Federal Reserve Limits Credit Card Fees
The Federal Research Board approved a final rule today regarding fees for late payment, penalties, inactivity fees, and other similar charges. The rule amends Regulation Z, Truth in Lending, and governs the following:
- Late payment fees are limited to $25, unless the consumer has a history of violations or the issuer can show the higher cost is justified by the expense associated with late payment.
- Penalty fees cannot exceed the dollar amount associated with the violation.
If you have a Bank of America credit card and are thinking about opening a checking account with Bank of America, then this $75 promotion on their MyAccess Checking account may be help you overcome inertia. The offer is pretty straightforward, open a bank account online through this link, fund it with at least $125 in 30 days and you’ll receive $75 in 90 days.
When people talk about the Bush-era tax cuts, they’re usually referring to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) signed by President Bush in June of 2001. Many of the provisions were set to phase in over 9 years but those were accelerated when the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) was signed just two years later. M
Let’s say you owe a creditor money. What are the chances that missing a court date for an unpaid debt you could get thrown in jail? It could depend, in part, on the state in which you live, says the (Minneapolis) Star Tribune.
Nearly three years ago, I talked about how free checking isn’t really free because you are earning 0% interest on your money there. Today, as I’m reading The Big Short by Michael Lewis, I reached a passage in which Lewis shares an anecdote at a lunch where Herb Sandler, the CEO of Golden West Financial Corporation shared his thoughts on “free checking.”