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(CNBC)   As part of its crackdown on "Junk Fees" the CFPB says that debt collectors charging a "convenience fee" to allow you to pay a bill is illegal. Banking Industry: "Junk Fees?" How dare you? Those fees are CLEARLY disclosed..in 4pt type...on page 27   (cnbc.com) divider line
    More: Spiffy, Credit, Collection agency, Fair Debt Collection Practices Act, debt collectors, Debt, Fair Debt Collection Practices, Consumer Financial Protection Bureau, ACA International  
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1512 clicks; posted to Business » and Politics » on 30 Jun 2022 at 5:35 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-06-30 5:37:58 PM  
Just summon all the bankers who object to the same room, shoot the lot of them, and then mail the bodies back to the companies with a note pinned to them asking if anyone else objects
 
2022-06-30 5:38:56 PM  
LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.
 
2022-06-30 5:39:43 PM  
Tout this as a Democratic accomplishment please.

But no, that would be rude. Let the Republicans frame it as jack-booted socialists hindering job-creators.
 
2022-06-30 5:40:51 PM  
Years ago the bank that held my mortgage thought it would be great to charge people a fee if they paid online.

I sent them a paper check in the mail every month until they got rid of the fee. They went by when the bill was postmarked back then and as long as it was before the due date it was fine. So every month I put it in the mail 1 business day before it was due.

Assholes.
 
2022-06-30 5:41:13 PM  
If these businesses cannot charge money for the service of charging money, how will they be able to make money?
 
2022-06-30 5:42:02 PM  

Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.


So do rental companies. Mine charges $80 to pay online with a credit card.
 
2022-06-30 5:42:28 PM  
Debt collectors? Oregon charges $15 to pay your child support.
 
2022-06-30 5:42:35 PM  
The guy in charge, Rohit Chopra seems like a real go-getter. He's pissed off the Chamber of Commerce and WSJ, so he's definitely on the right path.

Fark user imageView Full Size
 
2022-06-30 5:43:52 PM  
lenders can just appeal it to the Supreme Court. If they haven't made CFPB rulemaking illegal by then, they'll rule that that founders clearly intended that the Constitution protect phone and credit card transaction fees.
 
2022-06-30 5:44:55 PM  
Consumer Protection Agency?

If they would rather die, they had better do it, and decrease the surplus population."

Fark user imageView Full Size
 
2022-06-30 5:47:14 PM  
Debt collectors are the epitome of greed.  The "convenience fee" is the take the credit card company gets for doing the transfer.  Unlike almost all businesses, they want you to pay their cost of doing business.  State's have a convenience fee because they're special and can't absorb the cost of receiving money.
 
2022-06-30 5:48:08 PM  
Note: please tip your driver. They do not receive any portion of the delivery fee.
 
2022-06-30 5:49:08 PM  
They'll charge you a spite fee, and knock a few points off your credit score for good measure.
 
2022-06-30 5:52:59 PM  
...in 4pt type...

You jest, subby, but my mother once prevailed in a court case against an insurer that had "hidden" a number of clauses in a contract by printing them in light grey text so as to make them seem to be bleed-through from the print on the previous page

/ The judge was apparently not amused
 
2022-06-30 5:53:14 PM  
The neighborhood shy guy doesn't charge a convenience fee. There is a broken knee cap fee if you miss a payment though.
 
2022-06-30 5:53:32 PM  
Ever ask a question when doing business that is yes or no then ask to be shown that in writing? It's hilarious. Deer in headlights from the other party. I usually leave because they can't or won't. Live without it. They raised fees on the poor at BofA. Justification was you don't have enough money in the bank so we're going to charge you for using our bank to store what little money you do have and allowing you to have access to your funds. Closed all our accounts there. They asked why and we told them and they answered back but it doesn't affect you. They didn't understand what they were doing was wrong. Couldn't be made to and and didn't give a damn what they were doing was wrong. Many shocked faces on the bank that day.  When you pull 6 figure accounts away they tend to notice. Didn't make a damned bit of difference but I'm not involved in fleecing the poor and I earn more on checking now.
 
2022-06-30 5:53:44 PM  
someone please do resort fees in las vegas
 
2022-06-30 5:54:33 PM  

Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.


