The Bad Business Of Fine Print

First read the fine print below and then we can talk business.

Terms and conditions: The author takes no reponsibility for the content of this blog. The author also does not take any responsibility for the accuracy, completeness, adequacy or the sanity of this entry. The author of this blog cannot be held responsible if the reader goes insane trying to read this ultra-tiny piece of crap. In the event of any eye damage, the author of this blog will not be liable. In no event shall the author be held liable for any direct, indirect, incidental, unrealistic, realistic, accidental, consequential damages and losses or expenses caused as a result of reading this blog entry. The reader retains his right (1) to criticize this unduly complicated fine print only for the period of this promotion offer. The promotional offer will end by the time you finish reading this paragraph. By reading the above lines you have agreed to keep paying me $20 everyday for the next 50 years. Additional surcharges, state taxes, federal taxes, and other taxes as deemed necessary by me from time to time will apply. Also, by reading this blog entry the reader has agreed to be my slave for the rest of his/her life. Now your ass is mine. Nothing contained herein shall be construed as reducing my rights on your life or on your property. In the event of a conflict, just blame yourself for not reading the fine prints regularly.
(1) Other terms and conditions apply.
COPYRIGHT @ GOLBGURU 2006, ALL RIGHTS RESERVED.

Yeah, you got the idea by now. Most people, including me at times, don’t go through the fine print that comes with a “great offer” and find themselves in trouble sometime or other. I often hear flimsy excuses for not reading like “It’s boring” or something like “It’s a lot of crap”; while that’s true on both counts, but it still does not justify not reading the fine print at all. Ironically, some of the most important facts may be hidden in the fine print. All we see is “Get upto $ 50,000 free” …or “Free t-shirt and pizza if you sign up for this promotion”and forget that there is more than meets the eye (literally).

Some examples fine print you may have ignored before:

ING Direct:
“Limits on Withdrawals/Transfers from Your OSA: Pursuant to Federal law, you’re only allowed to take money out of your OSA 6 times per monthly statement cycle (”Cycle”). If you repeatedly make more than 6 withdrawals during a Cycle, we may close your account. Under Federal law, we must reserve the right to require you to give us at least 7 days written notice before you take money out of your OSA. (This hardly ever happens but legally we have to say it!)”

HSBC Personal Internet Banking:
“The Bank may cancel your Personal Internet Banking access without prior notice if there has been no Personal Internet Banking activity for a period of 6 consecutive months or for any other reason. The Bank may suspend your Bill Payment service without prior notice if there has been no Bill Payment activity for a period of 3 consecutive months or for any other reason.”

Blue from American Express
“The terms of your account, including APRs, are subject to change. The APRs for this offer are not guaranteed; APRs may change to higher APRs, fixed APRs may change to variable APRs, or variable APRs may change to fixed APRs. We may change the terms (including APRs) at any time for any reason, in addition to APR increases for failure to comply with the terms of your account.”

Bottom line: Read the fine print !!

All three above are just examples, all banks/credit card companies have similar statements in their respective print. I should mention here that I have always found ING’s print to be very readable.

Useful reading:
1. Bankrate.com “Reading the credit card fine print”

(This is a modified repost from my earlier entry on June 15th; the previous entry has been removed to avoid duplication)