that the practices being griped about are quite legitimate, everyone already has a way to avoid future issues...CLOSE THE ACCOUNT. There are literally thousands of financial institutions and credit cards in the marketplace and not all of them engage in these practices. Shop around and find the right fit for your own particular situation. Folks who seem to expect something for nothing tend to get bitten.

I am so glad that someone is finally doing something to address the wrongdoings of all these banks and credit card issuers. Consumers are suffering from these overcharges in fees.

Here's an idea. Don't use credit cards in the first place, actually save a little money for an emergency cushion, and know the terms of any other credit offers you receive and elect to use. While there there will always be human errors that will crop up and cause a fee every now and then, prudent record keeping and spending will eliminate 99% of these. Don't blame the banks and expect Uncle Sam to bail you out just because many of us are irresponsible with personal finances.

Congress will cave into the banks. No incumbent politician in this country should be reelected.

It's not the overdraft that is the problem, it is the high to low debiting the banks do to maximize overdrafts. It criminal and should be band. It just goes to show you how shallow American business's are.

"The rules would also require banks to allow consumers to opt out of courtesy overdraft protection, the source of many overdraft fees, and it would prevent banks from charging overdraft fees when money is "held" by banks during debit card authorizations"

This scam by banks should be criminal. The hold a number of smaller charges and put through larger charges first, then hit you with multple overdrafts. SCAM SCAM SCAM

"The rules would also require banks to allow consumers to opt out of courtesy overdraft protection, the source of many overdraft fees, and it would prevent banks from charging overdraft fees when money is "held" by banks during debit card authorizations"

This scam by banks should be criminal. They hold a number of smaller charges and put through larger charges first, then hit you with multple overdrafts. SCAM SCAM SCAM

If the average American on the street charged what these banks charged they'd be in jail for loan sharking. The corporate greed that is rampant in this country is lead by the banking industry and they do not care. And as far as I'm concerned the whole housing market downturn and subprime mess lands squarely in their laps. It's about time we stopped taking their garbage.

So glad they are finally fixing this legal rape. I don't carry credit card balances so I don't care much about that. But the overdraft fees are devestating, to honest people who manage money carefully. I have been a victim of the unfair hold practice, and then they post the transactions largest to smallest so you get 10 overdraft fees instead of 1. They say they do this because the bigger ones are usually more important mortgage, rent etc... but if they are going to cover it anyway, what's the difference?
I would gladly opt out, as I have never had a true overdraft that was not hold related. Protects you from fraud and spending money you don't have, if your card gets declined.

Mitsubishi which is apparently HSBC is one of the biggest crooks out there. They have their agencies misrepresent their loans and come back 6 to 17 months later with new contract rules.
Can anyone tell me where I can report this type of deceit.

I am not for waisting time and money on rediculous lawsuits, but I do agree that a Class Action Lawsuit is needed. People need to stand up and take action to protect our rights as consumers. With customer service in the toilet and unfair fees, the "customer" is losing. Take a stand with your money, and let's bring them down. We can't expect the "government" to do it all and consider the source people. Empty promises! Great ideas but where is the actual relief and change. Credit card companies have big shot attornies on their side, but we can still fight these unfair practices.
"Injustice anywhere is a threat to justice everywhere."

Get rid of mandatory arbitration, allow class actions, and it will all end (and the lawyers will love you).

WHERE DO WE GO TO PROVE unfair/overdraft/nsf fees...and to file a claim? Phone co. hit me for OD/nsf fees while removing unauthorized elec. pymts. from account and bank would NOT refund OD/nsf fees.
Equalled my month's rent!

I agree with Prudent Customer. I believe most peoples problems are caused by their careless or reckless use of their finances. A bit more frugal lifestyle would keep most of these people out of trouble. Most people don't need half of the "toys" they buy or the entertainment they think they need. No doubt there are many who get suckered by a greedy realtor and mortgage broker, or suddenly saddled with a big medical bill. But most could stay out of trouble by connecting a couple of brain cells before swiping that credit card or buying that $40K SUV.

As a bank employee, this is long overdue. I have witness prudent customers becoming victims of the debit card holds. This concept of debit card holds can be so challenging that it takes new-hire customer service representative weeks to fully understand how to explain it to a customer.

My credit union visa has had the same 9.99% rate since I opened it in 1997. They do not offer the rewards or teaser rates, but when the typical rate being offered was over 16.00% my rate never changed.
Also they charge the same rate for cash advances (with no cash advance fee), and the same rate for balance transfers. It is definitely a no frills account. I would not even consider changing for a short term awesome rate! Oh yeah, I forgot to mention the late fee($25.00) has never been increased in 11 years.
Go to your Credit Unions!