Oh yeah. we ran into that bullshiat when we rented from a corporate entity a couple of years back. Went right back to renting from private landlords after that lease was up.
 
2022-06-30 5:56:58 PM  

Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.


cripes, what are you renting; a $2000/month apartment and paying by CC?
If there are other options to pay, i.e. check, it might be understandable as they're passing the processing fee on to you. (about 3% is still the charge, right?
Otherwise it sounds bogus and you might have a case to dispute the charge.
Too many unknowns for further speculation.
 
2022-06-30 5:57:48 PM  

Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.


My city does this if you want to pay your property taxes or water bill online. They used to let you pay directly from your bank electronically like any other eBill, then they contracted with a 3rd party company that makes you use their website and that adds a fee they split with the city.
 
2022-06-30 6:04:48 PM  
Don't worry about it, soon the Supreme Court will decide that the CFPB has no right to regulate finance or protection or consumers because Adam Smith said nothing about the CFPB in any of his writings, so just get ready to pay whatever the fark somebody wants to charge you for making a payment because you won't have a choice.

You're welcome! As Donald Glover pointed out, this is America.
 
2022-06-30 6:08:22 PM  

Odd Bird: Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.

cripes, what are you renting; a $2000/month apartment and paying by CC?
If there are other options to pay, i.e. check, it might be understandable as they're passing the processing fee on to you. (about 3% is still the charge, right?
Otherwise it sounds bogus and you might have a case to dispute the charge.
Too many unknowns for further speculation.


Mine does the same thing. It's only $50 to pay by CC.  They do charge a $100 fee if you want to 'add a pay option' though (I.E. CC or bank check).  So, short one month and decide to pay by CC? Better be prepared to for the $150 in fees!

Assholes.
 
2022-06-30 6:10:18 PM  
I think I annoyed my daughter a few weeks ago by telling her I wouldn't pay the credit card fee for her summer course tuition. I asked her to find me an address so I could pay by check. It wasn't easy to find.
 
2022-06-30 6:16:01 PM  

Torqueknot: Odd Bird: Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.

cripes, what are you renting; a $2000/month apartment and paying by CC?
If there are other options to pay, i.e. check, it might be understandable as they're passing the processing fee on to you. (about 3% is still the charge, right?
Otherwise it sounds bogus and you might have a case to dispute the charge.
Too many unknowns for further speculation.

Mine does the same thing. It's only $50 to pay by CC.  They do charge a $100 fee if you want to 'add a pay option' though (I.E. CC or bank check).  So, short one month and decide to pay by CC? Better be prepared to for the $150 in fees!

Assholes.


Do you have the option of paying by dropping off a check at the office, without a fee?
(I understand the short-this-month-CC scenario, and it would suck).
I stopped renting 10 years ago, check-at-office was still an option but I think they were in the process of going the online-only route.
 
2022-06-30 6:16:33 PM  

Odd Bird: Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.

cripes, what are you renting; a $2000/month apartment and paying by CC?
If there are other options to pay, i.e. check, it might be understandable as they're passing the processing fee on to you. (about 3% is still the charge, right?
Otherwise it sounds bogus and you might have a case to dispute the charge.
Too many unknowns for further speculation.


I wish my apartment was 2000 a month. But yes, if you pay virtually any other way there is no convenience fee. I only did it once because I had just opened a airline CC and I needed to spend X amount in 90 days to get the big chunk of miles.
 
2022-06-30 6:21:51 PM  
Debt collectors try to get people to pay just a nominal amount while we settle this as.  You care about your credit don't you?  This is a five year old bill.  Let's see what is going on.

What they do not tell you is that if you make ANY kind of payment on an aging debt, it restarts the clock - whether said debt is valid or not.

Had a debt collector call me over a decade ago stating I owed on an old phone bill.  I asked the to send me proof that I owed it.  Had not heard from them since.

Wait until you see the stunts some doctor's pull if you are in the ER.  Send you a bill for services rendered.  Ask for an itemized bill stating what services were rendered and they simply send the same bill.  Yeah, sparky.  It does not work like that.
 
2022-06-30 6:23:51 PM  
I left Frontier internet because they wanted me to pay a $2.99 A MONTH convenience fee for getting a paper bill.
 
