The worse part of this column is that everything in it is true. I’m sure that all of you have credit cards, and will agree with me that the worst ones to deal with are the ones from of our biggest banks. Chase, NA and Bank of America I find are the most ruthless to their customers. Forget the illegal usurers. They are nothing compared to the unbelievable legal antics of these giant banks — the very same banks spending fortunes on advertising to get you to open an account.
It all started over the 4th of July weekend, a legal bank holiday. Oops, thanks to the incredible miserable mail delivery of the US Postal Service, a few of my credit card bills came too late for me to pay the minimum due before their due date. Coming home from the long weekend I was shocked to see that the Chase and Bank of America and a couple of others were unpaid. This was not the first time this has happened and certainly won’t be the last according to the Post Office’s track record. It has happened too often!
That Monday morning I called Chase Customer Service number to ask if I could make the fifty dollar minimum due without getting a late $39 penalty fee, figuring that Monday was the next business day and by paying it on Monday, the next business day the payment would be credited on time. As a matter of fact, I actually made the payment on line before I called.
I had called another bank, and that bank’s customer service rep told me that there was a one-day grace period if I made it that day. So it was very unnerving to hear that Chase’s payment was now due July 3, because of the Holiday and I would be charged the $39 late charge. I argued with the Service Rep saying that it was usury to charge $39 for $50. She said that the bank sent out the bill on June 10 and that it should have been paid before July 4th. Obviously this woman has never used the Post Office; otherwise she would have never made that remark.
Now I seriously believe that these Banks rely on the Post Office to be unreliable. Their statements never have a date post mark, so the mailman isn’t pressured to deliver mail when they receive it. There’s no way to see what date it was mailed without opening the bill. Now these banks have another trick. If you go over the limit, you are charged $35, so it’s very possible to get a $39 late charge, which could make you go over your credit limit and then get charged an additional $35. So: a $50 payment due, and a $39 late charge, puts you over your limit, you would get a $35 over the limit fee and it would cost you $74 (39 + 35) in addition to your minimum payment.
And you were told all this in the tiny printed legalese brochures they send you periodically. Have you read yours lately?
Now all these Robber Baron banks are out of control, and they have the best lawyers in the world allowing them to take advantage of their customers, who are destined to be destitute if these banks are allowed to continue their money-grabbing practices.
Now here’s the problem, most of these large Robber Baron Banks are not controlled by the NY State Department of Banking. Some smaller ones are, and to find out which ones call 212 709-3500 or go to www.banking.state.ny.us. I called and was referred to the Federal Agency of Office of the Comptroller of the Currency (OCC), a Division of the US Department of the Treasury. 1 800-613-6743 or go on line to file a complaint or get info www.helpwithmybank.gov.
If your bank has NA after its name, then it’s under OCC and if you’re tired of their Jessie James tactics, call or go on line and complain!
Screech at you next week!