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(NPR)   Regulators want to cap credit card late fees at $8 despite credit card companies warning that this might result in a plethora of other unintended fees, like Late Fee Reduction Fees, Lost Fee Recapture Fees, Reduced Payment Acceptance Fees, and so on   (npr.org) divider line
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    More: Facepalm, Payment, Credit union, Credit card, Credit Union National Association, Loan, Consumer Financial Protection Bureau, Federal Reserve System, Bank  
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2058 clicks; posted to Main » and Politics » on 01 Feb 2023 at 6:25 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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skybird659 [TotalFark] [OhFark]
2023-02-01 6:01:24 PM  
If everyone in America got rid of all their credit cards except 1 or 2 that they saved for REAL emergencies (NOT a 3rd tv for the playroom!), this country's economy would pop like a soap bubble because it's based on the majority of Americans living in debt. How's that working out?
 
HideAndGoFarkYourself
2023-02-01 6:28:54 PM  
Fark user imageView Full Size
 
RogermcAllen [OhFark]
2023-02-01 6:33:24 PM  
Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".
 
Dr Dreidel
2023-02-01 6:34:29 PM  

HideAndGoFarkYourself: [Fark user image 850x797]


Warren G - Regulate (Official Music Video) ft. Nate Dogg
Youtube 1plPyJdXKIY


// is not some geek off the street
 
Super Chronic
2023-02-01 6:35:37 PM  
"If the proposal is enacted, credit card issuers will be forced to adjust to the new risks by reducing credit lines, tightening standards for new accounts and raising APRs for all consumers, including the millions who pay on time," Nichols said.

YES. Tighten your farking standards. Reduce your credit lines. Including late fees as part of your profit model, and encouraging consumers to borrow more than they can repay, is the very embodiment of predatory lending.
 
jvl
2023-02-01 6:38:32 PM  

skybird659: If everyone in America got rid of all their credit cards except 1 or 2 that they saved for REAL emergencies (NOT a 3rd tv for the playroom!), this country's economy would pop like a soap bubble because it's based on the majority of Americans living in debt. How's that working out?


Since no one is proposing that, and the new rules won't cause that, I guess my question is what does your comment have to do with... anything?
 
hoodiowithtudio
2023-02-01 6:38:58 PM  

RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".


The system may have changed but there is literally a flowchart they follow. If I remember correctly, this will happen only once a year.
 
johnphantom
2023-02-01 6:39:39 PM  
Someone 88 related convinced a lot of normal people to commit genocide based on, "They are charging us 10% interest!"
 
Ketchuponsteak
2023-02-01 6:40:18 PM  

skybird659: If everyone in America got rid of all their credit cards except 1 or 2 that they saved for REAL emergencies (NOT a 3rd tv for the playroom!), this country's economy would pop like a soap bubble because it's based on the majority of Americans living in debt. How's that working out?


And if USA made it illegal to give cashback, then the poor wouldn't subsidize the rich through overpriced purchased paid with cash.
 
KodosZardoz
2023-02-01 6:41:16 PM  
plethORa
 
Cinedelic
2023-02-01 6:43:32 PM  
Can we just lock the entire United States credit industry into a small room with Elizabeth Warren and Katie Porter and a pair of baseball bats for about 20 or 30 minutes?  Then just walk away and ignore any loud sounds or screams that might seep out.
 
bighairyguy [TotalFark]
2023-02-01 6:46:26 PM  
Paying airline extra baggage fees fees.
 
fragMasterFlash [TotalFark] [OhFark]
2023-02-01 6:46:41 PM  
Beware of switching CC companies to get a teaser rate. They like to quietly change the due date in the hope that you won't notice and then immediately switch you from the teaser rate to an exorbitant penalty rate.
 
Mock26
2023-02-01 6:47:02 PM  
I very briefly had a bank that would process all of your previous day's deductions and then all of your deposits to your checking account, regardless of the time they were submitted. They would never admit it but I am certain the reason for this was to try and be able to hit people with charges for being overdrawn.
 
