New Credit Card Laws

The new credit card laws will be coming into effect in 2010 and I think they cannot get here soon enough. I really hope that as I write below that some more class action suits result as well and get back to where banks serve their customers and you can bring your change in and they don’t charge you half to take the money and stick it in your saving account.
• Payments will be applied to those charges subject to the highest interest rates first. This was a horrible way of doing it and a great profit maker for the credit card companies expect that those checks in your bill will stop appearing as the
• Eliminating “Two Cycle Billing” — a real cheap shot even after you have paid they charge you more interest.
• Mandating Reasonable Times to Pay One of their favorite tricks is they sell the account to a new company and they they start moving the payment date and it jumps from say the 28 to the 22 of the month to try to trip you up.
• Universal Default — if anything goes bad they all go bad at the same time according to the banks so they all raise their rate so there is no place to hide.
• Making the Over the Limit Fees Fairer so a $10 over limit should not incur a $39 fee.
• Longer notice periods before changes to your account terms

I got caught up in some of these really bad practices where you are hours late and they hit you with the fees which I called them up and they deducted them but they don't tell you two times and they are raising your rate.

I like a lot of small business men was using my credit cards as a way to grow my business, and because of what happened I needed to do something drastic to get out from underneath and for me that was to sell a business that was growing in order to pay of the credit cards.

I was 28K in the hole when they took me from 7.9 to 29.99% , then they did something really shifty, they were reporting to the 3 credit reporting bureaus that my limit was 10K and on my bills they were saying that I had 32K worth of limit, and they were allowing me to continue charging. So what was happening was that I was late twice less than 2 days and they jacked me and because they were reporting that I had 10K limit they really caused my FICO score to drop.

Why is the FICO significant?

If my Fico score had not dropped from over 700 to close to 500 I probably could have gotten new cards and received no interest balance transfers for 6 to 15 months and a lower rate once they revert to the regular rate after the promotional rate was up.

I wrote 3 letters to them to complain on the reporting the 10K but yet my limit was 32K I also wrote to the reporting companies and said hey here is my bill it shows what the limit is and they refused to change it and said that the credit card company needed to change it, so I called the credit card company back up and said I wonder how many others people you are doing the same thing on? I bet there are enough people to bring a class action suit!

At this time the CCF Class action was in court for the foreign exchange rate over charging and market manipulation and they didn’t want to hear class action, so they put me through to a new person who cancelled the old account and did a new account with a lower rate and gave me 6 months interest free.

I write all this as I think that if there were others like my self that were treated this way that there damages and that the practices were unfair if not unlawful and it would be great if they took them to town again like on the CCF Settlement and got them to make good on their strong arm tactics and hey if a few of these banks fail so be it!.

Let’s hear your story! All posts are printed that are in reasonable good taste basically anything that you can say after 10 PM on TV.

TD AMERITRADE settlement- CCF rant

NOTICE OF PROPOSED CLASS ACTION SETTLEMENT CLAIM CODE:
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Well what a pleasent surprise to see that I have been involved in another class action suit that I find out that I am involed in a class action suit after the suit is over. Hey I didn't even realize that I suffered any damages otherwise I could added my cheap lawyer to the legal battle.

the software that they are giving to you if you are a member of the TD Ameritrade lawsuit is Trend Miro what you get is a one year subscription or a one year renewal. I think I would rather have some of the lawyers fees in cash instead or hey give me the value of the anti virus software in cash so that I can buy my own software!

What do you think? Post it Here!

Hey when are we going to see the money from the CCF suit as i understand from reading the update that they had in March 2009 there are so many claims that they are going to reduce the amount that everyone will get based on a prorated basis and that the refunds that were over $225 I think I remember of which I was in that group will possibly be getting only around $225 and the smaller claims might be getting less than $25 Of course the not so cheap lawyers at like $400+ an hour will get all of their money YEA FOR THEM!

To All Account Holders Or Prospective Account Holders Who Provided PHYSICAL OR EMAIL ADDRESSES To TD AMERITRADE, Inc. On Or Before September 14, 2007.

Your Rights Might Be Affected By A Class Action Settlement.

Below is a summary of the proposed settlement, including how you can download a free anti-spam Internet security software product.

