New Credit Card Rules

Welcome to the "new world of credit cards"! What's so new? New rules set by the CARD Act which attempts to make the experience of being a credit card user less onerous.

Here's a look at some of the changes that take effect Monday:
- Interest rates can't be raised on existing balances
- Due dates must be the same every month.
- Firms can't charge overlimit fees without your permission.
- No more two-cycle billing.
- Minimum payment disclosures.
- No marketing to college kids.

Here's hoping that these new rules really do improve things for consumers, and are not overwhelmed by unintended consequences.

Be alert, new banking fees are on the way

Most consumers are not aware of it, but the CARD Act of 2009 and the new Regulation E (which seeks to reduce Overdraft fees) are sure to have a significant impact on the way they do banking. These two regulatory changes are designed to cut down on practices which are consumer-unfriendly, but which contributed significantly to the bottom line. Without these options, be expecting banks to go out of their way to create and assess new fees to make up the lost revenue. Be especially mindful of inactive accounts which you may have forgotten, which banks may now start charging "inactivity" fees against.

Depositing a check via the iPhone's camera

It is not widely known amongst consumers, but a law called "Check 21" went into effect October 28, 2004. This law essentially eliminates the use of paper checks between banking institutions - all checks are now scanned and turned into images which allow faster processing and exchange of checking info. It also means that consumers can now scan their own checks and upload them for processing, assuming your bank supports the feature.

Hat tip to @RobFay for discovering an article about a bank taking Check 21 to its next logical step. They are allowing customers to upload checks by taking a picture with their iPhone camera! This was impractical with the camera on the original iPhone, but the iPhone 3GS's 3.2 megapixel camera is more than up for the task! And supposedly a Blackberry app is on the way, as well.

Keep an eye out. Mobile technology like this will be transforming the way you bank before you know it!

Obama seeks to regulate ALL bank CEO's pay

We're all familiar now with the AIG bonuses debacle. A group of AIG employees ran their business into the ground, sought a taxpayer-funded bailout, and then walked away with millions of dollars. This is clearly an injustice, which numerous government agencies and authorities are now looking to rectify.

But now the administration is looking for authority to regulate the pay of all bank executives. This means that the government could mandate the maximum amount that your bank - whether a one branch shop or a multinational corporation - can pay the people most responsible for how your money is protected. Presumably a bg part of this will be keeping salaries to "reasonable" levels.

What will this mean? One of two things. Either (1) the smartest people leaving banking for less regulated and thus more dangerous industries (energy conglomerates, perhaps) or (2) the people really running your bank leaving "executive" positions to places on the org chart with equal power but far less accountability. Do either of these options sound good for your future financial safety?

NYS to Wilderness Camps: Make Way for Regulation!

Long-time reader and commenter Bowhunter asked me to post this article about the incresing regulation of Wilderness Camps in New York State. This is affecting some ministries near and dear to his heart, forcing them to bring on extra staff and denying some of the boys the chance to meet with God alone in His creation.

When it comes to outdoor wilderness camps, the forces of nature butt up against an equally daunting power: New York's vast state bureaucracy.

Some of the push for stronger regulations followed the 1998 death of an 11-year-old boy who drowned in a rain-swollen creek while attending Camp Scatico in Livingston, Columbia County.

Lately, though, the operators of wilderness camps like this one have been fighting back in efforts to make the rules more realistic.

"What used to be considered common sense now is codified. It's hard sometimes to codify common sense," said Ron Mackey, director of Deerfoot Lodge, one of a handful of true wilderness camps that remain in the state.

Among the regulations causing headaches is a new law requiring all minors - even those with full wilderness, first aid, and survival training - to be accompanied by an adult at all times. This means 17-year-olds preparing for being counsellors have to bring along "adults" on hikes intended to test their independence and survival skils.