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Gotcha Capitalism: How Hidden Fees Rip You Off Every Day-and What You Can Do About It
What is Gotcha Capitalism?
Coughing up $4 fees for ATM transactions. Iron-clad cell phone contracts you can’t get out of with a crowbar. Paying big bucks for insurance you don’t need on a rental car or forking over $20 a day for supposedly “free” wireless internet. Every day we use banks, cell phones, and credit cards. Every day we book hotels and airline tickets. And every day we get ripped off.
How? Here are just a few examples of how big business can get
• You didn’t fill up the rental car with gas?
Gotcha! Gas costs $7 a gallon here.
• Your bank balance fell to $999.99 for one day?
Gotcha! That’ll be $12.
• You miss one payment on that 18-month same-as-cash loan?
Gotcha! That’ll be $512 extra.
• You’re one day late on that electric bill?
Gotcha! All your credit cards now have a 29.99% interest rate.
But not for much longer. In Gotcha Capitalism , MSNBC.com’s “Red Tape Chronicles” columnist Bob Sullivan exposes the ways we’re all cheated by big business, and teaches us how to get our money back–proven strategies that can help you save more than $1,000 a year.
Coughing up $4 fees for ATM transactions. Iron-clad cell phone contracts you can’t get out of with a crowbar. Paying big bucks for insurance you don’t need on a rental car or forking over $20 a day for supposedly “free” wireless internet. Every day we use banks, cell phones, and credit cards. Every day we book hotels and airline tickets. And every day we get ripped off.
How? Here are just a few examples of how big business can get
• You didn’t fill up the rental car with gas?
Gotcha! Gas costs $7 a gallon here.
• Your bank balance fell to $999.99 for one day?
Gotcha! That’ll be $12.
• You miss one payment on that 18-month same-as-cash loan?
Gotcha! That’ll be $512 extra.
• You’re one day late on that electric bill?
Gotcha! All your credit cards now have a 29.99% interest rate.
But not for much longer. In Gotcha Capitalism , MSNBC.com’s “Red Tape Chronicles” columnist Bob Sullivan exposes the ways we’re all cheated by big business, and teaches us how to get our money back–proven strategies that can help you save more than $1,000 a year.
368 pages, Paperback
First published January 1, 2007
7 people are currently reading
206 people want to read
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Displaying 1 - 30 of 43 reviews
February 6, 2008
This is a very handy little book containing solid financial advice that will benefit everyone, but will be particularly appreciated by anyone who has ever found themselves banging their head against the wall as they attempt to deal with Corporate America’s modern-day version of "customer service."
The basic gist of this book is that, while consumers weren't paying attention, companies have come to rely for their profits on an institutionalized form of bait and switch. Offer customers super low prices up front to seem competitive, then hit them on the back end with extra fees that are at best unexpected and at worst outright deceptive.
The book is broken down by industry, and the author explains in detail both the types of problems consumers need to be aware of and methods for getting one's money back. Credit cards, banks, grocery stores, pay television, and cell phones are just some of the industries whose sneaky practices Sullivan exposes. Though he sometimes gives consumers too much of a free pass for skipping over the fine print (when it's actually legible, that is) he provides enough examples of outright corporate malfeasance to make one's blood boil.
His biggest piece of advice is that consumers really do need to pay attention to both the contracts they sign and the bills they get each month, since it's the fact that many Americans rarely glance at these things that allow companies to get away with some of their most egregious tactics. From there, he helps consumers understand how to best use their energy to get sneaky fees refunded by detailing which industries are most responsive. The book concludes with a toolkit including detailed advice, phone scripts, letter templates and government resources customers can use for those battles they feel are worth fighting in depth.
The basic gist of this book is that, while consumers weren't paying attention, companies have come to rely for their profits on an institutionalized form of bait and switch. Offer customers super low prices up front to seem competitive, then hit them on the back end with extra fees that are at best unexpected and at worst outright deceptive.
The book is broken down by industry, and the author explains in detail both the types of problems consumers need to be aware of and methods for getting one's money back. Credit cards, banks, grocery stores, pay television, and cell phones are just some of the industries whose sneaky practices Sullivan exposes. Though he sometimes gives consumers too much of a free pass for skipping over the fine print (when it's actually legible, that is) he provides enough examples of outright corporate malfeasance to make one's blood boil.
His biggest piece of advice is that consumers really do need to pay attention to both the contracts they sign and the bills they get each month, since it's the fact that many Americans rarely glance at these things that allow companies to get away with some of their most egregious tactics. From there, he helps consumers understand how to best use their energy to get sneaky fees refunded by detailing which industries are most responsive. The book concludes with a toolkit including detailed advice, phone scripts, letter templates and government resources customers can use for those battles they feel are worth fighting in depth.
