If you receive a medical bill dunning you for whatever your insurer didn’t pay, take a closer look before writing your check. The New York Times writes that although balance billing is a common practice, it’s not always legal, and you may be able to ignore it. [More]
payments
Citicorp Deferred Interest Trap Springs Shut On Man Who Underpaid By $11
By 12.17.09
I suspect some readers will say that Assefa Senbet is to blame for screwing up one of his final payments to Citibank on a deferred interest loan agreement. They’ll be right–it was his responsibility. But he didn’t skip a payment, and he wasn’t late. In fact, he frequently overpaid in order to pay it off early. Near the end of the loan, however, he sent in a check for $70 instead of $81. As a consequence, he’s now paying off $887 in deferred interest fees at a 30% interest rate. [More]
Wachovia Harrasses Me For Phantom Car Loan Payment
By 12.9.09
Richard bought a vehicle, returned it and bought another from the same dealership. He says Wachovia erroneously paid off the second loan instead of the first. Once he got the finance department to correct the mistake — a process that took a month — Wachovia started hassling him to make a payment for which he was never billed. [More]
Fewer Consumers Write Personal Checks, Fewer Retailers Accept Them
By 11.21.09
Reader broncobiker sent us the photo at left, wondering whether check acceptance policies might be getting a little out of hand. But checks have so much potential for fraud, and so few shoppers use them, that many merchants have just stopped accepting them entirely.
Wachovia's "Way2Save" Account Triggers Over $5,000 In Penalty Fees
By 10.27.09
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.
Judge Tells ASCAP No Royalties For Ringtones
By 10.16.09
One of the weirder strategies by the American Society of Composers, Authors and Publishers (ASCAP) recently has been to claim that every time a ringtone played, a royalty should be paid. ASCAP sued AT&T earlier this year over the claim, but a federal judge has ruled that your phone ringing does not constitute a public performance.
Consumers Pay Down Credit Card Debt For 11th Straight Month
By 10.8.09
The Federal Reserve has released data on consumer debt for August, and for the 11th month in a row we’ve paid down credit card debt and increased savings. Take that, rate-hiking credit card companies!
Pay Restaurant Tabs From The Comfort Of Your Table
By 10.4.09
If you dislike handing your credit or debit card over to restaurant employees and letting them wander off with it for a while, you’re not alone, and that’s why some restaurants are experimenting with mobile pay-at-the-table technology.
NYC Restaurant Stops Accepting Cash
By 9.11.09
If you decide to eat at Commerce, an unpleasantly named upscale restaurant in New York City that charges nearly $25 for spaghetti, your cash is no longer welcome.
EECB Finally Gets Someone At Bank Of America To Listen, Admit Responsibility
By 6.22.09
Bank of America messed up Andy’s credit score by failing to send him credit card statements or giving him online access to an old account he only recently started using again. They also refused to work with him over the phone, telling him each time he called that they had no record of his previous conversations with customer service and therefore no reason to believe him.
Credit Card Companies Are Warming Up To Reduced Payoff Deals
By 6.17.09
If you’ve fallen into a debt pit and can’t make your credit card payments, and now you’re watching them steadily mount with penalties, fees, and steep interest rates, consider negotiating a lower payment. The New York Times reports that while most card companies won’t admit it officially, they know when they’ve got a customer who can’t pay, and they’re much more willing to settle for a lower amount than they were a year ago.
HSBC Credit Card's Pay-By-Phone Fee Is Higher Than The Bill
By 5.12.09
Why does HSBC charge $15 to make a payment over the phone? Other, often smaller, companies charge $3 or less, as MG notes in his email below. In this case, since the alternative is so unwelcome—a possible late payment, and a corresponding hit on MG’s credit score—it seems pretty outrageous to hold him hostage to a $15 fee.
Capital One Charges Woman $29 Late Fee For Paying Too Early
By 5.1.09
Jason writes, “My wife just sent me an email saying that she paid ‘too early’ (before the new statement was generated) and got charged a ‘Late Fee’ of $29!” He says she called Capital One and got the fee waived, but it’s a good reminder that if you make a payment before the new statement period begins, your card provider will likely apply the payment to the previous statement period, and will still expect a fresh payment from you by the new due date. Just make sure your payments aren’t scheduled so early that they’re applied to the past and you’ll be fine.
At Six Flags, You Have To Pay A Fee To Print Your Own Tickets
By 4.22.09
We know Six Flags is desperately trying to avoid bankruptcy, but that’s no reason to go all Ticketmaster on the people who want to have a good time at Magic Mountain in Los Angeles.
Disney Mistake Means Super Cheap Annual Passes For Some Lucky Customers
By 4.22.09
Disneyland mistakenly extended a special annual pass program to ineligible customers last December, but only realized it recently. At the time of the sale, residents of certain Southern California zip codes could buy an annual ticket on a 12-month installment plan, free from any interest rates or other fees. When they discovered that some customers weren’t in valid zip codes, they ended the payment agreement with them—but they’re letting them keep the annual passes.
Chrysler Financial Accused Of Turning Down Government Loan To Avoid Executive Bonus Restrictions
By 4.20.09
The Washington Post has just published a story accusing executives at Chrysler Financial of turning down a $750 million government loan because they “didn’t want to abide by new federal limits on pay,” and instead opted for more expensive private sector financing, “adding to the burdens of the already fragile automaker and its financing company.” Chrysler Financial denies the charge.
Virgin Mobile Offers To Pay Your Phone Bill For 3 Months If You Get Laid Off
By 4.14.09
Starting tomorrow, Virgin Mobile will offer all customers who sign up for $30 or more post-paid plans coverage under their free Pink Slip program, which means if you get laid off and can provide proof, they’ll pay your cellphone bill for three months, and you won’t have to put a Skype number on your resume.
Tennessee Pushes Back Against Late Fees By Credit Card Companies
By 4.8.09
Although it has yet to pass into law, the Tennessee Senate Commerce Committee has approved a bill that requires creditors to count the postmark date of a payment as the payment date, not the day they say they receive it.
