Potential Credit Card Laws to Protect Consumers
August 25, 2008 · Print This Article
Credit Cards are just one of the fundamental cornerstones to living in modern America. Almost everybody at least knows someone who has one, and these items are quickly replacing cash in a variety of ways on a daily basis, from dining to paying for energy, recreation to online purchases. Credit Cards are in general a great boon to the average American, and with responsible use they present an absolutely fantastic means to build credit.
However, for all that they can provide a person, a particularly ruthless or unscrupulous company can readily take advantage of a customer in any number of ways, and a recent review by the FRB, or Federal Reserve Board, is looking into curtailing these exploitations and aggressive behavior in order to protect consumers from harsh credit card tactics.
The proposals from the board would incorporated some fundamental forms of protection for consumers, such as preventing banks from raising rates on credit card balances or adjusting payments in such a way that maximizes the interest penalties that are imposed on the user. The proposal would also require banks to notify consumers if they closing in on their account limits, and give them the option to opt out of overdrawing before any fees are imposed on their accounts.
Ben Bernanke, Chairman of the Federal Reserve, has said that the proposed rules are meant to establish new fundamental principles for fairness in how credit cards are handled by businesses. Consumers using credit cards should be able to better understand how their financial behavior will affect their overall costs.
It should come as no surprise that there has been staggeringly overwhelming support from consumers in favor of the proposed changes. They believe that this changes will help make the market a more fair and prosperous environment for both the bankers and the consumers, and will allow consumers to have their fair treatment when it comes to handling credit cards in a proper and responsible manner.
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The best part of the proposal is requiring banks to notify consumers if they closing in on their account limits. Consumers and issuing banks need to work together to create more of a cohesive partnership instead of preying on most consumers.
[...] Potential Credit Card Laws to Protect Consumers [...]
I have a credit card from IMAGINE, its a mastercard. Heres my situtation that im really PO’D about. Heres what happened. When I first got this card. i set the card up with a bank acct. i since then have closed the acct and added my new acct to the imagine card. this is how i pay my payments online. Keep in mind that i only used my old acct to open the imagine credit acct. now ive been paying all my payments with my new checking acct. when you log into my imagine credit card acct, and when i click on “make a payment” my checking acct information is already saved in the acct so all i do is type the amount i want to pay and click submit. Ive never been late, my minumum payment that imagine was asking me to pay was only $30. so i paid it.
Well it said proccessed and a day later imaging gave me an increased line of credit. well then this happens. about 5 days later i get an email saying my payment didnt go thru and that it came back as acct closed? i was thinking what the he**? well i pull up my checking acct and theres no imagine listed anywhere for that payment date. so i call them. they tell me the acct was closed, i argue and said no its not, well they said they would fix my acct if the bank says the acct was open so i call the bank on three way calling with imagine on the phone, they chit chat and verify the acct # etc etc.
theres always at least $800 in my acct at all times. The bank verified the acct # from imagine. imagine now says they cant take off all these overdraft charges and other misc fees they’ve tacked onto my acct. so now im piss**! So i argue with them, so instead of paying the original $30, i turn around with the same bank acct and pay $60 (double payment) just to satisfy them. keep in mind this is 5 days after my original payment. ive emailed the company and called everyone supervisor i could get in touch with. Now there saying the payment was made using the original bank # which is a lie, because its not even listed in my imagine acct since 4 mos ago.; the only acct # is the one i always use which is automatically stored in my imagine acct.
keep in mind, when i pay my payment every month, i dont enter any checking information because its already stored. so i could;nt have typed in the wrong # like there saying must have happened. its bulls***! So i get an email from customer service this morning stating “Sir… You couldnt have typed in the wrong # because we dont have the option of typing in an acct # we are sorry for any inconveince please call imagine for any further assistance” well no sh** sherlock. Now im really mad. So i call customer service, GUESS WHAT NOW. they refuse to take off those charges, and since i even paid a double payment of $60 instead of $30…guess what… they say now i need to pay another $57 or my acct will not be in good standing. WHAT THE FU**!!!!!!!!!
Can somone please tell me the appropriate authorties to contact to report imagine credit card to? the card says the first bank of delaware on the back. I have got nowhere by calling these folks, the absolutely say its not thier fault something happend and my payment went back four months and was paid with my old acct, which is a lie, because when i called the bak with them on the phone, my new acct # is the one they was verifiying, but when they verified that it was good, now there saying something different, its a scam. please email me at lucky7lv@hotmail.com for help and give me the # to call to report these people.