Like many Americans that find the economy squeezing our pocket books, I am even more overwhelmed when my credit card companies arbitrarily raise interest rates to painfully high amounts on existing balances. Recently I was raised to an interest rate of 23.85% on my Washington Mutual credit card, which has now been taken over by Chase. This occurred during a time when my credit score was rising into the higher range of “average". I have never missed or been late on a payment, and I always pay more than the minimum payment due.

When I spoke to two supervisors in the credit card department of Washington Mutual/Chase, I was told that they “are unable to negotiate interest rates." They said that they monitor their client's accounts constantly and “IF" an offer for a lower interest rate comes up, I will be contacted. This is a joke. I have never received an offer for a reduction in interest rate on an existing balance. Usually the only offers for lower interest rates come from competing credit card companies trying to lure me away from other companies. They offer misleading rates which jump tremendously when the honeymoon is over. After reading online comments at numerous sites, I find myself almost feeling lucky to be asked to pay “only" 23.85% on this Washington Mutual Credit Card, because for some are going even higher. This interest rate is more than 10% above any other card I hold. I fully expect to hear from other companies that just haven't yet gotten around to raising the interest on my other cards. They want to get their shot in before new rules take effect in 2010. It's like telling a criminal that he's going to have to stop stealing in 18 month, so he better get to it.

I was told by one supervisor that I had received a notice that this raise would occur if I didn't “opt out" by a date that has now passed. We check our mail carefully and if we received such a notice it must have been very well hidden in the fine print. These practices by banking companies have to be regulated and controlled before 2010. I am hopeful that The Credit Cardholder's Bill of Rights: Balanced Reform, will pass and take effect quickly. Please do all that you can to help those of us that find ourselves at our wit's end in this very tough economy. The very companies our tax dollars have been given to without restriction are now gouging us for every cent they can. Only you in Congress have the power to stop them.

I received a check from my aunt a few years ago for my birthday. It was a Chase check, as she works for Chase. I brought it to my Washington Mutual bank and deposited it, then made some purchases. I got a letter in the mail the next week stating that the check had not cleared in the account and that several of my purchases were overdrafts because of it. I went to the bank and paid the $100+ that they told me I owed them, but resolved to look into the issue more.

I called my aunt and explained what happened. She asked me why the check had not cleared and when I read the whole letter from the bank, they said that they could not find the account it was coming from. She said this was impossible and that I should call Washington Mutual. I called their headquarters and explained the situation, but was told that Chase's stamp was on the check, making it their fault.

I relayed this information to my aunt and she investigated the matter further, talking to several high up managers in her Chase office. They said that it was most certainly not their fault, and that Wamu had affixed their stamp to the check. This went back and forth several times and I spent countless hours at my Washington Mutual branch and on the phone with many managers from Wamu. I never got a firm answer from Washington Mutual and they refused to refund my money.

To this day, they haven't corrected the problem.

THIS GUY SENT ME AN EMAIL SAYING THAT HE IS GOING TO OFFER ME A JOB OF A MYSTERY SHOPPER. AT THE TIME I NEEDED A JOB SO I FELT FOR IT AND TWO DAYS LATER A CHECK OF 3, 800 CAME TO MY DOOR THROUGH UPS AND I SIGN THE PAPER. THE DEAL WAS TO GET THE CHECK SEND IT TO SOMEONE ALONG WITH DETAILS OF HOW THE CASHIER/ATTENDANT REACTED IF I WOULD BE EVALUATING HIM/HER. TURNED OUT WHEN I DEPOSITED THE CHECK IN MY WASHINGTON MUTUAL ACCOUNT, THE CHECK TURNED OUT TO BE COUNTERFIET AND NOW THE BANK HAS SHUTTED ME OUT OF THIER SYSTEM FOREVER I THINK. AND ON MY PART IT IS NOT FAIR BECAUSE I AM CONSIDERED A SCAM VICITIM IN THIS SITUATION. THE BANK SHUTTED ME OUT OF THIER SYSTEM AND I CANT BANK THEM FOR A WHILE NOW WHICH I THINK IS NOT FAIR ON ME. I THINK SOMETHING NEEDS TO BE DONE.

I HAVE BEEN RECENTLY LAYED OFF FROM MY JOB. I AM TRYING NEGOTIATE MY RATES DOWN ON MY CREDIT CARDS.I HAVE ALWAYS PAYED THIS CARD ON TIME, NOT ALWAYS IN FULL.THAT DON'T SEEM TO CARE AT ALL.MY RATE IS UP TO 34% THAT IS UNHEARD OF.JUST NEED SOME HELP DURING THESE TOUGH TIMES.THEY OFFER 0% TO NEW CUSTOMERS FOR 6 MONTHS, BUT ARE NOT ABLE TO HELP ME.

THANK
DAVID WALKER

A Texas law firm is investigating Citigroup and other banks for taking out secret life insurance policies on current and former employees, and collecting the benefits when they die.

http://insurancenewsnet.com/article.asp?n=1&neID=20090113290.2_e8e10061f739577c

HOUSTON, Jan 13, 2009 (BUSINESS WIRE)-- Attorneys from Houston's The Clearman Law Firm ( www.clearmanlaw.com ) are announcing a nationwide investigation of banks that have purchased secret life insurance policies in order to collect benefits when current and former employees die.

Many of the world's largest banks have purchased "bank-owned life insurance" or "BOLI" for years, including Bank of America, JP Morgan Chase, Bear Stearns, Citigroup, Wachovia, Washington Mutual, Wells Fargo and many others.

"We are investigating banks that insure the lives of employees without their knowledge or consent, " says class-action attorney Scott Clearman of The Clearman Law Firm. "These types of policies benefit only the banks, not their employees."

In a BOLI program, a bank designates itself as the beneficiary of life insurance policies covering its employees. Nearly half of all U.S. banks have reported owning BOLI policies at an estimated value of $120 billion.

A bank purchasing a BOLI policy must provide the insurer with personal information belonging to each covered employee, including his or her name, sex, age and Social Security number. Employees' Social Security numbers are then used to conduct "death sweeps" where banks typically hire outside brokers to sweep public records in order to learn if an employee or former employee has died.

A person whose life a bank insured without consent may have a right to sue for the bank's misappropriation of their identity (name, sex, age and Social Security number). Employees may be able to recover profits made by the bank, broker and insurer.

"It is ironic that thousands of bank employees have been laid off, and yet the banks still stand to benefit financially when those employees die, " says Mr. Clearman.

Since the early 1990s, Mr. Clearman has been a pioneer in class-action lawsuits against employers for wrongfully insuring employees' lives for the employers' benefit. Following several individual lawsuits for the families of deceased employees, Mr. Clearman pursued landmark class-action claims against Wal-Mart and Fina that resulted in major settlements for his clients.