July 5, 2008
Some of the fees discussed in this book are really simple to avoid, ie. cable television hidden fees (don't have cable tv). But some I was like WHAT? There are hidden fees in my 401k? I had no idea! And I am ticked off! Where are they disclosed? Nowhere. How much does it cost me? It could cost me as much as I paid for my house! Do you know what I could do with that much money? I could buy another house!
Anyways, I only gave it three stars probably because I already avoid most of these "hidden" fees. So it didn't really shed light on new stuff for me. Also, some of the fees, like the ones that are charged on phone and cell phones are not fees that you can avoid or get waived (ie you buy the $29.99 per month plan and it costs you $40 a month). You need a huge revolt of the people to overturn them. I don't know if I want to make it my life's work to make it illegal for them to charge some fees, only to have them come upw ith other "legal" fees that they can charge. I have other stuff to do.
Also, there was a chapter about banks and it mentioned that banks actually have meetings to think of fees to charge you and how to charge more of you. That's true. I used to work at a bank. I was involved in those meetings. As a branch manager I even told people not to refund fees. I was told I had to reach a certain fee "goal" and since I worked at a branch for rich, old people who hardly ever bounced a check and religiously maintained minimum balances that was a difficult thing. So, to any of you who I may have denied a refund of an NSF fee, I apologize from the bottom of my heart. I won't give you the $19 out of my pocket, but I will offer you a coupon for 50 cents off on your next purchase of toilet paper or 75 cents off lunch meat. Let me know which you'd like.
Anyways, I only gave it three stars probably because I already avoid most of these "hidden" fees. So it didn't really shed light on new stuff for me. Also, some of the fees, like the ones that are charged on phone and cell phones are not fees that you can avoid or get waived (ie you buy the $29.99 per month plan and it costs you $40 a month). You need a huge revolt of the people to overturn them. I don't know if I want to make it my life's work to make it illegal for them to charge some fees, only to have them come upw ith other "legal" fees that they can charge. I have other stuff to do.
Also, there was a chapter about banks and it mentioned that banks actually have meetings to think of fees to charge you and how to charge more of you. That's true. I used to work at a bank. I was involved in those meetings. As a branch manager I even told people not to refund fees. I was told I had to reach a certain fee "goal" and since I worked at a branch for rich, old people who hardly ever bounced a check and religiously maintained minimum balances that was a difficult thing. So, to any of you who I may have denied a refund of an NSF fee, I apologize from the bottom of my heart. I won't give you the $19 out of my pocket, but I will offer you a coupon for 50 cents off on your next purchase of toilet paper or 75 cents off lunch meat. Let me know which you'd like.
February 16, 2009
This book is written by Bob Sullivan who is a columnist at MSNBC's "Red Tape Chronicles." He offers an interesting
peek behind the curtain at how credit card, phone, cable, hotels, banks and others rip us off. There are some fascinating tidbits like how companies plot to get you not to open their mail that informs you of changes to your contract so you implicitly consent to them. I haven't saved any money yet, but I'm seriously considering dropping my home phone service. If you have credit card debt, this is a must read.
peek behind the curtain at how credit card, phone, cable, hotels, banks and others rip us off. There are some fascinating tidbits like how companies plot to get you not to open their mail that informs you of changes to your contract so you implicitly consent to them. I haven't saved any money yet, but I'm seriously considering dropping my home phone service. If you have credit card debt, this is a must read.
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February 1, 2021(review written 6/6/08)
This is a pretty good book for people who don't pay a lot of attention to their bills and other financial matters to read to let them know how much money they may be losing to hidden fees by all the companies they deal with, but after five or six chapters, I haven't really found anything that surprised me, but I keep up on that sort of stuff as a hobby, anyway. I don't usually run my credit cards up over the limit, or pay any interest on them - I'm one of those consumers that cc issuers hate.
I also don't ever take money out of ATMs that aren't associated with my bank, so I don't get hit with those kinds of fees, and I haven't had to pay overdraft fees in the last thirty years, that I can recall. I just had a convo with my son about ATM fees the other day while he was home. Hope he took it to heart and starts planning his weekend outing budgets a little better, so he can quit throwing away money for nothing.
Title company fees seem to be pretty much unavoidable, and in my case, they're only likely to take place a couple of times in my entire lifetime - only time I had an issue with them was when I refinanced a home I'd already owned and paid for title insurance on a few years previously, and I'm thinking "why should I pay this again so soon?" It's a racket.
