New rules will go into effect Monday that will make it harder for credit card companies to pull one over on you. Among other things, card companies can no longer allow you to go over your credit limit (and then charge you a fee for it) unless you tell them you want to be able to exceed it.
There are times when this could come in handy. If you're on your way back from a road trip and have nearly depleted your limited budget, you'd be able to bail yourself out if, say, your car goes ka-put.
These new regulations are definitely going to be felt by credit card companies. The Federal Reserve estimates that banks make around $30 billion a year in overdraft fees. But it does beg the question: why all the secrecy? If your service is so great, why not just generate money by raising the up-front price, and let consumers decide in an open manner whether or not they should take advantage of your services?
This same problem plagues air travelers. Revenue from baggage fees have gone up 50% over the past year, for a total of $2.5 billion siphoned from travelers between September of 2008 and 2009 for the privilege of bringing a fresh set of clothes on their trip.
Even more insulting, the Los Angeles Times found that for a $119.40 round-trip ticket from L.A. to San Francisco, the fees for checking two bags would be $120. Yeah, that's right. It costs more to send your bags to the Bay area than for you to get there yourself.
I guess the only good thing is this spells the end of sending yourself in a suitcase to avoid the airfare.
--Brandon
Hi there Brandon, how are you doing, hope you are doing great.
I am still working ofcourse, I told Ian in my Eval that I would work till I was 102 yrs old, and he put it in my Eval, LOL.
This was good, and also the banks have been changing rules before the date got here. I am soooo angry at the banks after all the public lent them that money.
Keep up the good work you are doing, would love to see you sometime, if you stop in at the store, come by my register. Hugs Rosalyn
Hey Rosalyn -
It's true: many companies manipulated their policies before the rules could go into effect, which I find pretty dishonest. But they are cooporations that are looking out for their own interests, and nothing more. I guess we shouldn't expect anything less.
When your 102nd birthday rolls around, I hope that you tell them that you've changed your mind, and you'd prefer to work until you're 112. I always seem to be at the north store at the wrong times to catch up with you, but I bet I'll see you soon.
Good wishes from brass headquarters!
--Brandon
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