Robbed by Plastic Card

Banks are using plastic credit cards to rob you. �Some bank customers are suggesting that you should put your hands in the air when� you make a credit card payment. Why, because when you are robbed, you are told to raise your hands.� The banks have substituted the plastic credit card for a gun. On Bank of America band manager complained that he was ripped off when he switched to a bank card that promised a Zero-percent interest rate for six months on all transferred balance into that card.� They did not tell her that if her payment was late by one-day or if any other of her accounts were late they would boost her rate to 21 percent on the entire balance. The bank manager said they were costing her about $300 a month.

� Most people do not know that credit card companies can increase your interest rate to 21- percent for what they call �Universal Default.� What is �Universal Default?�� It is a rule that the banks and credit card companies simply made up that says if you are late on any payment. This includes department stores,� your car and house payments or if you have several credit inquires on your credit report, then they can raise your interest rate to 21-percent.� The credit card companies say they do this because you �might� be late on a credit card payment in the future.� It is like going to jail now incase you ever doing anything wrong. A Bank charged me a fee for paying off my credit card and another fee for closing it.� The bank said I also owed them a fee for not opening another credit card with them.� I told them they were crooks.

We need some new Federal Regulations to protect the consumer from out-and-out bank credit card fraud.

Filed 2/26/07