rssAnother Reason Why People Hate Credit Card Companies
Wednesday, August 27, 2008 at 10:56 am
- 2 Comments
Citigroup will have to pay $18 million in fines and refunds to customers across the country for taking money from their accounts without notification, Marketplace reports today. For years, Citigroup employed something called the “Account Sweeping Program,” which is a fancy way of saying the company would keep for itself money that customers overpaid on their bills or were due as refunds for something they bought with their cards. And they would never tell the customers about their little plan. Here’s the worst part, from the Marktplace piece:
California’s attorney general investigated the so-called “account sweeping program” for three years. AG Edmund Brown says the company stole from mostly poor people and the recently deceased.
So Citigroup actually stole money from dead people? How much worse can it get? Every time Congress moves to impose even minimal restrictions on these people, they cry foul and complain they’re getting picked on unfairly. But then they turn around and do things like this. There’s really have no defense here. No shame, either.
2 Comments
Comment posted August 27, 2008 @ 10:48 am
No defense, no shame, but their pockets have no bottoms either. Unfortunately, when you make a society centered around money, I don't know, maybe like ours, people tend to do anything to get their hands on more of it. Its just like the criminal justice system. Two things happen when you get caught, either you pay a lot of money and go free, like maybe OJ, or you don't have any money and you go to jail, like the millions of under privileged, under educated, minority members in America's jails. Two things will happen to the credit card companies. They will either lobby to congress, pay a lot of money, and “go free”, or they will get regulated. The only way the latter will happen is if congress suddenly finds itself with morals and puts the needs of the many before the needs of the few.
Comment posted August 27, 2008 @ 3:48 pm
No defense, no shame, but their pockets have no bottoms either. Unfortunately, when you make a society centered around money, I don't know, maybe like ours, people tend to do anything to get their hands on more of it. Its just like the criminal justice system. Two things happen when you get caught, either you pay a lot of money and go free, like maybe OJ, or you don't have any money and you go to jail, like the millions of under privileged, under educated, minority members in America's jails. Two things will happen to the credit card companies. They will either lobby to congress, pay a lot of money, and “go free”, or they will get regulated. The only way the latter will happen is if congress suddenly finds itself with morals and puts the needs of the many before the needs of the few.
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