June 7, 2012
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Banking BS
If you have been awake for the last decade, you have probably observed the change in banking procedures.
They call it “fees”.
It’s beauty really.
You have to maintain a minimum balance…so they can loan your money to someone else, or pay a fee.
You can “pay bills” online…but it makes it easy to screw up your balance…so they can hit you for a another fee…or charge you a monthly fee…in case you do that a lot. I used to love my local bank…then it was acquired. Overnight, all the stuff I loved about it turned to shit. They started all sorts of “new” practices. For instance…they used to draw money the second I made a purchase. I did not mind…it prevented over drafts. If I needed to see my balance, I could check it, and KNOW what I had…to the penny. The “new” bank will sit on it a few days. You “know” you made the purchase, but your “available funds” doesn’t show it…even if its pending. The “available balance” is an absolute fraud. You have to go into a few different screens to find out what is actually there…which is setting up the consumer to overdraft.
When the “new” bank took over, they did a hard sell on “overdraft protection”. Since I never needed that, I declined. It was “only” a monthly fee of five dollars…plus the charges when you actually used it. Paying money to borrow my own money strikes me as stupid. I declined. But within days they started the “new” system of balances…always in a way that would screw the consumer.
Funny…when I opened my first checking account, they wanted me so badly they gave me a toaster.
Now? Bend Over, Here It Comes Again…
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Comments (9)
Yeah, the banking rules are terrible and designed to keep people guessing. So much money comes from overdraft fees.
Oh they will always have some thing or the other to charge you with.
fees stink.
I had forgotten all about those giveaways. When I got my student loan, they gave me a place setting of stoneware. I still have it, almost 40 years later. What will young people have from their banks 40 years from now?
I hear you. Another symptom of the BGC (Big Greedy Corporations) I quit two of them, the B of A and also Chase. I now bank at a smaller bank, so far so good. I hear credit unions are the way to go, though.
I have Chase because when I started college (25 minutes from home), they were the bank with the most branches around (no ATM fees!). Due to circumstances beyond my control (biweekly pay and cuts in hours), I have no money and have over drafted almost every week the past few months (sue me, I’m saving for a move 900 miles away in a little over a year and a vacation when I graduate…smart of a 22 year old, I’d say). I don’t spend recklessly. I can’t remember the last time I bought something “fun” “just because”. I have to show my license when I withdraw money and NEVER when I deposit it.
I would move to a smaller bank, but that just creates more fees since Chase practically has a monopoly in the tri-state area…
Our bank recently attached new fees to our checking account also. It just sucks. I remember last year when another bank tried that crap, and our bank used it as a sales pitch that they don’t do that… and now they do.
Greedy money suckin filth bags. We maintain no balance with them, and pay their five dollar fee. If everybody did that they’d have no money to lend. What a pickle that would put them in, eh.
@PhoenixFighting - Not to be an ad for them, but USAA is REALLY useful…even if you are not a vet, if you are the child, or even grandchild of a vet, you qualify….and they actually REFUND ATM fees that other banks charge…up to 15 bucks a month…works great!
We are old fashioned and still use checks we go and order from the bank. We do not use ATM or debit cards. The bank and the govt are going to stick it to us no matter what we do and now we can not keep our money at home because on ss or any disability, the checks have to be direct deposit in a bank, and no more paper ss checks or disability checks.