The financial reform compromise may keep our financial system from reprising Chernobyl anytime soon, but it will also change the way consumers use their credit cards. Merchants will soon be allowed to refuse plastic for purchases of less than $10, a rate the Fed can boost as they see fit. Both the Fed and universities will also gain the power to set maximum credit charges. That means no more free flights to Europe after charging your kid’s tuition to your rewards card. The changes will go into effect the day after the compromise is signed into law.
Sorry travelers, as expected, United Airlines will require minimum stays on all flights starting in October. Gone are the halcyon days of jetting away for a business meeting after breakfast with time to spare before returning for dinner. Most United fares will now require a three-night or weekend stay, but it “will depend on the destinations involved, the price of the ticket and the length of the flight.” And, yes, you will still be charged $15 to check your first bag.
John can’t understand how Wachovia charged his startup $12 in fees for failing to maintain a minimum balance when his company never opened an account with Wachovia in the first place. Apparently, his former bank manager decamped to Wachovia and, without his permission, opened a new account “to ensure certain money rates,” whatever that means. John isn’t mad, and the bank manager agreed to close the account, but John is a little worried because a collections agency has started calling and the account now lists $24.05 in fees.
Banks love graduation almost as much as parents. You’re finally on your own, able to afford food, rent, and beer, so why shouldn’t the banks—the kind, selfless banks that let you save while you slaved for knowledge—now sink their teeth into your anorexic accounts for a hearty bite of their own? FiLife compiled an excellent list of bank policies so students know how their institution plans to celebrate their impending graduation.