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| Title: | DCU |
| Notice: | 1996 BoD Election results in 1004 |
| Moderator: | CPEEDY::BRADLEY |
|
| Created: | Sat Feb 07 1987 |
| Last Modified: | Fri Jun 06 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1041 |
| Total number of notes: | 18759 |
639.0. "Question: Where are DCU credit card accounts serviced?" by RANGER::KAY () Wed Jan 20 1993 11:38
Where (in what state) are the DCU VISA accounts held?
This may seem like an unusual question, but when reading the Boston
Globe recently, I noticed an article about a recent court decision
and comments by Massachusetts Attorney General. Late fees, like
the $5.00 charged by DCU when a monthly payment is not made by the
5th of the month, are illegal in Massachusetts...IF the credit card
is serviced by a Massachusetts institution. If the credit card
account is held out of state, the fees are not currently regulated.
| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 639.1 | Federal law superceeds | ESBLAB::KINZELMAN | Paul dtn223-2605 | Wed Jan 20 1993 12:19 | 3 |
| That question came up and as I recall, the fee is illegal for state
chartered institutions, but DCU is federally chartered and so the
state law does not apply in these cases.
|
| 639.2 | Discover late charges ruled legal | SLOAN::HOM | | Thu Jan 21 1993 15:11 | 5 |
| This issue recently came up with the Discover card. The courts
ruled that Discover (or Greenwood Trust) could impose a late fee -
regardless of what Mass law.
Gim
|