http://www.herald-dispatch.com/business/x1418593921/Feds-sue-three-biggest-credit-card-companies-settle-with-MC-and-Visa
The Justice Department on Monday sued the three largest U.S. credit card companies for anticompetitive practices and reached a proposed settlement with two of them, MasterCard and Visa.
"We want to put more money in consumers' pockets, and by eliminating credit card companies' anticompetitive rules, we will accomplish exactly that," Attorney General Eric Holder told an afternoon news conference. "The companies put merchants and their customers in a no-win situation" and "consumers are being held hostage."
In papers filed in federal court in Brooklyn, the department and various state attorneys general sued all three companies, saying they were attempting to insulate themselves from competition.
At the same time, the Justice Department filed a settlement it has reached with Visa and MasterCard. Court approval of such settlements is usually a formality.
Under the settlement, Visa and MasterCard agree not to prohibit merchants from offering customers discounts or rebates for using a particular kind of card. Visa and MasterCard also must allow merchants to express preferences for the use of a low-cost card within a network or other form of payment.
The lawsuit says the card companies are impeding merchants from promoting the use of competing credit or charge cards with lower acceptance fees.
Each time consumers use a credit card to make a purchase, the merchant must pay a fee. Such fees brought in $35 billion last year to the three credit card companies and their affiliated banks.
"We're partway there" with the proposed agreement with Visa and MasterCard, Assistant Attorney General Christine Varney, head of the department's antitrust division, told the news conference.
"We remain open" to seek a settlement with American Express," Varney added.
Shares of American Express closed at $39.05, down more than 6 percent; Mastercard ended at $222.64 down less than 1 percentage point, and Visa was down for the day at $73.24, losing less than a quarter percentage point.
Joining the lawsuit were state attorneys general from Maryland, Connecticut, Iowa, Michigan, Missouri, Ohio and Texas.
Friday, October 8, 2010
Sunday, June 20, 2010
I settled with another company for American Express
In April, I entered into a settlement agreement with American Express through the law offices of Mann Bracken LLP. I agreed to a $5,000 payment in April and two more payments of $338.89. I made these payments and the debt was settled. I have a copy of the agreement which states that after those payment, "You will be released from further obligation in this matter." In July I started getting phone calls from AEGIS Recieveables in Irving, Texas (I don't think the calls came from there the callers could barely speak English, sounded Palistian, or something to that effect) I first mailed a copy of this agreement to them and then last week faxed them a copy. They will not stop calling and are rude and tell me they haven't recieved anything. Today they called 7 times in a row and would not stop calling. I was not home and the friend who answered told them so, but they would not stop. I took the last 2 calls when I got home and told them I had filed a complaint with the Federal Trade Commission (I did last night) and that I did not intend to put up with their harrasement. Apparently American Express is trying to collect more, this company got this in July. So I fault them as well. I entered into a legaly binding agreement with them through their lawyers and fulfilled my side of things. They are still trying to get more out of me and will not. I dare them to take me to court!
AMERICAN EXPRESS reduced credit limit with no warning
american express with out notice reduced credit limit never been late 10 years this also affects fico/credit score by showing limit available credit< it is a catch 22 wrongly done,. i understand in this economy a business has to examine and reduce risk but not at the cost of wrecking good customers.congress should act on these actions of the credit card companys.they are reducing credit limits and increasing aprs to variables. fine repayment for good customers thanks alot. folks are having to reevaluate this economy.everyone who reads this should take the time to write the credit card companys personaly lots lots of mail. also write your local congress person lots lots of mail express your feeligs on this matter " this is wrong" it affects peoples lives/credit.if we dont stand for something we fall for anything enough is enough write letters.please write to right wrong
Bibit Internet Payments Unauthorized American Express Charges BUNNICK
Had 2 unauthorized charges from BIBIT on my AMEX.
meetic.com - 59.93
Parship GmbH - 42.90
Both, I guess are dating websites. I contacted AMEX this morning and had them issue me a new card and dispute the charges. The Parship charge appears to be a monthly subscription.
