CFPB: We’re On the Hunt for Pay-by-Phone Fee Trickery
One company called a $14.95 pay-by-phone fee a "processing" charge, when it was actually a fee for same-day payments, even if the customer didn't need same-day processing. Other companies fail to disclose cheaper options available to consumers. While the CFPB doesn't mandate how to inform consumers about pay-by-phone options and fees, it does find certain practices objectionable and suggests that companies review their practices for potential risks. [8/1/17]
