Hi All,

Canada - Reuters 


Canadian Banks Face Suit Over Credit Card Interest

Wed Aug 4, 5:15 PM ET  

VANCOUVER, British Columbia (Reuters) - A Canadian appeals court cleared
the way on Wednesday for a lawsuit against the country's three largest
banks over the way they calculate interest on credit card purchases. 

The three-judge panel overturned a lower court's ruling that had dismissed
the lawsuit by two British Columbia women against Royal Bank of Canada,
Bank of Montreal and Canadian Imperial Bank of Commerce . 

The women allege the banks violated the Consumer Protection Act by charging
interest on overdue credit card bills from the date of purchase rather from
the date when the banks actually transfer money to the merchant. 

Merchants usually do not receive money from the bank handling the credit
card transaction until two to five days after the purchase, according to
the court. 

The British Columbia Court of Appeals ruled that the judge had acted
prematurely in dismissing the case without hearing evidence. Cheryl Dahl
and Donna Lewis, hope to make their complaint into a class action case. 

"It is probably safe to say that most credit card users spend little
time considering the legal nature of their relationship with the merchants
and the financial institutions," the appeals court noted. 


From the desk of...


   Michael
... Anyone But Bush, America!

--- Devil's Point System 6.66