WatchWhat about a set of threads, one for each major company, where people can talk to other customers about that company?
I guess it would be kind of like Yelp, only honest. Yelp deletes bad reviews if you pay them.
I would start by creating threads for TMobile, Blue Shield, Wells Fargo, etc.
Customers could share tips on dealing with the beauracracies, what competitors are better, and maybe even organize buyer strikes to force ethical behavior.
What kind of interface would make it really easy to use? Just an extension of the forum?
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That's an excellent idea...I needed that just a week or two ago....
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Okay, I'll start:
Bank of America (BofA) started offering "e-bill initiated autopay" recently.
I though I'd apply the concept of a scehduled just-in-time autopay to a VISA card and a Discover Card. For both I selected to pay the "balance due, on the due date."
When the next Discover e-bill showed up at BofA, I discovered that BofA had scheduled a payment of just $40.
The problem was that BofA did not correctly parse the difference between Balance Due and Minimum Balance Due. Had I not seen this I would have ended up with finance charges, maybe 2 months worth.
If you follow the right link, you can find some fine print that says the following:
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Payment options may include:
Always pay the minimum amount due as indicated on the e-Bill: Click this option to pay the minimum amount as noted by the Pay To account in the e-Bill. Keep in mind that the minimum amount due for some Pay To accounts, such as credit cards, could leave a balance that may result in finance charges on your next e-Bill.
Always pay the amount due as indicated on the e-Bill: Click this option to automatically pay the e-Bill for the amount due. Note: For some e-Bills, the amount sent from the Pay To account can be the minimum amount due, which can be different than the account balance. Please make sure you review your e-Bills and automatic payments. For Pay To accounts that send the minimum amount, you might need to make an additional payment to pay the account balance.
Always pay the account balance as indicated on the e-Bill: Click this option to pay the account balance for the e-Bill.
Only make payment if the amount is less than or equal to $: Click this option to set a maximum amount that is paid automatically. Then, enter a maximum amount in the box. Any e-Bill with an amount due over this limit is not paid automatically. You receive notification so that you can review your e-Bill and schedule the payment separately. Unpaid e-Bills appear in the Incoming e-Bills box.
Always pay X dollars regardless of amount due: Click this option to automatically pay a fixed amount, which you specify, toward this e-Bill each month. You might select this scenario if you're making payments larger than your minimum balance due, for example, to pay down a mortgage or credit card debt.
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In other words, BofA reserves the right to arbitrarily pay either the balance due, the "account balance" (which could mean statement balance + later activity), or the minimum balance due, all at their whim.
This is unspeakably bad and unspeakably incompetent.
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Another example: Last year BofA bungled a manual e-bill reminder because they could no longer log in to the credit card site and fetch the bill, because the card site has instituted an idiotic (*) new system where you have to change your password every year.
But NOOOO, BofA could not be bothered generating a warning of any kind about this failure. I got the penalties reversed but only after the trouble of spending at least 1/2 hour talking to both parts of the transaction.
BofA is brain dead.
(*) don't get me started on how stupid it is to require new passwords every year. It is a recipe for people writing down passwords all over the place and making them vulnerable to discovery.
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elliemae's website
Well, I'm still hurting over my breakup with US Bank. They don't write, they don't call, but they do send me letters saying that they miss me and want me back.
The difference between a toilet & US Bank? A toilet doesn't follow you around when you're done using it.
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justme says
That was no accident, IMHO. My Chase Visa card lets you view your current statement online, but if you selecte the amount due with your mouse, it highlights the minimum payment instead! Also not an accident. They're hoping you copy that number and paste it in somewhere by accident.
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elliemae says
That gives me a great idea! A robotic toilet that follows you around so that it's always there when you need it! I'll call it Artoo-Pootoo.
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Patrick says
I so want to create a bank. I'd run it fairly and would never screw over customers. I'd make the banking website promote responsible banking. I figure the 2% debit / credit card purchase fees from vendors would be all the profit I need. Why screw over the customers?
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"OH Look for the Union label..."
"hmmm hmmm da hum hmmm hmm hmmmmm"
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elliemae says
Love it.
Another difference: a toilet can't flush anything w/o your permission.
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That and a toilet TAKES shit, rather than the other way around.
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Dan8267 says
Banking does not welcome new entrants.
They pretty much have you locked out just via the incredibly complex regulations.
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Patrick says
Yep. You'd have to start out in the Bahamas and work your way into the American banking system.