Creditnet News Story
Credit CARD Act may not help online banking customers
Saturday, February 27, 2010
By Danielle Robson
Changes to billing statements may not appear readily when logging on.
New regulations for credit card offers and accounts are intended to make it clearer to consumers how long it would take to pay off their debt.
Through the Credit Card Accountability, Responsibility and Disclosure Act, card companies will have to spell out on billing statements how long it would take a person to pay off what they owe if they only made minimum payments. It also requires that lenders illustrate how much interest consumers would end up paying during that time.
However, a recent report from the Associated Press notes that consumers who stick to banking online may not get the same protection afforded by new requirements for statements.
"Rather than putting the new minimum payment warnings front and center for cardholders when they log on, most banks are taking refuge by limiting the changes to monthly statements," the AP said.
As a result, consumers will need to make sure to get an online copy of their statement if they want to see the same information that would come through a bill in the mail.
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