| Volume 53 Number 6 |
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The People’s Lawyer’s Tip of the Day
Federal law allows you to withhold payment from your credit card company if the goods you purchase never arrive. But you must act quickly. Under the law, you must dispute your bill within 60 days of when it is sent. Wait too long and you lose you rights! Click here for more.
New Overdraft Rules Set to Begin
This Sunday, August 15, new Federal Reserve rules will become effective, requiring banks to decline debit and ATM transactions that exceed the amount available in the consumers account. Despite the new law, the bank will likely try to get consumers to opt in anyway, promising "peace of mind" by enrolling in the overdraft program. However, there are many much less expensive ways to cover transactions that exceed your balance. Don't let your bank trick you in to an overdraft program that you don't need! As always, make an informed decision. Click here for more.
Mortgage Rates Lowest Since 1971
Since the beginning of the economic downturn, mortgage rates have continued to decline. This week, thirty year mortgage rates reached the lowest level since 1971. Last year, the thirty year fixed rate mortgage stood at 5.29%. Now, the thirty year fixed rate dropped to 4.44%. The low rates are helping the battered housing markets recover through increased home purchasing activity. How can you take advantage of the record low rates? Click here for more.
Your Money
Which credit card is right for you? Click here for more.
For the Lawyers
Class certification denied in "All Natural" Snapple case. A U.S. District Court Judge in New York refused to certify a class of New York Snapple purchasers who asserted that Snapple's claims of "All Natural" ingredients in its teas and juices violated New York consumer protection laws because the beverages contained high-fructose corn syrup. "Plaintiffs have not proposed a suitable methodology for establishing the critical elements of causation and injury on a class-wide basis," she wrote. "Without a reliable methodology, plaintiffs have not shown that they could prove at trial using common evidence that putative class members in fact paid a premium for Snapple beverages as a result of the 'All Natural' labeling. And since the issue of damages is bound up with the issue of injury in this case, plaintiffs have likewise failed to show how damages could be proven class-wide." Click here for more.