With all the fraud around BIBIT I am surprised that AMEX isnt shutting them down from using their cards.
EDitor's Suggestions on how to get your money back! HERE IS WHAT RIP-OFF REPORT SUGGESTS YOU DO: Go to your bank within 60 days of the charge, or as soon as you know about the charge, don't delay, and tell them that there has been fraudulent activity within your account. Explain that you wish to file a dispute, and demand that they assist you in accordance with Federal Regulation E. According to the majority of victims interviewed by Rip-off Report, those who immediately called their banks to dispute the charges did not get very far. Many victims got the following responses from their banks: “we could not do anything for you” or “you waited too long; it has been more than 60 days”. If the bank is says that you have waited too long, explain to them how you called their 800 number as soon as the charges were found, and were told by the bank that nothing could be done. Remind the bank that they failed to assist you properly at the 800 #, and instead, provided you with an inadequate explanation of your right to dispute. Tell the bank that it's their fault time has expired, and since they gave you the wrong info to begin with, they will just have to deal with it, take the loss and reverse the charges. Tell them the truth; this was unauthorized and your account was NOT to be charged! Keep emphasizing how you never authorized anything! Direct them to the hundreds of victims reports that were filed on Rip-off Report.com. And if you're at the bank, walk them over to their computer and make them go to this site! If you are on the phone with them, tell them you will wait while they access this site! Either way, be persistent! DO NOT TAKE NO FOR AN ANSWER! Let them know nicely, that you were advised to Report them (the Bank) and this situation to the Banking Commission in your state. Since each state has a different name for the agency/controller over banks, find that name before you call or get to the bank so you can throw it in their face. The more knowledgeable you appear to be, the further you will get. And just continue to demand the Federal Regulation E form! The bank CAN, MUST and WILL reverse the charge! But, you must be persistent; ask to speak to the supervisor or the area manager for all the branches in the state. Let the bank personnel know you are meeting with the media later in the day, that you would much rather they do the right thing (as most other banks have) by looking at the complaints and immediately reversing the charge(s) to your account; no matter how long ago it was. Be sure to call the Media if necessary so you are telling the truth. If you have to, be loud (but nice) in front of other customers. If you are just calling by phone, the above tactics should still work. The bank can easily fax or mail to you the Federal Regulation E dispute form. CHARGES TO YOUR CREDIT CARD If the charge was to your credit card (not debit card, check card, or checking account), contact the credit card company as soon as possible to request a dispute form. Consumers usually have a little longer to dispute fraudulent credit card charges (up to 6 months), but it is better to act right away. In this type of situation, credit card disputes are usually successful since fraudulent companies often won't contest the disputed charge. In rare cases, credit card companies will review disputes, but refuse to reverse the charges. If this occurs, complain to a manager and let them know you will be filing a report here. Remember… Don't let them get away with it! Make sure they make the Rip-off Report .. The more Reports filed on a Company or individual, the more likely it is that the authorities, media and attorneys will want to take action. And good luck… Let us know how you do! ED Magedson – Founder RipoffReport.com Author of www.ripoffrevenge.com Rip-off Report PO Box 310, Tempe, Arizona 85280
meetic.com - 59.93
Parship GmbH - 42.90
Both, I guess are dating websites. I contacted AMEX this morning and had them issue me a new card and dispute the charges. The Parship charge appears to be a monthly subscription.
With all the fraud around BIBIT I am surprised that AMEX isnt shutting them down from using their cards.