In re TD AMERITRADE Account Holder Litigation, Case No. C 07 2852 VRW

WHAT THIS SETTLEMENT IS ABOUT: These lawsuits were filed in the U. S. District Court, Northern California District, San Francisco Division, against TD AMERITRADE, Inc., et al. (the "Company" or "Defendant") on behalf of the Settlement Class. The amended consolidated complaint ("Complaint") alleges that an unauthorized third party acquired email addresses of the Company's account holders that were then used by spammers to send unsolicited commercial emails promoting certain stocks. The Complaint seeks monetary and injunctive relief for any alleged injuries arising from the data breach, including alleged receipt of spam and identity theft, if it were to occur. Recovery is sought based upon alleged violation of various state and federal laws and alleged breach of fiduciary duty. The Company denies any liability in the matter. To resolve this matter without the expense and uncertainties of litigation, the Parties have reached a proposed settlement. This settlement is not an admission of wrongdoing by any Party.

If approved, the proposed settlement will provide various benefits to the Settlement Class, including a free one-year subscription or a one-year renewal for an anti-spam Internet security software product; a warning on the Company's Web site concerning stock-touting spam; additional measures to protect the privacy of customer information; an independent consultant to conduct an additional analysis as to whether the personal information of any member of the Settlement Class has been subject to organized misuse relating to identity theft as the result of unauthorized access to certain data; customer assistance and voluntary dispute resolution procedures if instances of organized misuse of information are identified; and general customer support relating to the benefits of the settlement and questions concerning spam and identity theft. The consultant conducted four analyses since August 2007 and found no evidence of identity theft resulting from the data breach. The fourth analysis was completed on June 10, 2008. The Company will also donate $55,000 to two organizations, selected by the Parties, which support protecting the privacy of customer personal information. In return for these benefits, the lawsuits will be dismissed and members of the Settlement Class that do not exclude themselves from this settlement according to the procedures described below will be deemed to have released all claims against the Company relating to the unauthorized acquisition of email addresses and any other customer information and/or the receipt of spam emails, except that settlement class members will not release individual claims, if any, for damages caused by identity theft.

THIS IS ONLY A SUMMARY NOTICE: For more information about the settlement, including details of the release, provisions for attorneys' fees and costs and awards to Class Representatives and other pertinent information, you may obtain a copy of the complete Notice of Proposed Class Action Settlement. You may do so by visiting the settlement Web site: www.StockSpamSettlement.com or by mailing a request for the Notice to: TD AMERITRADE Settlement Administrator, P.O. Box 6177, Novato, CA 94948-6177.

WHO REPRESENTS THE CLASS: The court has appointed KamberEdelson, LLC to represent the Class. You may hire your own attorney if you wish; however, you will be responsible for that attorney's fees and expenses.

FAIRNESS HEARING: A hearing will be held on September 10, 2009 at 2:30 p.m. PT before Chief Judge Vaughn R. Walker in Courtroom 6 of the U.S. District Court, Northern California District, San Francisco Division, 450 Golden Gate Ave., San Francisco, CA 94102, to determine the fairness of the proposed settlement, including the amount of the award to plaintiffs' counsel for costs and attorney's fees. The date for the hearing may be changed without notice. YOU ARE NOT OBLIGATED TO ATTEND THIS HEARING.

TO EXCLUDE YOURSELF FROM THE CLASS OR TO OBJECT TO THE SETTLEMENT: If you are a member of the Settlement Class you have the right to exclude yourself from both the Settlement Class and the settlement by following certain procedures described in the complete Notice, including but not limited to filing a written request for exclusion. If you do not exclude yourself and you wish to object to the settlement you must timely file your objection in writing. Comments and objections must be filed with the Clerk of the U.S. District Court, Northern California District, San Francisco Division, 450 Golden Gate Ave., San Francisco, CA 94102, on or before July 9, 2009. You must follow the other procedures described in the complete Notice.

Upon final approval of the settlement by the court, if you are a member of the Settlement Class and have not validly excluded yourself, your claims against Defendant and its affiliates, their predecessors and successors will be released and you will be entitled to download the free anti-spam Internet security software product. To download this free software, after the final court approval, visit www.StockSpamSettlement.com. At the Web site you will be asked to enter the CLAIM CODE at the top of this email, so KEEP THIS EMAIL until you download your free software product.

For more information, or to obtain a copy of the Settlement Agreement and other documents filed with the court, you can view the court file in the Clerk's Office, visit the settlement Web site: www.StockSpamSettlement.com or contact Class Counsel at 877-377-5281 or stockspamsettlement@kamberedelson.com. Please Do Not Contact The Court Or The Clerk Of The Court Concerning This Notice.

By Order of the U.S. District Court,
Dated: May 1, 2009 THE HONORABLE CHIEF JUDGE VAUGHN R. WALKER