The chapter on mutual fund expense ratios, and kickbacks to HR folks and plan administrators wasn't a total surprise, but it's definitely irritating to think how much money they're scamming out of those of us who care enough to put away money for retirement.
This is a pretty good book for people who don't pay a lot of attention to their bills and other financial matters to read to let them know how much money they may be losing to hidden fees by all the companies they deal with, but after five or six chapters, I haven't really found anything that surprised me, but I keep up on that sort of stuff as a hobby, anyway. I don't usually run my credit cards up over the limit, or pay any interest on them - I'm one of those consumers that cc issuers hate.
I also don't ever take money out of ATMs that aren't associated with my bank, so I don't get hit with those kinds of fees, and I haven't had to pay overdraft fees in the last thirty years, that I can recall. I just had a convo with my son about ATM fees the other day while he was home. Hope he took it to heart and starts planning his weekend outing budgets a little better, so he can quit throwing away money for nothing.
Title company fees seem to be pretty much unavoidable, and in my case, they're only likely to take place a couple of times in my entire lifetime - only time I had an issue with them was when I refinanced a home I'd already owned and paid for title insurance on a few years previously, and I'm thinking "why should I pay this again so soon?" It's a racket.
The chapter on mutual fund expense ratios, and kickbacks to HR folks and plan administrators wasn't a total surprise, but it's definitely irritating to think how much money they're scamming out of those of us who care enough to put away money for retirement.
October 19, 2019
Some of the advice may be out of date. Very enlightening.
December 8, 2008
Most people never realize quite how much they get nickel and dimed in their day-to-day transactions. Bob Sullivan, however, is NOT one of those people. Sullivan, author of the MSNBC.com column, "Red Tape Confidential", is a master at finding hidden fees in every facet of our lives - something he calls "Gotchas" (which I'm pretty sure he had before Sarah Palin).
Hidden fees in your cell phone bill, your credit card statement, even your 401(k) are all exposed in this short book that tackles about a dozen of the most notorious industries for hidden and unrelenting fees. He delves into their methods, what to look for and how you can avoid - or even reverse - some of these fees.
Each chapter covers an industry considered one of the worst by a nationwide survey. In it, he delves deep into the types of fees that industry is notorious for, gives some real-life examples, explains why he thinks these fees are wrong, unethical and at times borderline illegal, and then gives you some ideas for recourse. At the end of the chapter, he summarizes and offers some addresses you can write to if you can't get satisfaction from the company themselves.
After the individual industries, there is a whole section of the book about what you can do to protect yourself, and more importantly a series of sample letters and scripts for talking to the companies when you think you deserve a refund.
-- About Bob Sullivan --
Now, there's little bad one can say about the information contained in this book (other than WHAT it says, which is of course aggravating). However, Sullivan's style can be a little trying at times. He reminds me of that stock guy on CNBC (Cramer, I think) where he constantly jabs at you for your attention - where every statement has to be a "HEY - LOOK AT THIS WILL YA. YOU HAVE BEEN GOTCHA'D!!!". But other than that, the book is an easy read - if not easy to digest confortably.
-- Is this book worth it? --
I was lucky, because someone gave me this book so I didn't have to wonder whether to buy it or not. But is it worth it? It could be, depending on how much you can retain from your average reading vs. wanting a reference to go back to. The information is definitely worth a read, if only to get an idea of how to protect yourself. If you are good at reading and remembering - or like to take notes - grab it at your local library. But if you want a resources to have around you (such as for a refinance you'll be doing in the future), it's a relatively inexpensive book that could save you hundreds of dollars in the future.
Hidden fees in your cell phone bill, your credit card statement, even your 401(k) are all exposed in this short book that tackles about a dozen of the most notorious industries for hidden and unrelenting fees. He delves into their methods, what to look for and how you can avoid - or even reverse - some of these fees.
Each chapter covers an industry considered one of the worst by a nationwide survey. In it, he delves deep into the types of fees that industry is notorious for, gives some real-life examples, explains why he thinks these fees are wrong, unethical and at times borderline illegal, and then gives you some ideas for recourse. At the end of the chapter, he summarizes and offers some addresses you can write to if you can't get satisfaction from the company themselves.
After the individual industries, there is a whole section of the book about what you can do to protect yourself, and more importantly a series of sample letters and scripts for talking to the companies when you think you deserve a refund.