Evil High Priest
2023-02-01 6:47:39 PM  
This is one area where the old ways were definitely best. Usurer? Off with a hand.
 
brantgoose [TotalFark] [OhFark]
2023-02-01 6:47:45 PM  
How about they introduce a reduction in fees acceptance fee that is more than all fees?
 
brantgoose [TotalFark] [OhFark]
2023-02-01 6:48:35 PM  
They are even screwing you any more:  just sorting out consumers by how gullible and stupid they are.
 
robodog
2023-02-01 6:49:00 PM  

RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".


Mine is on auto draft, the only time I've ever been late was when BoA bought FleetBoston, two months in a row they gave me a confirmation number for my auto payment but the money never left my checking account. I got a letter during month 3 that I was in default and was going to owe all sorts of late fees, penalties, and interest.

I called them up and asked WTF happened, they had no explanation. I told them I wanted to pay right now since I had the money sitting there and they were the ones that didn't take it. They said they could do an electronic check for same day payment but there would be a $25 fee.

I went ballistic and threatened to contact the NY State Attorney General. They put a manager on the phone, I got charged the $25, but immediately got a $25 credit since they had given me 2 confirmation numbers and then failed to get the funds and I obviously hadn't been late since the money was just sitting in my checking account. I also got a $100 credit for my frustration.
 
brantgoose [TotalFark] [OhFark]
2023-02-01 6:49:30 PM  
If anybody comes at you with that glint in their eye, tell them to go away or you"ll litigate.
 
Bith Set Me Up
2023-02-01 6:49:38 PM  
America's Out-Of-Control Overdraft Fees - If You Don't Know, Now You Know | The Daily Show
Youtube Z0tx5e5Aoqk
 
mcsiegs
2023-02-01 6:49:55 PM  

Cinedelic: Can we just lock the entire United States credit industry into a small room with Elizabeth Warren and Katie Porter and a pair of baseball bats for about 20 or 30 minutes?  Then just walk away and ignore any loud sounds or screams that might seep out.


Lol...are you assuming that Warren would win??
 
mcsiegs
2023-02-01 6:51:34 PM  

robodog: RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".

Mine is on auto draft, the only time I've ever been late was when BoA bought FleetBoston, two months in a row they gave me a confirmation number for my auto payment but the money never left my checking account. I got a letter during month 3 that I was in default and was going to owe all sorts of late fees, penalties, and interest.

I called them up and asked WTF happened, they had no explanation. I told them I wanted to pay right now since I had the money sitting there and they were the ones that didn't take it. They said they could do an electronic check for same day payment but there would be a $25 fee.

I went ballistic and threatened to contact the NY State Attorney General. They put a manager on the phone, I got charged the $25, but immediately got a $25 credit since they had given me 2 confirmation numbers and then failed to get the funds and I obviously hadn't been late since the money was just sitting in my checking account. I also got a $100 credit for my frustration.


You trust credit card companies with an auto draft from your bank account?  Yikes...
 
brantgoose [TotalFark] [OhFark]
2023-02-01 6:52:25 PM  

HideAndGoFarkYourself: [Fark user image 850x797]


Oh, look! The strippers have arrived!

They are all experts at drawing your eyes to their crothes, but the second the last from the right (your right) is a genius with his fatty.
 
sex_and_drugs_for_ian [BareFark]
2023-02-01 6:54:33 PM  

Cinedelic: Can we just lock the entire United States credit industry into a small room with Elizabeth Warren and Katie Porter and a pair of baseball bats for about 20 or 30 minutes?


The credit card industry would just sic Senator MBNA on those two.
 
Cinedelic
2023-02-01 6:55:46 PM  

mcsiegs: Cinedelic: Can we just lock the entire United States credit industry into a small room with Elizabeth Warren and Katie Porter and a pair of baseball bats for about 20 or 30 minutes?  Then just walk away and ignore any loud sounds or screams that might seep out.

Lol...are you assuming that Warren would win??


