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I've heard some rumors of really bad things to come. I have a friend that works for a big bank and said some crazy things are on the horizon...
Instead of late fees per month, it would be per day and up to $6 (of course with a limit per month)
Fee to customers who have no activity on their cards per month - i had an old PNC bank card that did this years ago when I was in college.
As well, banks pushing to have the payment "posted" on or before the due date. Meaning, if you pay your credit card on your due date, it would be late as it may take up to 72 hours to post. I got a letter from BofA a little while back saying that they can charge late fees if payments are not made to the account before the due date.
Ive already seen a late fee posted to my account last month. My due date is the 20th and I made a payment on the 19th and on the 20th was still "pending" then saw the late fee. I had to call back to get it removed.
Also, the payments needed to be made before the end of the BUSINESS day for the bank.
All this shit is absurd and banks just robbing anyone they can. IMO its already fucked up that you need to be in debt to get "credit" since credit drives our economy.
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