[lbo-talk] thoughts on CPI?

[John Thornton]

W. Kiernan wrote:
> So with the squeeze on all the big banks these days, I suspect the web 
> site error might not have been an error after all, and my advice to 
> credit card holders is to keep an extra-sharp eye on the bills you get 
> or don't get.

I recently read somewhere that most credit card processing centers on 
the East coast service card holders in the West and vis versa.
It was suggested that this was because less affluent customers may have 
to wait until the last moment to send their payments for fear of 
creating overdrafts.
This gives the CC companies an increased chance to tack on late fees if 
the payment doesn't make it on time.
I also read from an ex-CC company employee that a small percentage of 
incoming mail was left unopened for a few day to increase the likelihood 
of adding late fees.
I don't know if this has been documented and any companies fined for 
this behaviour but it wouldn't surprise me if it were true.

John Thornton