Reader comment on: Timothy Geithner, Loan Shark
Submitted by fred Van Bennekom (United States), Nov 16, 2010 20:19
We recently did a mortgage refi and paid the application fee with my Citi card. Citi treated the purchase of the application fee as a cash advance, leading to $42 in fees and interest. When I complained -- and got most of the fees rescinded, I was told that the financial reform laws require any financial transaction with a financial institution to be treated as cash advance. According to the mortgage company, only Citi seems to be taking this view.
This is beneficial reform when banks have different interpretations?
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