-- About Bob Sullivan --
Now, there's little bad one can say about the information contained in this book (other than WHAT it says, which is of course aggravating). However, Sullivan's style can be a little trying at times. He reminds me of that stock guy on CNBC (Cramer, I think) where he constantly jabs at you for your attention - where every statement has to be a "HEY - LOOK AT THIS WILL YA. YOU HAVE BEEN GOTCHA'D!!!". But other than that, the book is an easy read - if not easy to digest confortably.
-- Is this book worth it? --
I was lucky, because someone gave me this book so I didn't have to wonder whether to buy it or not. But is it worth it? It could be, depending on how much you can retain from your average reading vs. wanting a reference to go back to. The information is definitely worth a read, if only to get an idea of how to protect yourself. If you are good at reading and remembering - or like to take notes - grab it at your local library. But if you want a resources to have around you (such as for a refinance you'll be doing in the future), it's a relatively inexpensive book that could save you hundreds of dollars in the future.
February 21, 2008
The Consumerist blog (one of my daily must-reads), featured so many snippets from this book I had to reserve it from the library.
With financial advice from a consumer advocate fed up with mysteriously multiplying fees, this is a useful little book. Each chapter is devoted to a different industry (e.g. credit cards, banking, real estate, telecommunications), which is convenient for the reader who has a particular nemesis -- mine's the phone company -- and wants to better understand their sneaky tricks for upping your bill. There's also good advice here on how to contact customer service departments by phone or by email, regardless of the industry, to protest the errors or to bargain down your rates and fees.
I would've preferred a bit more financial advice in place of Sullivan's longer, more repetitive rants. Yes, the corporations are out to get as much money from the consumer as possible. We know this; that why we're reading this book. Let's get back to more of the helpful, solid advice on how the average person can fight the system that makes up the backbone of this book.
With financial advice from a consumer advocate fed up with mysteriously multiplying fees, this is a useful little book. Each chapter is devoted to a different industry (e.g. credit cards, banking, real estate, telecommunications), which is convenient for the reader who has a particular nemesis -- mine's the phone company -- and wants to better understand their sneaky tricks for upping your bill. There's also good advice here on how to contact customer service departments by phone or by email, regardless of the industry, to protest the errors or to bargain down your rates and fees.
I would've preferred a bit more financial advice in place of Sullivan's longer, more repetitive rants. Yes, the corporations are out to get as much money from the consumer as possible. We know this; that why we're reading this book. Let's get back to more of the helpful, solid advice on how the average person can fight the system that makes up the backbone of this book.
February 22, 2008
I really, really enjoyed this book. Not only because I get so irritated by all of those added fees to credit cards, bank accounts, cell phone bills, cable bills, etc. This book actually provides examples of letters to write to different companies to resolve conflicts/fees. It provides a list of regulatory agencies to contact for each industry. It tells you what your rights are in resolving discrepancies on your credit report! In short, it is every industry's nightmare handbook of ninja techniques for the little people to use on corporations! Bonanza!!! Hopefully I will never have to use the majority of the techniques listed, but God bless him for reading the fine print and explaining what it means! The cheapskate in me was rejoicing as I read this book!
February 9, 2016
Sullivan's book hits the nail on the head in describing why so many companies struggle with their customers yet they still make lots of money.
In a word, the are cheating their customers into paying fees, and we the consumers must now be ever vigilant and somewhat paranoid whenever we buy things and services. Many companies will with full intent try to screw you you over.
Being from Europe many of the items described by Mr. Sullivan does not translate to Europe but many of the broad practices does.
Whereever you go in the world the asterix * or small print will always denote that you are probably about to be screwed over. Be ware and aware. Unfortunately.
In a word, the are cheating their customers into paying fees, and we the consumers must now be ever vigilant and somewhat paranoid whenever we buy things and services. Many companies will with full intent try to screw you you over.
Being from Europe many of the items described by Mr. Sullivan does not translate to Europe but many of the broad practices does.
Whereever you go in the world the asterix * or small print will always denote that you are probably about to be screwed over. Be ware and aware. Unfortunately.
July 7, 2008
Living is Texas where there is a huge immigrant population (and dating a resident alien) I have learned that I take for granted things like knowing car dealerships for the most part are trying to rip you off or that cable companies have "introductory rates" that can change at a drop of a hat. This book is good at shinning a light on what companies are doing to swindle you out of your hard earned cash. I don't think that I'll see the $1000 savings the book predicts, but I'm glad there is someone out there more skeptical than me!
Read
May 6, 2008In this new globalization-capitalism-consumerism world, a lot of people are victims to the local and international economic machine. This book focuses on details about many modern methods of financial and consuming means in American society, and it emphasizes the claim how we are cheated every day with no knowledge of us. This book added to my knowledge lots of valuable information about very practical things related to services fees and how they are paid. I recommend this book to every one in this country.
