Petition against inhuman charges by Credit Card Co.'s & Banks to US Congress sign now

Petition against inhuman charges by Credit Card Companies & Banks to US Congress

I am very sure every one is concerned about the charges charged by their Credit Card Companies and Banks; which are being increased continuously with no logical reasons. The only reason I can quote is to pay their CEOs and Officers inhuman salaries and perks these charges are being increased arbitrarily with no accountability to the American public. Here is the Comparison between AFCU VISA, Chase VISA and the biggest racketeer American Express Open for interest charged on unpaid balance, late fee and grace period after the due date for Cards issued to the same person.

Interest on Unpaid Balance Prime 3.75\% as of 11-16-10 PLUS
Affinity Federal Credit Union Visa Chase Visa American Express
8.75\% (total 12\%) 9.99\% (13.24\%) 23.99\% (27.24\%)

Late Fee
Affinity Federal Credit Union Visa Chase Visa American Express
$25.00 $39.00 $38.00

Grace Period for late payment from the due date
Affinity Federal Credit Union Visa Chase Visa American Express
5 days 0 0

Comparison of Salaries of CEOs for AE, Chase & AFCU

In 2007 Kenneth Chenault, CEO and CB of American Express Company since April 2001, earned a total compensation of $50,126,585. In 2008 while American Express Company got $3.39billion in TARP funds Kenneth Chenault received a total compensation of $42,752,461.
In 2009, AE CO. repaid the $3.39billion TARP funds Kenneth Chenault earned a total compensation of $16,617,639. However, Ken was issued 1,196,888 stock options in Jan 2009 at a strike price of $16.71. For Ken, that means his paper wealth rises nearly $1.2 million for every $1 the stock price rises above $16.71. With the stock now at $42.77 as of 11-15-10, those options are already in the money by $29.2 million.
Ken received a 60\% salary increase, effective Feb. 1, with his base salary rising to $2 million. Ken also was awarded options to buy 650,918 shares of AE at $38.10. With the stock now at $42.77 as of 11-15-10, those options are already in the money by $3 million. May be Ken is instrumental in driving the Share Prices by cutting jobs and charging inhuman interest and penalties on unpaid balance with no grace period.
In comparison Jamie Dimon, J.P. Morgan CEO received a bonus of about $17 million in restricted stock and options for 2009. Dimon was paid $1 million in salary.

John T. Fenton the CEO of Affinity Federal Credit Unions compensation figures are not available but certainly they can not be near Ken Chenaults inhuman and Jamie Dimons equally inhuman compensation for legally stealing from Americans in broad day light in the name of late charges, interest and in case of Bank whole lot of service fee under different categories.

Most of the credit union CEO compensation is reasonable. Thats especially true considering credit union CEOs earn no stock benefits since credit unions are member owned financial cooperatives. Total salary and other compensation for credit union CEOs is significantly less than for bank CEOs.

Further Proof how the Banks besides Credit Card Co. are driving small businesses from Prosperity to Poverty

We are a small business managing check cashing business duly licensed by the State of NJ and Federal government. From 1999 to 2002 we never paid any money for deposit slips or for checks deposit or for check writing or for withdrawing or depositing cash or account maintenance or compliance fees; other than charges for getting cash through armored carrier. The other charges we used to pay was $5 check return fee, over draft & interest on borrowings

Now we are paying $75 account maintenance & $100 Compliance fee/month per account, $0.18/check deposit, $0.15 per check writing, $22 check return fee, $35 cash order processing fee & $0.18/1,000 bulk cash preparing fee & $0.12 per roll of coins (Armored carrier separate) if we pick up any cash fe affecting the working middle class and small businesses of America.

Dave Makkar
http://www.citizensfordemocracynj.org

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Judith RiveraBy:
TelecommunicationsIn:
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