EDitor's Suggestions on how to get your money back! HERE IS WHAT RIP-OFF REPORT SUGGESTS YOU DO: Go to your bank within 60 days of the charge, or as soon as you know about the charge, don't delay, and tell them that there has been fraudulent activity within your account. Explain that you wish to file a dispute, and demand that they assist you in accordance with Federal Regulation E. According to the majority of victims interviewed by Rip-off Report, those who immediately called their banks to dispute the charges did not get very far. Many victims got the following responses from their banks: “we could not do anything for you” or “you waited too long; it has been more than 60 days”. If the bank is says that you have waited too long, explain to them how you called their 800 number as soon as the charges were found, and were told by the bank that nothing could be done. Remind the bank that they failed to assist you properly at the 800 #, and instead, provided you with an inadequate explanation of your right to dispute. Tell the bank that it's their fault time has expired, and since they gave you the wrong info to begin with, they will just have to deal with it, take the loss and reverse the charges. Tell them the truth; this was unauthorized and your account was NOT to be charged! Keep emphasizing how you never authorized anything! Direct them to the hundreds of victims reports that were filed on Rip-off Report.com. And if you're at the bank, walk them over to their computer and make them go to this site! If you are on the phone with them, tell them you will wait while they access this site! Either way, be persistent! DO NOT TAKE NO FOR AN ANSWER! Let them know nicely, that you were advised to Report them (the Bank) and this situation to the Banking Commission in your state. Since each state has a different name for the agency/controller over banks, find that name before you call or get to the bank so you can throw it in their face. The more knowledgeable you appear to be, the further you will get. And just continue to demand the Federal Regulation E form! The bank CAN, MUST and WILL reverse the charge! But, you must be persistent; ask to speak to the supervisor or the area manager for all the branches in the state. Let the bank personnel know you are meeting with the media later in the day, that you would much rather they do the right thing (as most other banks have) by looking at the complaints and immediately reversing the charge(s) to your account; no matter how long ago it was. Be sure to call the Media if necessary so you are telling the truth. If you have to, be loud (but nice) in front of other customers. If you are just calling by phone, the above tactics should still work. The bank can easily fax or mail to you the Federal Regulation E dispute form. CHARGES TO YOUR CREDIT CARD If the charge was to your credit card (not debit card, check card, or checking account), contact the credit card company as soon as possible to request a dispute form. Consumers usually have a little longer to dispute fraudulent credit card charges (up to 6 months), but it is better to act right away. In this type of situation, credit card disputes are usually successful since fraudulent companies often won't contest the disputed charge. In rare cases, credit card companies will review disputes, but refuse to reverse the charges. If this occurs, complain to a manager and let them know you will be filing a report here. Remember… Don't let them get away with it! Make sure they make the Rip-off Report .. The more Reports filed on a Company or individual, the more likely it is that the authorities, media and attorneys will want to take action. And good luck… Let us know how you do! ED Magedson – Founder RipoffReport.com Author of www.ripoffrevenge.com Rip-off Report PO Box 310, Tempe, Arizona 85280
AMEX should file charges Fradulant charges! redding,
There is evidence that this company BIBIT internet payments is running a scam and fradulantly charging AMEX customers with bogus charges.
Why dosen't AMEX do an investigation and put them out of business?? How many complaints do they have to get? How many customers accounts do they have to cancel?
Why dosen't AMEX do an investigation and put them out of business?? How many complaints do they have to get? How many customers accounts do they have to cancel?
AMERICAN EXPRESS closes my card the minute I pay it off
I had 2 accounts with American Express-one which I never even activated the card for. The other, I charged a rental car to a year ago in an emergency (that's what I have credit cards for-emergencies), and was expecting a low interest rate, and to pay it off soon. My interest rate went through the roof because my "debt to credit ratio" was too high-I was paying off all my cards, including Am. Ex. I was not in default for any of them. They were just too close to their limits.
Over the past year, I have paid 5000 dollars for a 1500 dollar charge to American Express. I have been trying to get my credit in shape, and the NUMBER ONE thing that I needed to do was pay off debts so that my credit/debt ratio would be wider.
I paid off American Express in Aug 2009; In September they contacted me by mail to let me know that BOTH of my accounts were closed. Their reasons were-debt/credit ratio, and delinquencies on other cards. I am not delinquent on ANY debt! I contacted the credit bureau, disputed items, and they were removed. I then contacted American Express, who explained to me that, although I had no delinquencies, my...again...debt to credit ratio was too high.
WELL OF COURSE IT IS IF EVERY TIME I PAY SOMETHING OFF THE ACCOUNT IS CANCELED.
