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This is amazing. All the more reason for people to support their community banks and credit unions. These bigger banks spend too much time looking at spreadsheets instead of the actual customers. So sad.
All the more reason for people to support their community banks and credit unions.
I suspect the "big banks" will agree with your suggestion.
The community banks and credit unions however don't really want them either.
Despite the "past performance doesn't" guff they all know that most of the population in
question will still tend to wear out their welcome with them before too long as well.
Last edited by MrRational; 07-31-2013 at 08:17 AM..
Well, they are poor credit risks if they are living paycheck to paycheck. This isn't new and it really isn't news. Banks are a business and since they have lost the ability to charge fees for a lot of things that generated income for them, they have to tighten the belt.
Well, they are poor credit risks if they are living paycheck to paycheck. This isn't new and it really isn't news. Banks are a business and since they have lost the ability to charge fees for a lot of things that generated income for them, they have to tighten the belt.
Why is it difficult to understand that a business would not want customers that will have a negative impact on their bottom line. No business wants customers who will cost them money. Banks aren't charities; they're businesses. People who choose to be careless or irresponsible with their financial transactions need to understand that the consequences are their own fault, not the fault of the businesses they defrauded.
You know it's amazing that most consumers don't understand that if a business
doesn't make money from the business they are in, they will close up shop.
This goes from a small business person, the mom and pop, to the Mega Corporations.
So many people have the attitude "they make plenty of money" Ill just do what I want
and defraud what ever business I want, after all, the customer is always right. Right?
If you cost a business money, a business must make a decision based on what is good
for the companies bottom line, after all, you aren't a customer if you are defrauding a
business now, are you?
It's sad that businesses have to make this decision.
But, if it comes to staying in business, or declining a customer, they MUST decline a customer.
I don't think people really understand business until they have had their own.
Well, they are poor credit risks if they are living paycheck to paycheck. This isn't new and it really isn't news. Banks are a business and since they have lost the ability to charge fees for a lot of things that generated income for them, they have to tighten the belt.
i've audited a fair number of mid sized banks. those paycheck to paycheck people generate quite a bit of revenue for the banks as well. and keep in mind - the people being denied aren't necessarily poor credit risks, they just had some banking missteps (like overdrafts, bounced checks, etc.). i've had some checks bounce because i didn't move money around. i've also had overdrafts happen. i don't park my money in checking, so sometimes i forget to move it over. i get that they're trying to use the data at hand, but it seems like they could use some old fashioned community banking style tactics sometimes.
Why is it difficult to understand that a business would not want customers that will have a negative impact on their bottom line. No business wants customers who will cost them money. Banks aren't charities; they're businesses. People who choose to be careless or irresponsible with their financial transactions need to understand that the consequences are their own fault, not the fault of the businesses they defrauded.
actually, the careless people would be more profitable to the banks, given the fees they'd generate (even with new regulations). you obviously didn't read the article.
i've audited a fair number of mid sized banks. those paycheck to paycheck people generate quite a bit of revenue for the banks as well. and keep in mind - the people being denied aren't necessarily poor credit risks, they just had some banking missteps (like overdrafts, bounced checks, etc.). i've had some checks bounce because i didn't move money around. i've also had overdrafts happen. i don't park my money in checking, so sometimes i forget to move it over. i get that they're trying to use the data at hand, but it seems like they could use some old fashioned community banking style tactics sometimes.
Careless people that pay fees are great money makers for banks...the repeat offenders that never have the money to cover the fees are quite different. It takes a lot of "missteps" for a bank to not open an account for you so this isn't the occasional 'oops I forgot to transfer money from savings", these are people that bounce checks on purpose or try to play the float paying bills. The bank can see if they have $20,000 sitting in savings that it's an "oops" type of thing vs their average daily balance being $5.13.
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