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"overdraft protection" was the best example of modern corporate robbery...i'm still livid w/ BofA about OP...w/ my particular checking acct now i have to have at least 1500 bux in my acct or direct deposit to not be charged 8 bux a month...i laughed out loud when they advertised the free checking acct but you you can't step foot inside the bank, you have to do all your business with the ATM...laughoutloud...further proof that machines will one day dominate the workforce...
Have you looked into credit unions or other banks w/less fees?
"overdraft protection" was the best example of modern corporate robbery...i'm still livid w/ BofA about OP...w/ my particular checking acct now i have to have at least 1500 bux in my acct or direct deposit to not be charged 8 bux a month...i laughed out loud when they advertised the free checking acct but you you can't step foot inside the bank, you have to do all your business with the ATM...laughoutloud...further proof that machines will one day dominate the workforce...
Wells Fargo does this too. I can't understand how it's a 10 dollar charge to actually use your overdraft protection. You set it up to protect yourself, it's used, but the bank takes a 10 dollar penalty for auto-transferring the funds. But if you transfer them yourself the day before, it's ok.
Now, before I get jumped on for this too- I agree you need to be smart about what balance is in your account and not let it get to that point. I am VERY diligent about checking my balance daily....multiple times daily usually. There was only one time it happened to me and it was when my kid's pre-school took an auto-draft payment I set up 3 days earlier than the date they were supposed to.
The banks don't deserve all the blame. Fanny and Freddie deserve alot, congress does for encoraging at risk people to be in homes. You also have greedy people who used their homes for ATM's/the appraisers also had their hand in the cookie jar, along w/the realtors who pushed people to buy who didn't have any business buying......banks had a part but they were 1 piece of the mess.
Where were you when banks were paying 6-7% for CD's? They were paying money in interest then.
There are plenty of banks that can take your business. If you don't like citibank anymore, go somewhere else. Its their choice to make a profit anyway they want. If the consumer is not smart enough or doesn't do their homework, then shame on them. Sounds like alot of sour grapes in this post.
I agree the people using their houses as ATMs and the appraisers trying to get their cut, but it ultimately boils down to where did they get the money for all that? The banks. The banks could have said no, you know what, it's not a good idea to give you that 500k money on your 35k a year salary.
Not sure why you's say it's sour grapes, I would consider it sour grapes if I was denied a credt card application then said well, I didn't want it anyway. I was just using an example to make a point of asking how my idle account was causing them to lose so much money they needed to enact a fee.
There are plenty of banks that can take your business. If you don't like citibank anymore, go somewhere else. Its their choice to make a profit anyway they want. If the consumer is not smart enough or doesn't do their homework, then shame on them. Sounds like alot of sour grapes in this post.
Of course we still have choices Jack. But the point is, we have less choices than we used to, due to consolidation of the financial industry. A century ago, anti-trust actions would have been brought against the big banks, as they have too much authority over our economy. Instead, nowadays we made the megabanks even bigger. Jamie Dimon is a Class A member (co-chairman) of the New York FED; but 9 out of 10 people don't have a clue what that even means. We are in big trouble, and me taking my savings account to to a credit union will not change the fact the the megabanks now run the Federal Reserve.
I agree the people using their houses as ATMs and the appraisers trying to get their cut, but it ultimately boils down to where did they get the money for all that? The banks. The banks could have said no, you know what, it's not a good idea to give you that 500k money on your 35k a year salary.
Not sure why you's say it's sour grapes, I would consider it sour grapes if I was denied a credt card application then said well, I didn't want it anyway. I was just using an example to make a point of asking how my idle account was causing them to lose so much money they needed to enact a fee.
By your reasoning, you put more of the responsibility on the supplier (ie the Bank) vs the individual. (because the product i.e. $$/ is available for the taking)
That would be like blaming cigarette companies for getting lung cancer, or Budweiser causing you to become a drunk. Or smith and wesson because of the "gun" problems in society.
I will respectfully disagree w/your reasoning. Me, I put most of the blame on individuals. If you don't do your due dilligence, then shame on you. Alot of the problems w/society today is that everyone wants to blame someone else and the lack of personal responsibility.