2022-06-30 6:27:48 PM  

Odd Bird: Torqueknot: Odd Bird: Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.

cripes, what are you renting; a $2000/month apartment and paying by CC?
If there are other options to pay, i.e. check, it might be understandable as they're passing the processing fee on to you. (about 3% is still the charge, right?
Otherwise it sounds bogus and you might have a case to dispute the charge.
Too many unknowns for further speculation.

Mine does the same thing. It's only $50 to pay by CC.  They do charge a $100 fee if you want to 'add a pay option' though (I.E. CC or bank check).  So, short one month and decide to pay by CC? Better be prepared to for the $150 in fees!

Assholes.

Do you have the option of paying by dropping off a check at the office, without a fee?
(I understand the short-this-month-CC scenario, and it would suck).
I stopped renting 10 years ago, check-at-office was still an option but I think they were in the process of going the online-only route.


"Sorry. We can't accept the check.  We use a third party for rent and bills (Water, garbage, sewage AND convenience fee!).  You will have to contact them.  Was there anything else we can help you with?!"
 
2022-06-30 6:31:42 PM  

The Perineum Falcon: Debt collectors try to get people to pay just a nominal amount while we settle this as.  You care about your credit don't you?  This is a five year old bill.  Let's see what is going on.

What they do not tell you is that if you make ANY kind of payment on an aging debt, it restarts the clock - whether said debt is valid or not.

Had a debt collector call me over a decade ago stating I owed on an old phone bill.  I asked the to send me proof that I owed it.  Had not heard from them since.

Wait until you see the stunts some doctor's pull if you are in the ER.  Send you a bill for services rendered.  Ask for an itemized bill stating what services were rendered and they simply send the same bill.  Yeah, sparky.  It does not work like that.


"Deliver me a copy of the note" is my response. Seems to work.
 
2022-06-30 6:35:22 PM  
The only reason I still pay my HOA via check is because they charge a $9.95 convenience fee. $9.95 to spare me the 2 minutes it takes me to write a check, put a stamp on the envelope, and stick the envelope on my mailbox. So damn stupid.
 
2022-06-30 6:42:23 PM  
Hell, my state government and lots of utilities do this.  Oh, it's the 21st century, you say, and you wanted to pay your bill or your taxes literally any way other than writing a check and physically bringing it into our office because we don't even accept payments by MAIL?  Well then there's this little $25 service charge to pay the fancy company that processes our credit card payments since, despite sitting on a dragon's hoard of tax money, we can't seem to have an I.T. department capable of setting up something as secure as a credit card terminal or a VPN or secure terminal for banking software...
 
2022-06-30 6:44:18 PM  

Count_Crackula: The only reason I still pay my HOA via check is because they charge a $9.95 convenience fee. $9.95 to spare me the 2 minutes it takes me to write a check, put a stamp on the envelope, and stick the envelope on my mailbox. So damn stupid.


My credit union will automatically write and post checks for me, for free.
 
2022-06-30 6:52:23 PM  
They better watch out they don't get Spitzered.
 
2022-06-30 7:02:13 PM  
Now do AXS and Ticketmaster.
 
2022-06-30 7:03:09 PM  

Concrete Donkey: Just summon all the bankers who object to the same room, shoot the lot of them, and then mail the bodies back to the companies with a note pinned to them asking if anyone else objects


That isn't going to work. The next ones in line will see as a promotion and just send a spokesperson to die for them.
 
2022-06-30 7:04:55 PM  

nakmuay: The guy in charge, Rohit Chopra seems like a real go-getter. He's pissed off the Chamber of Commerce and WSJ, so he's definitely on the right path.

[Link][Fark user image image 668x232]


The CFPB. What RESPA should have been along.
 
2022-06-30 7:14:55 PM  
Awesome.

Now do Ticketmaster.
 
2022-06-30 7:15:32 PM  

atomic-age: Now do AXS and Ticketmaster.


dammit.
 
2022-06-30 7:25:04 PM  

Gin Buddy: Years ago the bank that held my mortgage thought it would be great to charge people a fee if they paid online.

I sent them a paper check in the mail every month until they got rid of the fee. They went by when the bill was postmarked back then and as long as it was before the due date it was fine. So every month I put it in the mail 1 business day before it was due.