How much hand holding do people need. Take responsibility for you own finances and stop blaming someone else for you inability to manage them effectively. Research would be a good place to start with reading the policies and disclosures. It is amazing how many people do not understand basic financial resposibilites. Stop blaming others. We have become a society reliant on quick financing and have a fixation with credit card debt. Live within your means and things will be a lot easier.

I am a WAMU customer with no late payment, however my interest rate was increased from 9.9% to 29.9% without any justification. Its about time the FEDS do something about it.

all the card holders and deposit account holders that are upset about fees & charges should pull their disclosures out of the garbage. every complaint discussed here is clearly written in the disclosures and they have already agreed to it by using the account.

I'm not computer savvy enough, but someone needs to start an online signature drive supporting these changes to get it to the boards that will be voting for/against this. This way they will see that the will of the people is with this while all the big banks will be putting as much money behind lobbying against this. Would love to do this if I knew how. Let me know what you think and if someone does do this, I can't wait to see the thousands, maybe even millions of everyday people signatures that it really will draw to show the banks that we are tired of them making ridicuously unfair amounts of money off of us.

This is a great start with a lot more needed. We have heard a lot lately about the inability of people to repay debts, when a lot of blame rests on the shoulders of banks and bankers for extending credit knowing that people have no way to repay the debt. Let's face facts, a person making $25000 shouldn't be able to get $200,000 in credit cards and other debt. To exaserbate the problem, banks then tack on huge interest rates, fees and penalties.
When enough people become debt ridden to the point of bankruptcy that it effects the profit of the banker, the govt. steps in and offers a handout to the banker who allowed this to occur(sub-prime mortgages). Instead of bailing out the banker, try helping out the people. Banks are corporations and should be treated the same as a person. If they may end up going out of business because of their stupidity, LET THEM. Responsibility is a social necessity and not just an individual response.

No one is forcing you to use credit cards. Live within your means and pay cash. I am outraged at the credit card companies act, however, they are not forcing you to use their cards. Just trying to keep things in perspective.

If you have a credit card with two different interest rates, say a special rate of 5.99% and a purchase rate of 9.99% the credit card company applies your payments to the lowest rate only and RIP you of with an interst charge to the higher rate and do not apply any payments to it until you pay off the lower rate. They should apportion the payments.

Any Senator or Representative who tries to water this down or who doesn't vote for it will most certainly not get my vote in November!

Simple greed is all this is. It's the last year of this president's term, and they're just taking what they can. Vultures to a carcass. Any surprise oil is up SO MUCH?
I was late ONCE on a payment, and my rate went to 28% and stayed there for three years, no matter what I did! It stayed at 28% until I transferred the balance to a new card and closed the account.

I can only hope this becomes law. I recently was charged $105 in overdraft fees for 3 checks that were paid by my bank, one for $3.60, one for $10.00, and one for $110.00 that somehow was cashed, deposited, and cleared the bank all in the same day. The available balance was $38.00, and the bank clearly could have paid the first two checks and returned the third, but their "policy" is to cash the largest check first, which resulted in 3 overdraft charges for them instead of one! If that isn't grand theft, I don't know what is!

It's about time. My biggest problem with both political parties is the outward appearance of being in the pockets of the banks. Up till now, who protect the consumer? The banks have led us down a road of predatory practices that have the endorsement of the majority of politicians.

This is the kind of help consumers should get from politicians. Banks are literally robbing consumers blind with ATM fees, low interest payments, and the credit card rates noted in this article. If the banking industry was reasonable, I'd be anti government involvement, but they continue to prove they need extensive regulation.

They do need to do all this, though banks can be counted on to try to invent more "fee traps." YOU WILL HAVE TO WRITE YOUR CONGRESSMAN, though, and let him know you're paying attention. Otherwise they WILL try to water it down.

This is a great start. Now they need to reign in the slimy debt collectors who garnish the wages of people with minimal salaries who are struggling to feed their families.

The easy way to fix this problem is dont use credit cards. if you dont have the cash dont buy it, its very simple. people today dont save anymore to buy things, no wonder everybody is complaining about credit card companys. if you want to put them out of business or keep them in check, cut up your cards and DONT SPEND MONEY YOU DONT HAVE!!!!!

I don't suppose this means I'll get a refund on the overdraft fee insanity I've endured with BOA..? This will take care of my issues with banks. Now, it's time someone asks WHY Exxon-Mobile NEEDED nearly $11M in PROFIT.

What about the credit companies? Identity theft is now considered the most serious crime in our country. If you fear you may have had your credit unjustly compromised, you are told to check your credit score. If it looks bad, you can look at your credit reports. The regulations tell us that we are entitled to view our credit report and score once a year from each of the 3 credit agencies FOR FREE.

