There oughta be a law! ...

I said in my first blog that I wasn't going to delve too deeply into religion or politics and really this isn't about either (although I suppose it could "skate the edge" on politics).  This is about making laws!

I have a credit card that I've had for years from Franklin Templeton Bank & Trust Co. (don't ask me where they're from-- I don't even know).  I can't even remember how I got this card but I'm sure it was sent to me via "mass mail."  Anyhow, I hardly even use it.  I have two other credit cards for my business but this particular credit card was a personal one.

Anyhow, from time to time I buy and sell items on ebay.  That's what brought all this on.  A month or so ago I sold something on ebay for about $100 (I can't even remember what it was) but anyhow they have a payment system called Paypal. Paypal lets the buyer purchase your item on credit. The fee to the seller is about 5% on an item that small.  To subscribe to Paypal you have to have either (1) a valid bank account or (2) a valid credit card.  When I buy an item and pay for it through Paypal, it is charged directly to my checking account.  I had it set up that way.  For some strange reason, though, when I set the account up for selling, the proceeds of the sale go into my checking account but the fee for using Paypal is charged to this FTB & T credit card.  Therefore, I got a statement from the credit card company for $5.15, charged to the credit card for this fee, and it was due and payable on the 21st of December.

I have a "basket" in my office where I place bills to be paid.  I usually pay these bills on either the 1st or the 15th (or the closest I can get to these dates).  In the case of this particular charge, I mailed it on the 16th of December.  I got another bill from them on January 5th showing a "credit" for the $5.15 but with another $29.60 late fee.  That's more than 500% INTEREST!  Needless to say, my blood pressure blew through the Roof!  "Not to Worry" quotes my lovely wife..."I'll simply call them at this toll free number and get them to take it off" (which she did and they did).  That wasn't good enough for me though.  I felt "wronged" and I was going to be sure they understood that this was the most expensive $29.00 they ever collected!

Truly, it wasn't the $29.00 late fee that upset me as much as it was the fact that I had mailed it before the due date....They just didn't get it before the due date (according to them).  In other words, it didn't arrive within the five day period since I had mailed it, hence the late charge.  In fairness to them, I appreciate the person from FTB&T dropping the late charge but (1) I wonder how many people don't know they'll do this and don't even bother calling and (2) we shouldn't have to do this anyway. 

I got on the computer that evening and e-mailed every State Representative and State Senator I had ever met.  Pat laughed and said "Do you realize how powerful the banking lobby is in Frankfort?"  "I don't care" sez I, "it's time for the Little Man to stand up for what's right!"  When I signed up for the credit card, the application was 6' long in print (and language) impossible to read in one lifetime, so I had no complaint on the late fee amount or interest rate charged.  What I wanted to do was make them honor the U. S. Postal Service postmark as the official date it was paid.  These huge banks are all out of town so you have to depend on the mail to pay your bill.  Why not let the postmark count as the official time the bill is paid?  End of argument.

As the evening progressed, something funny came on TV and I laughed at it and actually forgot sending out the various e-mails (at my age "forgetting" isn't that unusual).  Lo and behold, day before yesterday, I received phone calls about once an hour from some old friends (and new ones too) in Frankfort who felt I was right.  Two of them (one Senator and one Representative) agreed to design a bill for introduction (and hopefully passage) that would require recognition of the    

U. S. Postal Service postmark as the qualifying time a bill is paid.  Both felt good about it's passage.

I know that sometimes we feel these people go to Frankfort and forget about us back home until election time but's that's not always true.  I have found over the years that they like hearing from folks back home and will do all in their power to help us (this goes back several years).  I've never found an exception to this as long as the request is reasonable and "doable."  All of them told me that if I had tried to get the credit card industry to limit the amount they could charge for late fees or interest, I would be going up against a "block wall" because they don't want government meddling in their business and they want the free market to stand on it's own (which I happen to agree with).  Allowing the postmark to "prove" when payment is made is not an unreasonable request.  If they feel they must have their money by the 21st, they can simply make it due on the 15th.  If I fail to mail it by the 15th then it's simple....I pay the late fee.  They have the postmark as proof of when I paid the bill.  If it takes the Postal Service ten days to deliver it....not my problem.  I paid on time.

I mention this story because we all have some great ideas and ways to solve problems.  Don't be bashful about contacting your Representative or Senator.  In fact if it involves Banking, find out who's on the Banking Committee in both the House and Senate and contact them (along with your own Representative and Senator).  Same with Insurance or Ethics....they're always willing to listen.  Be reasonable and be patient.  If you're going against a powerful lobby, they'll advise you on a better route to take (life involves compromise sometimes). 

So now when you hear somebody say "There oughta be a Law," you can tell them "Good Idea....Get One Passed!"   See you next time!