HFC - Household Finance Company Household Finance Charging late fee when the payment was on time. Internet

I received my CC Bill Yesterday and noticed a Late Charge of $39.00 and that my Credit limit was reduced as well as my Annual Percentage Rate raised. I called them and was informed by their CSR that even though my payment was scheduled for the Dur Date of 7/2/2010 they did not process it until 7/7/2010 and there fore were under Federal Law entitled to a late fee on my account.

I have always paid the Account on the Due Date via Electronic Debit from my Bank unless it was a Weekend or Holiday. I do the same for every CC I have. This CSR said that they are required to collect the payment at least 2-5 days prior to the due date by new Banking Regulations. He would not credit my Account and restore the Limit. They did a similar thing in June Claiming that I had not made my May Payment and charged a $39.00 Late fee then plus a fee for paying it via Telephone from my Account despite the fact that the Payment showed that it was made on the due date in May. I have been with them for over 10 years and never late and always paid more than the minimum. Most CC companies value such a customer as I don't pay the Full Amount every month.

I called my other CC Accounts with other BAnks and was told they never heard of this Federal Law. HSBC aparently is taking advantage of Consumers to squeeze extra money out of those who can ill afford it. I will be talking to one of my other Banks and see if I can transfer the remainder of the Account to another bank who will give me a lower rate. These Thieves should be investigated by the whomever is responsible for a checking Banking Integrity, which this company does not have. They are also offering an Orchard Bank Credit Card with outrageous Annual Fees and up to 80% APR.

I hope to see a Class Action Lawsuit aginst this Company.