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| *Loan,banking and credit>>>credit report |
What happens to the late charges that banks or credit charge?Are they reported as income.Or just gone forever? |
twenty-five to forty bucks a pop seems like a pretty good profit for an institution to make. Why are they allowed to profit on our mistakes? Or sometimes thiers? Since nowdays it seems like everything is immediate unless your waiting to get your check deposited. Where do those charges go? Seems like the ones who least can afford it are the first to get hosed! Do your research and you'll find out that one of the biggest sources of a bank's profit is with the penalties they charge on credit cards. They love it when you're late. Just pay early and completely, then you can borrow their money for free. The bank reports it as noninterest income. It has increased dramatically over the past couple of decades because it's one kind of income available to them that isn't affected (directly) by changes in interest rates. Interest rate changes have HUGE effects on a bank's income. I found an article from 99 with pretty graphs in it to show how much noninterest income has risen over the past.. I think 20 years. http://minneapolisfed.org/pubs/fedgaz/99... you understood me wrong... and if u dont have his mail, don't answer me plzzz The charges appear on the financial institutions income statement as non-interest income. They can charge the high prices because there is not a ceiling issued by their authoritative body. The people who get caught with these late charges probably don't have a budget or live outside their means. B.S. Finance alot of banks pay their employees salarys with it |
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