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Supreme Court Rules on Credit Card Fees

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Quetzal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-24-04 04:03 AM
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Supreme Court Rules on Credit Card Fees
Supreme Court Rules on Credit Card Fees

WASHINGTON (AP) - The Supreme Court ruled in favor of banks and credit card companies Wednesday in a dispute over how credit companies must disclose fees for consumers who overrun their credit limits.

The high court unanimously said the financial companies can list over-limit fees separately on a consumer's credit statement, on top of whatever finance charges the consumer ran up that month.

Household Credit Services Inc. and MBNA Bank, a major issuer of credit cards, had asked the court to overturn a lower court ruling in favor of a credit card customer assessed separate $29 fees every time she went over her $2,000 monthly credit limit.

At the Supreme Court, the dispute was not over whether the fees themselves were legitimate, but rather over whether consumers' statements list the charges correctly.

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http://news.findlaw.com/ap_stories/a/w/1154/4-21-2004/2...
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