April 27, 2009
This is a great bunch of information -- but I found myself so angry when I read it that I had to keep taking breaks. The author makes plenty of suggestions to avoid getting screwed by nickel and dime fees from banks, cell phones, etc. -- but many of them weren't practical for me, and so the end result was a feeling of profound disappointment at how our culture has evolved to encourage/permit this kind of corporate greed to run rampant.
January 18, 2009
Looking for some truly irritating reading? It's truly not the writing that's irritating, but the informatin provided.
See what the credit card companies are up to . . .
Better read that fine print when you look for an escrow broker . . .
The phone companies (and cable companies) are in on thing too . . .
Don't take my word for it--Mr. Sullivan lays it all out for your benefit. IF you ask me, every savvy consumer should read this.
See what the credit card companies are up to . . .
Better read that fine print when you look for an escrow broker . . .
The phone companies (and cable companies) are in on thing too . . .
Don't take my word for it--Mr. Sullivan lays it all out for your benefit. IF you ask me, every savvy consumer should read this.
September 7, 2013
I picked this book up years ago, but I still reference it to this day. I remember putting just a few pieces of the author's advice into effect and saving hundreds of dollars instantly (specifically from my cable company and one credit card company). I was so impressed that I started telling everyone I know about "Gotcha". Definitely a great book for anyone looking to save some money, and these days, who isn't?
May 30, 2015
Though now slightly dated (2007), I re-read this every so often, any time I'm complaining about the cable, credit card or cell phone bill & thinking about switching. Sullivan discusses various types of fees each industry uses to rip you off, and suggests points to be aware of BEFORE you call to complain. Highly recommended; lacks a 5th star only because it's no longer up-to-date, but most of the advice is still relevant.
June 10, 2008
After hearing the author interviewed on Marketplace Money, I was expecting something more wonky -- about the rise of hidden fees, regulatory issues, oligopolies and the resultant insanity in the market for services like cable TV. It's much more basic than that. Definitely a useful how-to book, but The Consumerist has better anecdotes (and executive e-mail addresses and phone numbers).
March 3, 2009
This book is filled with important info, but also, proves a depressing read because the reader discovers all the ways s/he is being ripped off in every aspect of personal business. Still, I got some good pointers on how to be a smart consumer who makes it hard to be taken advantage of. These strategies take time, intelligence and perseverance. We'll see if I have enough of all 3!
Want to read
January 28, 2008I listened to an interview with this author on Teri Gross (third week of Jan. 2008.) I don't necessarily agree with everything he's saying, but I'm interested in reading it because I think there is some valuable information in it.
May 1, 2008
Nothing really new here - it wasn't really a surprise that my phone bill is dotted with extraneous fees (I notice this on a monthly basis). However, there are some good tips on seeking refunds and making complaints.
October 21, 2010
A book every consumer should read and take the advice of. I have been doing some of these things all along, but now I know how to be effective in my attempts to fight against these big corporations that love to take the consumer for money everyday. :)
July 7, 2012
It was a decent read, with some good advice on how to save some money. Some I already knew, and some doesn't apply to me. It also tells you on who you will have better success with in getting money back, so you know better which battles to pick.
September 14, 2011
Great read about greed and about the attempts to
cheat us of money via fees.
Listen to the Fresh Air interview w/ the author
at:
http://www.npr.org/templates/story/st...
cheat us of money via fees.
Listen to the Fresh Air interview w/ the author
at:
http://www.npr.org/templates/story/st...
February 21, 2008
a bit of a disappointment.
so people cheat all the time...
tell me something i don't know.
so people cheat all the time...
tell me something i don't know.
Want to read
February 7, 2008Oy, like I need something else to be mad about...
March 12, 2008
A bit repetitive but an interesting compendium of ways in which little fees are hidden in bills so that price increases are not apparent.
May 18, 2008
It was good, I just felt like I knew a lot of the things he was talking about. I skimmed through most of it and read only the most interesting sections.
June 5, 2008
Some interesting information. I tried to read it cover to cover, but it got pretty tedious at then end. I will definitely refer to it in the future if I need it, though!
Read
July 5, 2008A curious title that caught my eye, it's an interesting view into the world of hidden fees and various money traps. The writing's a little to vehement to be a pleasurable read.
July 16, 2008
Excellent information, and even moreso if you have the time to utilize all of it! But at least some should prove helpful.
August 18, 2008
Quite an eye opening book on ALL the fees that are added to our monthly bills. The author also gives great examples on how to dispute fees.
Displaying 1 - 30 of 43 reviews