Assholes.


Those dicks never realized how much they could save by firing Myrtle down in the basement opening checks rather than accepting their money instantly.
 
2022-06-30 7:50:15 PM  

Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.


Mastercard & Visa take 3% typically ,(I think). So may be reasonable.

Are you talking about apartment rent? If you're using a credit card for rent, stop that. I was a property manager and forbid credit cards. Paying rent with a credit card is a bad sign.
 
2022-06-30 7:51:58 PM  

theteacher: I left Frontier internet because they wanted me to pay a $2.99 A MONTH convenience fee for getting a paper bill.


Ewww, paper, ewww. Why?
 
2022-06-30 8:17:06 PM  

Palined Parenthood: someone please do resort fees in las vegas


Right?

Just went last night to look into a 3 day stay at the Station Casino near my friends place in LV over the 4th.

The room averaged $65 a night. I was like great that's really good, I should book that.
Get to checkout and there's a $35 a night "resort fee" tacked on.
Over 50% isn't a fee, it's robbery...
 
2022-06-30 8:28:32 PM  

Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.


Thank the credit card processing firms for charging a 5% fee to the company receiving the money.
 
2022-06-30 8:59:49 PM  

Magnanimous_J: Odd Bird: Magnanimous_J: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

So do rental companies. Mine charges $80 to pay online with a credit card.

cripes, what are you renting; a $2000/month apartment and paying by CC?
If there are other options to pay, i.e. check, it might be understandable as they're passing the processing fee on to you. (about 3% is still the charge, right?
Otherwise it sounds bogus and you might have a case to dispute the charge.
Too many unknowns for further speculation.

I wish my apartment was 2000 a month. But yes, if you pay virtually any other way there is no convenience fee. I only did it once because I had just opened a airline CC and I needed to spend X amount in 90 days to get the big chunk of miles.


My rental company charges 3% and I might do it once for the miles.  They also charge a fee for using a debit card, but no fee if I authorize it to come from by CU share draft account - which is where my debit card money comes from.
 
2022-06-30 9:13:10 PM  

Yakk: Mikey1969: LOL< "banks".

IT's not just banks that pull this bullshiat. Utilities like to do this, too.

My city does this if you want to pay your property taxes or water bill online. They used to let you pay directly from your bank electronically like any other eBill, then they contracted with a 3rd party company that makes you use their website and that adds a fee they split with the city.


The county I live in does the same.
Went to go pay my vehicle taxes online and they wanted to tack on a $7.50 fee for online payment.

I mailed them a check.
 
2022-06-30 9:55:31 PM  

Count_Crackula: The only reason I still pay my HOA via check is because they charge a $9.95 convenience fee. $9.95 to spare me the 2 minutes it takes me to write a check, put a stamp on the envelope, and stick the envelope on my mailbox. So damn stupid.


Generally you can set up automatic bill payments with your bank to send them a physical check with an account number in the memo.
 
2022-06-30 9:58:48 PM  

jaytkay: Are you talking about apartment rent? If you're using a credit card for rent, stop that. I was a property manager and forbid credit cards. Paying rent with a credit card is a bad sign.


From his perspective, he should definitely not stop that.

If his landlord wants to eat the processing fee so he can get 1-2% back, he should take advantage.
 
2022-06-30 10:23:32 PM  
Never fear, your credit card, bank, and utilities as well as your rental management company if you're unfortunate enough to have one, already have this authorized in their contracts.
These debt collectors are just suckers for buying debts that don't allow them to abuse the debtors. Amateurs.
 
2022-06-30 10:31:33 PM  

BitwiseShift: Debt collectors are the epitome of greed.  The "convenience fee" is the take the credit card company gets for doing the transfer.  Unlike almost all businesses, they want you to pay their cost of doing business.  State's have a convenience fee because they're special and can't absorb the cost of receiving money.


I'll gladly pay a convenience fee to the state to renew my license and registration rather then sit in the 1st circle of hell called "The Department of Motor Vehicles".
 
2022-06-30 11:56:51 PM  
My apartment building's utilities are run by AUM.

You can pay by check - no, stop laughing - but if you want to pay your bill on-line, they charge a $5 "convenience" fee.

Isn't that one of the stupidest things you've heard today?
 
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