I truly believe that they left the account open only because I was making large payments on it, and they new that if they closed it before it was paid off I'd pay minimums and no more-in fact, at this point, I might as well have gone into default for all the good paying it off did me. What else explains the timing of their closing the account? According to all three credit bureaus, they have checked my score and report bi-monthly as long as I have had the card. Why did they suddenly decide that what they saw was unacceptable-in a month during which my score had jumped nearly 100 points?
The only explanation is that, in an economy where many people are defaulting on debt, they kept it open as a "dangling carrot" to get me to pay it off, and then closed it as soon as they had their money. My credit report shows that it was closed at their request, and the jump that happened in my score before has been lost and then some.
My credit score is meant to reflect how likely I am to pay off debts-but it would be better if I hadn't paid it off! I understand that credit is abusiness, not a public service-but it my tax money is going to "bail out" these jokers, then there should at least be some oversight into how badly they are allowed to screw me.
I paid off two other cards, and the same thing happened. I paid a third one down, and they lowered my limit to just above what I paid down to. Watch out-they're worse than ever.
Over the past year, I have paid 5000 dollars for a 1500 dollar charge to American Express. I have been trying to get my credit in shape, and the NUMBER ONE thing that I needed to do was pay off debts so that my credit/debt ratio would be wider.
I paid off American Express in Aug 2009; In September they contacted me by mail to let me know that BOTH of my accounts were closed. Their reasons were-debt/credit ratio, and delinquencies on other cards. I am not delinquent on ANY debt! I contacted the credit bureau, disputed items, and they were removed. I then contacted American Express, who explained to me that, although I had no delinquencies, my...again...debt to credit ratio was too high.
WELL OF COURSE IT IS IF EVERY TIME I PAY SOMETHING OFF THE ACCOUNT IS CANCELED.
I truly believe that they left the account open only because I was making large payments on it, and they new that if they closed it before it was paid off I'd pay minimums and no more-in fact, at this point, I might as well have gone into default for all the good paying it off did me. What else explains the timing of their closing the account? According to all three credit bureaus, they have checked my score and report bi-monthly as long as I have had the card. Why did they suddenly decide that what they saw was unacceptable-in a month during which my score had jumped nearly 100 points?
The only explanation is that, in an economy where many people are defaulting on debt, they kept it open as a "dangling carrot" to get me to pay it off, and then closed it as soon as they had their money. My credit report shows that it was closed at their request, and the jump that happened in my score before has been lost and then some.
My credit score is meant to reflect how likely I am to pay off debts-but it would be better if I hadn't paid it off! I understand that credit is abusiness, not a public service-but it my tax money is going to "bail out" these jokers, then there should at least be some oversight into how badly they are allowed to screw me.
I paid off two other cards, and the same thing happened. I paid a third one down, and they lowered my limit to just above what I paid down to. Watch out-they're worse than ever.
AMERICAN EXPRESS AMEX AMEX-LONGTIME CLIENT, GOOD SPENDER PAYER CARD HOLDER NO MORE!!
We all going thru difficult times. Even the financial institutions who asked our tax money to survive. I have been AMEX client for over 15 years. Had corporate cards, personal cards, at one point spent almost 10k in one month and paid it. I paid almost 7K to settle some of my balances. left two out because of financial difficutlies. I had to go thru a Debt Management program (note: not same as debt consolidation) where i will pay my small 4k balance BUT at a reduced interest rate instead of the 25% they required. I had asked if they would renegotiate/lower the interest but cold shoulder so i had no alternative but to work with DM Program and voala! they got me a reduced rate! now, all other cards I had with zero balance, they cancelled them, becuase according to them 'i indicated i am unable to pay'. I sent them a letter asking to review my records, i have reduced my overall debt by almost 50% in last two months (almost 40k) and still got penalized for asking help to a non-profit organization to help me get out of debt faster. Too bad, I encourage all similar to my situation to seek debt management program (non profit BBB certified) so you can get rid of this 'extorsion'. I'm sick and tired of seeing big banks asking for OUR money and we still getting screwed by the system becuase they are allowed and they can!
Subscribe to:
Posts (Atom)