David & Goliath: How Customers are Sticking it to the Big Banks

January 19th, 2010 admin

( Daniel Leninger ) Last November, Mint reported at length on the many ways that banks and creditors were sticking it to consumers in anticipation of the The Credit Card Accountability Responsibility and Disclosure Act of 2009 (set to take effect in February.) Among the various unsavory practices were sudden interest rate hikes, strict enforcement of overdraft fees, “due date roulette”, reduced credit limits and universal default – all of which will soon be prohibited. And despite often being depicted as helpless and uneducated, consumers have begun retaliating by hitting the big banks where it hurts – at their bottom line. Slowly but surely, people are concluding that it is simply not worth transacting with institutions that mistreat them, and are beginning to take their business elsewhere instead. Consumer rebellion against banks has …


Originally posted on Mint

 
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