Did seriously you just ask me if I thought that a 73 year old and 49 year old pair of unathletic women armed only with sticks could in fact actually, literally, genuinely, truly, for real beat up the over 2.2 million people who work in the United States banking industry in under half an hour?

The answer is: Yes.  Yes, I think they could.
 
Fark_Guy_Rob
2023-02-01 6:56:32 PM  

robodog: RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".

Mine is on auto draft, the only time I've ever been late was when BoA bought FleetBoston, two months in a row they gave me a confirmation number for my auto payment but the money never left my checking account. I got a letter during month 3 that I was in default and was going to owe all sorts of late fees, penalties, and interest.

I called them up and asked WTF happened, they had no explanation. I told them I wanted to pay right now since I had the money sitting there and they were the ones that didn't take it. They said they could do an electronic check for same day payment but there would be a $25 fee.

I went ballistic and threatened to contact the NY State Attorney General. They put a manager on the phone, I got charged the $25, but immediately got a $25 credit since they had given me 2 confirmation numbers and then failed to get the funds and I obviously hadn't been late since the money was just sitting in my checking account. I also got a $100 credit for my frustration.


I had a similar autopay issue, but it was with my mortgage and I am an idiot...so I didn't notice the problem until several weeks later.

The autopay just didn't happen. The next month it did, but it was still for the regular amount and my checking account had more money than it was supposed to. I called them up, explained it all, paid the missing payment and everything looked great on the website a few days later.

Fast forward.... something like 20 months and I'm buying a new house. They pull my credit report and, sure enough, I had a ding for a late, less than 60 day, mortgage payment.

And that's why I never trust autopay crap anymore.
 
Stephen_Falken [TotalFark] [OhFark]
2023-02-01 6:57:36 PM  
Fark user imageView Full Size
 
robodog
2023-02-01 7:02:41 PM  

mcsiegs: robodog: RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".

Mine is on auto draft, the only time I've ever been late was when BoA bought FleetBoston, two months in a row they gave me a confirmation number for my auto payment but the money never left my checking account. I got a letter during month 3 that I was in default and was going to owe all sorts of late fees, penalties, and interest.

I called them up and asked WTF happened, they had no explanation. I told them I wanted to pay right now since I had the money sitting there and they were the ones that didn't take it. They said they could do an electronic check for same day payment but there would be a $25 fee.

I went ballistic and threatened to contact the NY State Attorney General. They put a manager on the phone, I got charged the $25, but immediately got a $25 credit since they had given me 2 confirmation numbers and then failed to get the funds and I obviously hadn't been late since the money was just sitting in my checking account. I also got a $100 credit for my frustration.

You trust credit card companies with an auto draft from your bank account?  Yikes...


Yup, never had a problem in 30 years other than that one incident, what I won't do is let utility companies auto draft after reading enough horror stories of massively miscalculated bills.
 
gameshowhost [OhFark]
2023-02-01 7:02:45 PM  

RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".


ok sure Sen. Coons
 
ZMugg [TotalFark]
2023-02-01 7:04:07 PM  
What's next, a 'hurt fee fee's fee'?
 
chitownmike
2023-02-01 7:08:59 PM  

skybird659: If everyone in America got rid of all their credit cards except 1 or 2 that they saved for REAL emergencies (NOT a 3rd tv for the playroom!), this country's economy would pop like a soap bubble because it's based on the majority of Americans living in debt. How's that working out?


We could all pay off all of our own debt and still be underwater
 
chitownmike
2023-02-01 7:12:59 PM  

hoodiowithtudio: RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".

The system may have changed but there is literally a flowchart they follow. If I remember correctly, this will happen only once a year.


If you are farking up your payments more than once a year you deserve to pay the fee or don't deserve credit at all
 
Feel_the_velvet
2023-02-01 7:15:52 PM  
A little tip for the kids looking to avoid a late fee:

When paying your Diner's Club bill, before putting the stamp on and licking the envelope, take today's date and decrement the year by "1" and write that as the date on the check.