After going through a battle to see anything, you will get the famous statement: "Press the button to get your free credit score for five dollars." The only credit scores I've ever seen was from a banker with whom I have had a long term relationship. I did receive billings of about $19.95, each month from 5 different agencies for a membership from which I was supposed to receive my "free" credit reports and scores that I have not seen.

What about the credit companies? Identity theft is now considered the most serious crime in our country. If you fear you may have had your credit unjustly compromised, you are told to check your credit score. If it looks bad, you can look at your credit reports. The regulations tell us that we are entitled to view our credit report and score once a year from each of the 3 credit agencies FOR FREE.

After going through a battle to see anything, you will get the famous statement: "Press the button to get your free credit score for five dollars." The only credit scores I've ever seen was from a banker with whom I have had a long term relationship. I did receive billings of about $19.95, each month from 5 different agencies for a membership from which I was supposed to receive my "free" credit reports and scores that I have not seen.

"I believe that banking institutions are more dangerous to our liberties than standing armies."
-- Thomas Jefferson

These kinds of practices are nothing new, and have continued and matured because THE PEOPLE remain grossly complacent, NEGLIGENTLY COMPLACENT, and continue to believe the myth that their government works for them and functions in their best interest.

While attention is focused on these pennies the dollars are being swindled away. The greatest financial crime in human history continues to go unnoticed (and unreported by the news media) and becomes more and more profitable every day. Here's the rest of that Jefferson quote:

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

Henry Ford is claimed to have said, "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

Nothing will change until THE PEOPLE first rectify their complacency problem, educate themselves, and discard the false prophets they continue to elect. But unfortunately the people are addicted to entertainment and consumption, and must get their daily fix... which is exactly what keeps the bankers in business.

"Truth is not a commodity in short supply: The problem is, there's very little demand for it."

Now back to American Idol, or whatever.

Monica... you don't have to pay late to the credit card. Most of them have in the fine print that if you make ANY late payments, they may raise your interest rate. That means they may pull your credit report regularly and if you paid your mortgage, car loan, or phone bill late they now have the right to perceive you as a higher credit risk and they can raise your rate. That may be why your rate went up.

I bank with Wachovia bank. Last year I miscalculated my checkbook by .30 cents. I made 3 checkcard purchases all less than $10 that were on checkcard authorization hold. A check came through the account which overdrew me .30 cents. The bank charged me a $25 overdraft fee for the check causing the account to be overdrawn by 25.30. Then when the authorizations posted, they charged me 3, yes 3, $30 unavailable funds fees for the items on hold. So for a .30 cent over draft, I paid $115. when I spoke to the bank they said that's how it works. Total BS

Here's a thought:

If you think that all credit card companies are crooks, DON'T GET A CREDIT CARD!

Bank of America just raised the interest on my credit card from 14% to 24% and the monthly payment from $234 to $454; just because the check arrived 1 day after the due date. It is about this sickening administration does something for the poor and the middle class. I'll just transfer all my accounts to a more decent bank.

IF people would just read before the sign most of this could be avoided. Banks are required to spell their terms out in their disclosures, but nobody ever reads them. They just want the Credit Card and then they will complain later. Nobody is forced to pick a certain card. Before you sign up ask questions and you won't get burned later.

IF people would just read before the sign most of this could be avoided. Banks are required to spell their terms out in their disclosures, but nobody ever reads them. They just want the Credit Card and then they will complain later. Nobody is forced to pick a certain card. Before you sign up ask questions and you won't get burned later.

Here is an idea... stop using credit cards! You will never beat them at their game. Debit cards work just like a credit card for online purchases and with retailers. You just have to have the money available at the time of purchase. People get into trouble when they start spending what they don't have... stop spending more than you earn, learn to save for major purchases and tell youself NO once in a while. It is a good feeling not to have any debt and be in control of your finances... it is possible. It takes discipline, focus and planning. Try it! You will truely like it!

This is great news and long overdue. However, we all MUST participate in the public comment period to make sure the rules don't get watered down by the lobbyists. This is point in time where the banks will spend tens of millions of dollars to try and take the teeth out of these regulations and it's only through constant and overwhelming public pressure that the final regulations will still include the best protections for consumers. PLEASE TAKE THE TIME TO SUBMIT YOUR COMMENTS!!!! Also, sending e-mails to your representatives in Congress on this will keep maximum pressure on them and the regulators.

pay cash

PLEASE!

This is the same ole crap as two years ago. Remember the congressional hearings?

the credit card companies will go before congress and make all sorts of promises. They will tell them that the consumer is "mis-understanding" the billing process. They will then promise to drop one or two fee's. Then the lobbyists and congress will kiss and make up. There will be joy in the streets and press conferences on the white house lawn.

