Outrage...and furthuring 2 socks post...Important

2 socks informed us of a practice that will cost BOA customer money. I am providing information that makes the credit card companies ...hundreds of millions of dollars per year and hurts consumers...and a side note I have sued Discover and CITI Group for 400 millions EACH......I am a pain in the arssssss when wronged...............so here goes....

When you rent from a car rental agency as I do weekly now days, they place a hold on your account for the amount plus a percentage generally around 30%...now when you return the car the actual charge is charged to your credit card...so you now have the actual charge PLUS the hold showing against your balance (and by proxy your average daily balance that YOUR interest is calculated from, is calculated with BOTH in it).

By law the Car rental agencies must credit back the held amount IMMEDIATLY...now the sticking point.....Discover does not "refund" your held amount for 15 days, and CIT for 30 days although their policy manual states they have up to 45 days....you may ask who cares since the actual financial transaction has not actually occurred...well these credit agencies borrow daily on a ratio that is calculated by formula and includes gross reciepts that INCLUDE both the actual charge AND the "held" amount...so they are using OUR/MY money to borrow against for up to 45 days.....and THEY actually draw interest on OUR MONEY!!!!!!!!!!

Also you pay more in interest because BOTH the held amount and the actual charge are calculated in your A.D.B. interest charge, you have less available against your credit line (actually you can go over your limit and also get over limit fees) and you may actually pay double interest on your balances, AND "could" have your minimum payment calculation effected by 3% of your total balance...............who really cares right.......well

there are a lot of figures to run but this is why it is BS.......the car rental business is 28 BILLION dollars...95% of which is done via Debit or credit card.........if you do the math and calculate the payment "cycle" as 30 days and "guess" that they "cycle at 15 days and half of the people every month "mistime" their rental to the billing cycle.....you can closely estimate that the cost to consumers is around 92 million dollars per year, and the credit card companies MAKE on OUR money somewhere near 160 million dollars per year at prevailing interest rates and calculated at 45 days............................

I sure HOPE our current administration will CHANGE this practice......but just in case their is a case filed in Federal District Court you may want to keep track of.....BTW I also sued Experian pro se for 4.5 million and settled out of court for the illegal merging of data on non unique identifiers to credit files....Congressman Richard Shelby then headed an act to actually change the requirements to the FCRA 6B definition of "reasonable practices to assure maximum accuracy of credit files"..........this can be done (it will) and I urge you to fight unfair practices because our government sure will not given the credit agencies are arguably the 3rd largest lobby group in Washington and a major contributor to our current POTUS campaign.............

 

Preacher,

Thank you.

Signed,

The choir

 

I don't know 2 socks...bow's are defined differently now days from what a certain press secretary has said........................