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Bank Robbery Growing In U.S.
Bank robbery has grown to become a huge problem in the United
States but I am not talking about people robbing banks. I am
talking about banks robbing people. Here are some tips on how you
can avoid being ripped off by your bank.
Avoid The Plastic
Banks want you to believe you need a credit card. The fact is
millions of people get by very well without one. Contrary to
popular opinion you can rent a car or check into a motel without
one. You can use a bank debit card for the same purchases that
you would make with a credit card, but there is no excessive
interest charged.
Read the Fine Print
Credit card offers will often tease you with very attractive
interest rates. They may offer zero percent interest for six
months, or a very low rate. They may even tout these as fixed
rates, not variable rates. But look out for additional terms in
the fine print. You may find that if you are late on just one
payment they can increase your interest rate, even on the fixed
rate agreement. Your zero percent interest may suddenly become 25
to 30 percent or more. This interest will apply to purchases you
have already made as well as future purchases.
Look at Other Terms
In addition to the interest charged, check the fees for late
payments, going over your credit limit and other fees. Keep in
mind the late fee is often assessed in a period of under 30 days.
You may find your payment is due in only a week or two from when
you receive it. I have personally caught a credit card company
charging me for a late fee they received on time and posted late.
I sent the payment by certified mail so I had proof of the time
of receipt...otherwise they would not have reversed the fee they
charged. Another thing to look at is the minimum payment amount.
There have been instances where this was barely enough to cover
the interest so the consumer never actually reduces his
balance.
Consider Credit Unions
A credit union is a non-profit organization. It is owned by
you - the members. They offer most of the same services banks
offer, but with lower interest rates on loans, and higher
interest rates on your savings.
Try Paying With Cash
If you carry a little more cash you will find checkout at
stores is quicker and easier. You know exactly what you are
paying and there are no bank fees included. Some worry that
carrying cash may subject you to robbery. One could argue on the
other hand that keeping your money in the bank subjects you to
having the bank rob you with unsuspected fees. In addition there
is the very real threat that somebody might get hold of your
banking information and you could become a victim of identity
theft. It's very hard to steal someone's identity if they are
doing business on a cash basis.
Express Your Concerns To Congress
Most states have usury laws which limit how much you can be
charged in interest and late fees. Laws were passed in Congress
in 1980 allowing national banks to ignore these laws, supposedly
due to high inflation. Since we are not in a period of high
inflation now, perhaps it's time for Congress to take another
look at these laws. But they won't do it without your urging.
For more information about state usury laws, I recommend a
website which I found:
http://www.lectlaw.com/files/ban02.htm
Ron Coleman is a freelance cartoonist and writer living in
Oakridge, Oregon. His work has appeared in hundreds of trade
publications and newspapers, plus he continues to do work for
clients on the internet. Today he is semi-retired. His work can
be seen on his website: http://www.coleman-cartoons.com
MORE RESOURCES:
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