If you're aware of a financial crime, please report it to the SEC or one of the other financial regulators through their whistleblower hotline. You may be in for a big payday.
For example, charging 17% on a credit card bill when the interest rate is 5.25%
and that's on excellent credit like mine where I haven't missed a payment in almost 20 years
otherwise I wouldn't have this credit rating and the bank wouldn't trust me with over $100,000 credit limit combined over all of my credit cards
the reason I agree to this rate is because I never pay it, I loan from my broker instead where I pay like a few bips over LIBOR
> For example, charging 17% on a credit card bill when the interest rate is 5.25%
That's not fraud or a financial crime though, since the interest rate is prominently shown on the front page of every credit card bill.
If they're telling you it is 6% and then charge you 17% without explanation, that would be fraud.
It's not a crime either, but it's predatory
The other one I didn't have enough proof, apparently someone else did tip the authorities and the shady payday loan company is getting a slap in the wrist. Not exactly something to instill confidence in our justice (and my country is one of the least corrupt ones!)