Of course we still have choices Jack. But the point is, we have less choices than we used to, due to consolidation of the financial industry. A century ago, anti-trust actions would have been brought against the big banks, as they have too much authority over our economy. Instead, nowadays we made the megabanks even bigger. Jamie Dimon is a Class A member (co-chairman) of the New York FED; but 9 out of 10 people don't have a clue what that even means. We are in big trouble, and me taking my savings account to to a credit union will not change the fact the the megabanks now run the Federal Reserve.
Less choices?
I can name 7 banks within a 5 mile radius of my home.
Fifth Third
Woodforest
Wells
BofA
BB&T
American Community
Suntrust
there aren't less choices. The problem is most people today are too lazy to shop around for the best deal. They also are spoon fed misinformation from the MSM about "excessive" fees they are being charged. Well, if your institution charges it, go somewhere else! Its a free country!
I can name 7 banks within a 5 mile radius of my home.
Fifth Third
Woodforest
Wells
BofA
BB&T
American Community
Suntrust
there aren't less choices. The problem is most people today are too lazy to shop around for the best deal. They also are spoon fed misinformation from the MSM about "excessive" fees they are being charged. Well, if your institution charges it, go somewhere else! Its a free country!
Congratulations on being able to name all the banks in your neighborhood, although I didn't notice a Wachovia on the list. Oh that's right, they don't exist anymore, and neither do many other regional and community banks across the country. Community banks are the backbone of this country, and they are being crushed by the megabanks. Once too few people have control of our currency, we are doomed.
And are you okay with Jamie Dimon running the biggest bank (JPMC), and running the most important branch of the FED at the same time? God help us.
Congratulations on being able to name all the banks in your neighborhood, although I didn't notice a Wachovia on the list. Oh that's right, they don't exist anymore, and neither do many other regional and community banks across the country. Community banks are the backbone of this country, and they are being crushed by the megabanks. Once too few people have control of our currency, we are doomed.
And are you okay with Jamie Dimon running the biggest bank (JPMC), and running the most important branch of the FED at the same time? God help us.
I answered your question w/several mid-small sized banks and still your response is to mock my list. People who don't have real comebacks do that usually...real nice......
There have been for over a hundred years banks merging and consolidating...Wachovia/First Union did it years ago. No different than today
The answer that you don't want to hear is that there is plenty of choice to go around. Ifyou want to keep your money in a bunker/matress and keep villlifying the banks, you are free to do that too......my grandmother had that mindset did that her whole life because she grew up in the depression.
There have been for over a hundred years banks merging and consolidating...Wachovia/First Union did it years ago. No different than today
Until about 1985 or so, in the USA, banks were not allowed to cross state lines and in a number of states, banks were not allowed to cross county lines and/or have more than one branch. The purpose for these restrictions was to prevent mega banks from being created which then if failed due to the free market would destroy the livelihoods of large segments of the population. These banks are now known as too big to fail. During this period when these restrictions were in place, it was common to see new banks being opened as the economy expanded.
Banks, via the Federal Reserve, were given the very powerful privilege of being able to create currency. The was a huge desire to keep them from using this privilege to make themselves more than just a utility to the economy.
Until about 1985 or so, in the USA, banks were not allowed to cross state lines and in a number of states, banks were not allowed to cross county lines and/or have more than one branch. The purpose for these restrictions was to prevent mega banks from being created which then if failed due to the free market would destroy the livelihoods of large segments of the population. i.e. Too big to fail. During this period, it was common to see new banks being opened as the economy expanded.
Banks, via the Federal Reserve, were given the very powerful privilege of being able to create currency. The was a huge desire to keep them from using this privilege to make themselves more than just a utility to the economy.
Many of the banks that received money did not need it. We can also debate what the impacts would be if certain banks failed....
Having said that, to me most are ignoring the real problem (besides homeowners who bought way more than they should)...fannie and freddie. The current administration (who shall remain nameless) is constatnly focusing on banks as the main villain because drinking the kool aid of class warfare is acceptable to alot of people (especially on this board). I think its fannie and freddie and the corrupt congressmen who enticed people (especially minorities)into expansion for home ownership deserve much of the blame. What do I know? I'm just some dumb guy behind a keyboard....
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