"That payment's not late - I wrote that check a year ago"
 
foo monkey
2023-02-01 7:20:02 PM  
ITT


Fark user imageView Full Size
 
chitownmike
2023-02-01 7:21:23 PM  

mcsiegs: Cinedelic: Can we just lock the entire United States credit industry into a small room with Elizabeth Warren and Katie Porter and a pair of baseball bats for about 20 or 30 minutes?  Then just walk away and ignore any loud sounds or screams that might seep out.

Lol...are you assuming that Warren would win??


No, see, the credit card companies like to rape people so he is wanting to see Warren and Porter get raped. Pretty disgusting but who am I to kink shame?
 
LineNoise [OhFark]
2023-02-01 7:25:56 PM  

mcsiegs: robodog: RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".

Mine is on auto draft, the only time I've ever been late was when BoA bought FleetBoston, two months in a row they gave me a confirmation number for my auto payment but the money never left my checking account. I got a letter during month 3 that I was in default and was going to owe all sorts of late fees, penalties, and interest.

I called them up and asked WTF happened, they had no explanation. I told them I wanted to pay right now since I had the money sitting there and they were the ones that didn't take it. They said they could do an electronic check for same day payment but there would be a $25 fee.

I went ballistic and threatened to contact the NY State Attorney General. They put a manager on the phone, I got charged the $25, but immediately got a $25 credit since they had given me 2 confirmation numbers and then failed to get the funds and I obviously hadn't been late since the money was just sitting in my checking account. I also got a $100 credit for my frustration.

You trust credit card companies with an auto draft from your bank account?  Yikes...


You realize your credit card company is a bank, right?
 
BunchaRubes
2023-02-01 7:27:25 PM  

Super Chronic: "If the proposal is enacted, credit card issuers will be forced to adjust to the new risks by reducing credit lines, tightening standards for new accounts and raising APRs for all consumers, including the millions who pay on time," Nichols said.

YES. Tighten your farking standards. Reduce your credit lines. Including late fees as part of your profit model, and encouraging consumers to borrow more than they can repay, is the very embodiment of predatory lending.


You don't see where this will impact the "problem customers" even more?

Reduced credit - Sorry, we're lowering your credit limit.  You have 30 days to get your debt below you incur over the limit charges,

Tightening standards - That's a way of saying raising interest rates even more for low credit scores.

Raising APIs on all customers - That shouldn't need any explanation.

In my 20s I was an idiot with credit cards and it wasn't until I was 40 that I had everything paid off.  The only way to win their game is not to play - pay em off every month unless it's a real emergency.
 
LineNoise [OhFark]
2023-02-01 7:28:01 PM  
Also this sucks for those of us who actually pay our bills on time, because it starts cutting into the perks cards offer you.

It also sucks for people with so-so credit who are on the path to rebuilding it, because it will be harder for them to move to better cards.
 
hlehmann
2023-02-01 7:31:06 PM  

Mock26: I very briefly had a bank that would process all of your previous day's deductions and then all of your deposits to your checking account, regardless of the time they were submitted. They would never admit it but I am certain the reason for this was to try and be able to hit people with charges for being overdrawn.


There is also the common practice of processing all the deductions on a given day ordered from the highest amount to the lowest.  This makes it more likely to be able to bill you for more overdrafts, since each deduction can count as a separate overdraft.

/ Fark the banks and set them on fire.
 
baron von doodle [OhFark]
2023-02-01 7:36:49 PM  

Cinedelic: Can we just lock the entire United States credit industry into a small room with Elizabeth Warren and Katie Porter and a pair of baseball bats for about 20 or 30 minutes?  Then just walk away and ignore any loud sounds or screams that might seep out.


Sacks of oranges.
 
alienated
2023-02-01 7:43:48 PM  

baron von doodle: Cinedelic: Can we just lock the entire United States credit industry into a small room with Elizabeth Warren and Katie Porter and a pair of baseball bats for about 20 or 30 minutes?  Then just walk away and ignore any loud sounds or screams that might seep out.

Sacks of oranges.


But, the injuries *need* to be visible.
 
