Everyday Cheapskate: And the Winner Is

It's official. My readers are the best (and not bad-looking either). Not only are you loyal, but you've also made mail time the highlight of my day. Your letters and tips are fantastic, and when you send in advertisements, credit offers and consumer ripoffs, it shows me you're paying attention. And it seems you're getting pretty good at it too.

Since it's always awards season somewhere, I thought I'd hand out a few of my own:

The Most Conveniently Missing Information Award goes to Richard and Olive W. for their entry of a double-sized, full-color (aka pricey) postcard from Peoples Savings. Judges were astounded by its brevity (just 79 words) and the complete absence of fine print. The message: "Your Overdraft Privilege on your checking account is available when you need it. With your Overdraft Privilege, you can overdraw your account up to the pre-approved limit, and we'll pay your checks. Then, simply bring your account back to a positive balance within 30 days, and you'll only be charged our usual NSF fee for each overdrawn check. It's just that easy!"

So, you may be wondering, what's missing? Well, just about everything. There's no mention of what this "usual NSF fee" might be (some banks are charging up to $35 per bounced check these days), what the interest rate is on this Overdraft Privilege should reimbursement not be forthcoming (expect 20% to 30%), how high you can bounce your account at Peoples Savings, or how long a check-bouncer can get away with this before Peoples slams the account shut and hits the customer with a lawsuit. There must be limits, but you'd never know it from this invitation to spend all you've got -- plus all that Peoples has too.

The Most Confusing Use of Fine Print Award goes to Carl and Bobbie Jo T. for their submission of Fifth Third Equity Flexline's full-page ad. Picture, if you will, just 43 very large words filling about 7/8 of the page, with the last 1/8 devoted to fine print.

Now, I've read some fine print in my day, but this really takes the cake. What I can tell you for sure is that the first sentence claims their home equity loan's LOW payment is based on an annual percentage rate of 4%. Six lines later, in an astounding twist that nearly gave me whiplash, it says, "The maximum APR will not exceed 25 percent or the state usury ceiling, whichever is less." Oh, it goes on and on with headache-inducing terms and data, but I'll spare you the rest.

And finally, the Most Clever Way of Hiding the Truth Award goes to Arvetta S. for finding a $24 rebate check in the mail and suspecting it was a trick. Sure enough, after slogging through four long and arduous pages of text, she discovered on the very last page that cashing this rebate would sign her up for a lifetime membership in a (now defunct) organization offering DIY tools and tips through its monthly magazine, agreeing to pay $325 in lifetime dues. Good catch, Arvetta!

OK, folks, make my day. Keep those letters and juicy consumer ripoffs coming. We'll schedule another awards ceremony soon.

========

Mary invites you to visit her at EverydayCheapskate.com, where this column is archived complete with links and resources for all recommended products and services. Mary invites questions and comments at https://www.everydaycheapskate.com/contact/, "Ask Mary." This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of EverydayCheapskate.com, a frugal living blog, and the author of the book "Debt-Proof Living."