Banking Law

?Gotcha Capitalism??A Guide to Stamping Out Hidden Fees

By Däna Wilkinson, Attorney at Law

Gotcha Capitalism: How Hidden Fees Rip You Off Every Day and What You Can Do About It (way to go with the pithy title) came to my attention recently, and strikes me as a good investment for consumers.  If you eliminate $15 in fees the book will pay for itself, and you might even find it at the local library.  Written by Bob Sullivan, who is the face behind MSNBC’s Red Tape Chronicles, the book makes a compelling case that all of us, no matter how vigilant, are paying the sneaky fees and charges that banks, insurance companies, and cell phone carriers (to mention but a few) hide in the fine print.  We’re talking real money here, and that’s before he ever gets to the fees and charges that, over time, seriously reduce retirement savings and pensions.

None of us like to be cheated, and this book will certainly better prepare consumers to identify and combat the kind of sneaky fees Sullivan identifies.  I have a warning, however.  Once you read this book you may never be able to blithely sign a service contract, insurance binder, promissory note or credit card application without reading the fine print.  You might want to pick up a pair of those $6 reading glasses at Walmart next time you’re there, too.

Full post as published by Debt Law Network on May 29, 2009 (boomark / email).