It looks like the government will be getting serious about credit card regulations. The Federal Reserve Board proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances.Regulation AA (Unfair Acts or Practices)The proposal would amend Regulation AA to prohibit unfair or deceptive acts or practices by banks in connection with credit card accounts and overdraft services for deposit accounts.Credit Cards- More Time To make PaymentsThe proposal would stop banks from treating a payment as late unless the consumer has been provided with reasonable amount of time to make that payment. There would be a new safe net for banks that send periodic statements at least 21 days prior to the payment due date.- Allocation of PaymentsWhen you have a credit card with different balances (for example, purchases, and cash advances), typically the annual percentage rate (APR) is higher on the cash advance. When you make a payment on a scenario like this the bank will apply your payment to the lower of the two. With the new regulation the payment will be split equally amongst the two balances. In […]
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Privacy laws have gotten more specific and strict over the last fifteen years. The use of online information has proliferated to the point where almost anyone armed with just a little information and a willingness to spend some money can find out a great many pieces of personal information, including a person’s driver’s license number. Having this data can lead to finding other information that can be used for illegal purposes. Stalkers, identity thieves and estranged partners can find people who otherwise want to be protected and undetected.The Driver’s Privacy Protection Act (DDPA) was enacted in the 1990’s and it protects these types of privacy invasions. There are specific reasons listed where you can legally gather drivers license numbers. Prospective employers and people within the judicial system have legal reasons for gaining this sensitive data. While the act has been amended to include many of the technological changes of the last fifteen years, ways to circumvent these safeguards are readily available.There are many places online where you can access a lot of this type of data - some of it is legit and other is not. Identity theft is a huge problem now and a person equipped with a few […]
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