In a series of recent posts, WalletBlog has accused Bank of America of breaking the spirit of its “no new fees” promise and of potentially breaking the law next year, after it announced it will introduce annual fees on some existing credit card accounts in 2010.
If you’re a Citibank customer who has one of the bank’s two smaller checking account plans—the ones where the monthly fee is waived as long as you use direct deposit or their online bill payment—then maybe it’s time to consider taking your business elsewhere. Starting in February, anyone with an average balance of less than $1500 will be assessed a monthly $7.50 service fee, reports the New York Post.
This morning, travel service Expedia announced it will abandon its book by phone fee, which it first implemented last May. This makes it the only major online travel agency to not ding customers with a fee for booking flights over the phone, notes consumer travel advocate Christopher Elliott.
Are you looking to get a smartphone on the Verizon network anytime soon? Make sure that you like it before you sign a contract, since starting November 15th, Verizon will be imposing a higher early termination fee—up to $350—on contracts for “advanced” devices. That means smartphones.
Here’s the straight scoop on what’s up with the story in that “Capital One: Waive Your Rights, Get $10 Off Your Next Overlimit Fee!” post.
At Hilton Washington Dulles Airport hotel, everything is complimentary! That’s because to them “complimentary” actually means “for a price.” Last week, a linguistics professor tried to take advantage of their “Complimentary High-speed Internet access on the lobby level,” which is how they describe the service on their website. He quickly discovered that he’d have to agree to a $9.99 charge in order to get the free service.
Could extra fees for using a credit card to pay become the airline industry’s hot new trend?
Wachovia has a new financial product called Way2Save that automatically moves $1 from your checking account into a high interest personal savings account every time you make an electronic bill payment. Susan tried to maximize her contributions by making a lot of little bill payments, but Wachovia cut off access to her funds without notice and triggered an avalanche of penalty fees. Now she owes over $5,000 to her credit card companies, far more than she would likely have ever earned through Wachovia’s complicated savings program, and of course Wachovia is denying any responsibility.
If you want to spread some fiscally sound good cheer this year, consider asking your friends, relatives, and coworkers not to give gift cards backed by the major credit card companies. Why am I making such a sour suggestion? Because a new study from two consumer advocacy groups indicates that most of the population still doesn’t recognize what a money trap those little plastic cards can be.
Bank of America got so fee crazy last week that it applied a $10 overdraft fee to Christopher’s account even though it wasn’t overdrafted. I went back and forth with Christopher to try to figure out what BoA could have done to trigger this, but as you can see from the screen cap below, he only had two debits on the day of the event.
The gym chain made famous on NBC’s “Biggest Loser” is being sued for continuing to debit the bank accounts of customers who have canceled their memberships. The US Court of Appeals, Ninth Circuit, has given the green light to a class action lawsuit that says the chain is violating both the RICO Act and the Electronic Funds Transfer Act by keeping these zombie memberships active.
When Wally first got his Capital One credit card, the interest rate was 12 percent. Then they raised it to 22.9 percent. Now they’re going to raise it again—the day after Christmas—to 25.9 percent.
This year it’s a seller’s market when it comes to buying airline tickets, reports the New York Times, so if you must travel via plane, buy early and try to be as flexible as possible.
Since consumers didn’t whine too much about the addition of $10 “just because” fees airlines imposed on busy travel days, they’ve added fees on more days. Goody for us!