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While I fully appreciate that the finance charge reversal request is subject to the bank's approval, I feel that rejecting the reversal request for an unjustified finance charge of more than 10 per cent of the due amount for a delay of payment in two days, that too during public holidays, is unreasonable.
Credit unions and subprime banks tend to use a percentage of total statement balance including finance charges; large issuers overwhelmingly use a percentage of total statement balance excluding finance changes and then add the finance charge to the minimum payment due, it explained.
In this case, the cost of the initial loan is a $15 finance charge and a whopping 391 percent APR.
May 22 -- The Assembly Insurance Committee has released legislation for future floor vote that would limit finance charges on insurance premiums at $20 per $100 for personal, family, or household policies.
The Truth in Lending Act requires creditors to compute finance charges based on your average daily balance.
However, I'm still not satisfied with their explanation on how they calculate the finance charges on the second month.
The daily periodic rate of finance charge for each billing cycle shall be a rate computed by adding a margin ('Margin For Cash Advances') to the value of the index and dividing by 365.
The rep said, ``The late finance charge was misposted to your account by mistake,'' and apologized.
Although the focus of the hearings was HOEPA, there was also discussion of TILA's finance charge and the APR.

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