fees
Bill to reverse $15 increase in fee for driver’s license goes to Senate
Legislation seeking to reverse a $15 increase in driver's license fees imposed last month is headed for the Senate floor. Sen. Joe McPherson, D-Woodworth, got unanimous Senate Transportation, Highways and Public Works Committee approval of Senate Bill 407, removing the Office of Motor Vehicles' authority to impose the fee. Full Article.
Bank of America Extends CARD Act Protections to Small Biz
Bank of America recently announced it will give small business relief from fees for going over credit limits and apply their payments to the portion of their balances with the highest interest rate. The announcement makes BofA the first major small business card issuer to commit to not retroactively raising interest rates on old balances. Full Article.
Credit card over limit fees persist for small businesses
The credit card reform Congress passed last year ended “over limit” penalties –- typically $35 fees applied when cardholders charge more than their credit lines allow -– unless customers opt in. At least for consumers –- not so for business credit cards, which the CARD Act does not regulate at all. Now, with two sets of rules, confusion abounds. Full Article.
Gov. Jindal: Put Tuition in Hands of Schools
Gov. Bobby Jindal told business leaders on 1/26/09 that colleges should have more control over tuition and fees. Currently, lawmakers control tuition increases. LA is the only state in the nation that requires two-thirds approval of the Legislature for tuition and fee boosts. Full Article.
Six New Credit Card Booby Traps on the Way
What Congress giveth, credit card companies are poised to take away. In six weeks, the final major provisions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act will take effect. Issuers have, however, reacted to the sweeping new consumer protection law by quickly inventing new egregious tactics. Full Article.
New Fed Rule Requires Banks to Get Customer Consent for Overdraft Fees
Fed Reserve Officials announced today that, starting next summer, financial institutions will no longer be able to charge overdraft fees in most cases, unless customers opt in to the service. The new regulations cover overdrafts from ATM withdrawals and debit card purchases. Full Article.
Newest Bank Fees
Interesting USA Today article about banks charging new fees to cardholders. Others already charge annual fees to cardholders who don’t put more than a specific amount on their cards. Full Article.
Overspending on Debit Card Boon For Banks
A recent New York Times article highlights the fees, sometimes as much as $34.00 per instance, banks charge customers who overspend on their debit card. Full Article