And the very NEXT day after the love fest, we 150%. Just like last time. Capitol one took my "will never increase for any reason" rate from 7.9% to 29%. That happened on the very Thursday after the congressional hearings. I had that card for over 10 years and only been late 2 time in the 1st five years. Both times I called to let THEM know the payment would be late and why. I asked them to take my rate back down to where it was and they refused to drop it even 1%.

So I did what all good American's do... I went to a local credit union. Got a 5.9% non-adjustable transfer fee and 9.9% rate on all new transactions. I also found out that my payment I was making to Capital One would have kept me paying for over 30years. My credit union card can be paid off in 5 years if I never make another purchase.

I CLOSED MY CAPITAL ONE ACCOUNT!!!

I feel better making a higher payment and giving an honest business my money than those corporate cretins and their grubby little billion dollar profit margins...Oh wait, that's the oil companies...or not.

Bank of America decided one day to lower my credit limit to exactly what I owed them, which then brought down my credit score because it looked as though I was at my limit. I kept my limit low and hadn't used the additional funds, paid on time for 2 years and they told me they ran my credit without my permission and found I had several more credit cards than when I first applied with them, so they lowered my limit. There should be a law against this practice.

I would not get too excited about this. These banks have smart lawyers who work for them who will find ways to curtail these laws.

wake up america....we have become, under the guise of clever advertising, ie take that vacation,buy the widescreen tv..you deserve that new car...A COUNTRY OF INDENTURED SERVANTS.. it,s time for another boston tea party...It started with no taxation without represttation...were's comgress been for the past 20 years...on there payroll..And how about this great slogan..Life takes Visa. sublimannly...VISA TAKES LIFE! not for 7 years but for Life...

wake up america....we have become, under the guise of clever advertising, ie take that vacation,buy the widescreen tv..you deserve that new car...A COUNTRY OF INDENTURED SERVANTS.. it,s time for another boston tea party...It started with no taxation without represttation...were's comgress been for the past 20 years...on there payroll..And how about this great slogan..Life takes Visa. sublimannly...VISA TAKES LIFE! not for 7 years but for Life...

Who is this "Prudent Consumer" person, anyway? No matter how vigilant a customer might be, no matter how responsible he/she is, if the game is rigged, you lose.

Consumers have the right to be informed of the rules they're subject to, and the right to not have the rules changed arbitrarily. Moving from one bank to another is no guarantee of fair treatment, and moving your accounts around will trash your credit score in a hurry.

"Prudent Consumer" doesn't even sound like a libertarian--more like a flack for the banking industry. And not a very good one, either.

""I have an unfair practice for you....Bank of America at some point in the recent past has changed the way they debit your account. In the past charges made with your check card would be deducted from your account on the day they posted to your account. Now, they hold you accountable for the day you "swipe" your card. It doesn't matter if it doesn't post for 3-4 days after that. I found this out the hard way.""

I have to tell you, it isn't just BofA doing this.. My CREDIT UNION pulls this trick all the time. And of all the institutions, you'd think a CU would be better than that. Their reason: it's up to the merchant's institution to deduct the amount instantly or in a few days.
No hold technically, but it's "pending" and affects the available balance... SOMETIMES. Other times it just comes out of nowhere several days later, and it's the joint account-holders who get the most of these (really, how often do we check what the other person's spending every moment?)
We want to opt-out of this 'courtesy service' for ODs, and would rather just see a 'declined' if we're not watching our budget closely - but so far the CU hasn't given us a "reasonable opportunity" to do so. And I can't lose the account because I have a loan through them.

I'm all for this proposal against unfair practices.

I had a CC with AAA with a balance of 8500 at 9%, BOA bought it, I went over the limit and BOA rose my rate to 22 % , it' s been almost 1 and a half years and I have expend 1600 extra in interest since than.
Same thing with Citi Platinum, I transfered 5,000 with rates of 1.9 and 2.9 until paid in full, they recieved the payment 2 days late and they increase my rate to 30 %.( It's been 6 months)
CC companies are expecting, they want that you do small mistakes to jack up your interest, if you pay they make a lot of profit, if you don't and file BK, excellent !! , they writte off your account as a loss and they pay less taxes for they corporate profits. It' s a win win situation for them of course.
Bank likes Bank of America and Citi Group are stealing bilions of $ from the consumers that could be funeled to the real economy, I have 1800 in minimum monthly payments, instead of the Govern giving me a $ 600 rebate, they should stop those unashamed thieves that are destroying the system with they greed.

It's a miracle!!! Someone finally decided to try and protect the consumer! I don't know how many times my bank has tried to charge me overdraft fees because they held money based on a debit transaction and then if I charged something for $2.00 and something later that same day for $20.00, they would process the $20.00 first and charge me $30.00 overdraft.

There are a lot of things a consumer can do, have your payment done automatically,avoid buying with the CC, use a debit card and monitor your spending. Don't buy unless you have the