Posted by Karl Denninger
Gee, how do you like the rape job that the banks just served up on you?
(Click to enlarge)
Read that white part carefully, and then make sure you read the inverted part.
- Exceed your credit line.
- Do not pay on time (even once)
- The bank believes you will be either unwilling or unable to pay because of “information they receive” (like, for instance, because your credit report discloses you didn’t pay someone else?)
The bank can immediately close your account without notice AND DEMAND YOU PAY THE ENTIRE BALANCE ON THE ACCOUNT IMMEDIATELY.
Oh, and when you can’t (because you thought you had time to pay) you are then in default again for not paying “on time” and they can sue and add attorneys fees and costs.
I thought this crap was going away?
This, by the way, is from Chase, I have the entire section of the statement (all pages), and is claimed to be effective on 22 February.
So much for the CARD act banning practices like this, eh?
TELL THE BANKSTERS TO SHOVE IT UP THEIR BUTTS – WITHDRAW YOUR MONEY AND REMOVE YOUR BUSINESS – ALL OF IT.