Hobo as a nerd
2023-02-01 7:52:30 PM  

Feel_the_velvet: A little tip for the kids looking to avoid a late fee:

When paying your Diner's Club bill, before putting the stamp on and licking the envelope, take today's date and decrement the year by "1" and write that as the date on the check.

"That payment's not late - I wrote that check a year ago"


I understand that going to jail for fraud does not constitute a good day.
 
Abox
2023-02-01 8:05:28 PM  

skybird659: If everyone in America got rid of all their credit cards except 1 or 2 that they saved for REAL emergencies (NOT a 3rd tv for the playroom!), this country's economy would pop like a soap bubble because it's based on the majority of Americans living in debt. How's that working out?


It's based on treating debt as an asset.  Which is a gamble.  And gambling is the basic unit of capitalism.
 
Ivo Shandor [TotalFark] [OhFark]
2023-02-01 8:14:58 PM  

RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".


Personally I would rather pay the fee than have to deal with a customer service agent and whatever IVR hell it takes to reach one.
 
mcsiegs
2023-02-01 8:25:49 PM  

LineNoise: mcsiegs: robodog: RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".

Mine is on auto draft, the only time I've ever been late was when BoA bought FleetBoston, two months in a row they gave me a confirmation number for my auto payment but the money never left my checking account. I got a letter during month 3 that I was in default and was going to owe all sorts of late fees, penalties, and interest.

I called them up and asked WTF happened, they had no explanation. I told them I wanted to pay right now since I had the money sitting there and they were the ones that didn't take it. They said they could do an electronic check for same day payment but there would be a $25 fee.

I went ballistic and threatened to contact the NY State Attorney General. They put a manager on the phone, I got charged the $25, but immediately got a $25 credit since they had given me 2 confirmation numbers and then failed to get the funds and I obviously hadn't been late since the money was just sitting in my checking account. I also got a $100 credit for my frustration.

You trust credit card companies with an auto draft from your bank account?  Yikes...

You realize your credit card company is a bank, right?


Yes...a bank who should not have direct access to my bank account.
 
MIRV888
2023-02-01 8:30:27 PM  
I haven't had a credit card in over 20 years.  If I don't have the money, I can't buy it.  I saved up a rainy day/ emergency fund in my SAVINGS account.  The world did not end.  My credit score did not stalk or attack me.
Life goes on.
 
mcsiegs
2023-02-01 8:31:09 PM  

LineNoise: Also this sucks for those of us who actually pay our bills on time, because it starts cutting into the perks cards offer you.

It also sucks for people with so-so credit who are on the path to rebuilding it, because it will be harder for them to move to better cards.


You are basically saying that limiting late fees sucks because it subsidizes people who don't need credit cards in the first place....which is so...well...American.
 
austerity101
2023-02-01 8:42:39 PM  

RogermcAllen: Who pays late fees anyway?  Last time I forgot to pay my bill I just called BoA and said "I lost track of the day and missed my payment.  I paid in full the next day.  Is there anything we can do about this fee?".  The agent said "Sure, I've credited your account for $25.  Is there anything else I can help you with today?".


I really don't feel like customers should have to do this just to avoid fees they shouldn't be paying. Perhaps there's a better way rather than "I did it, why can't you?"
 
austerity101
2023-02-01 8:43:06 PM  

Mock26: I very briefly had a bank that would process all of your previous day's deductions and then all of your deposits to your checking account, regardless of the time they were submitted. They would never admit it but I am certain the reason for this was to try and be able to hit people with charges for being overdrawn.


I lost $600 this way once.
 
majestic
2023-02-01 8:43:21 PM  

MIRV888: I haven't had a credit card in over 20 years.  If I don't have the money, I can't buy it.  I saved up a rainy day/ emergency fund in my SAVINGS account.  The world did not end.  My credit score did not stalk or attack me.
Life goes on.


You could loan yourself money for 30 days and save 1.5% or more on purchases. Or you could do whatever. I don't buy anything on a cash basis unless there is a penalty for using my CC.
 
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