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sure I can blame the bank, I have shown above that the bank wrote the account rules to allow them to assist in check bouncing, while my credit union has higher ethical standards.
being poor is expensive because there are so many people lined up to take their money at every opportunity.
Nobody forced anybody to bank there, knowing the rules. If you don't like those rules, bank somewhere else.
Since capitalism does a poor job of serving the poor, is should be no surprise that the options typically available to the poor suck.
When the available options suck, choices might be less than voluntary.
It's not the "job" of capitalism to serve the poor. A business provides a service or product, and the consumer is free to purchase or not.
Options are the same for rich or poor. I don't recall seeing a sign on the door of the bank directing the "rich" to go in one direction and the "poor" in another.
The rules for my checking account are the EXACT same for someone that makes far less money than I do. The difference is that I've CHOSEN to live my life so I don't let my balance dip down so low that I incur fees.
What banks and credit unions don't use Chexsystems? None that I know of.
Bank of America account was "FREE FOR LIFE" with no conditions of any kind (no DD, no min balance, etc.) which is the only reason I signed up in the first place. They did honor it in the beginning but BOOM they changed the terms and started charging a fee. To close my account over couple of bucks overdrawn only because of their unauthorized fee is criminal. They didn't even warn me or anything.
BofA has done this to other people they have promised "free lifetime" accounts to:
Wish I had contacted a news station also because they did the same thing to me!
No. To spend money you don't have (which is what overdrawing your account is) is truly criminal. B of A had every right to close your account. Banks usually don't close your account unless your account has been below $0 for at least 30 days. So not only did you spend money you didn't have, you didn't pay back the money you spent right away. The problem is with your actions, not the bank's.
It's not the "job" of capitalism to serve the poor. A business provides a service or product, and the consumer is free to purchase or not.
Options are the same for rich or poor. I don't recall seeing a sign on the door of the bank directing the "rich" to go in one direction and the "poor" in another.
The rules for my checking account are the EXACT same for someone that makes far less money than I do. The difference is that I've CHOSEN to live my life so I don't let my balance dip down so low that I incur fees.
Even my credit union - didn't you say credit unions are 'required' to serve a less affluent demographic? - has a number of services for the rich not available to the poor.
The more money in your account,m the more perks you are offered.
Even when those perks were schlocky, like free toasters.
It's not the "job" of capitalism to serve the poor. A business provides a service or product, and the consumer is free to purchase or not.
Options are the same for rich or poor. I don't recall seeing a sign on the door of the bank directing the "rich" to go in one direction and the "poor" in another.
The rules for my checking account are the EXACT same for someone that makes far less money than I do. The difference is that I've CHOSEN to live my life so I don't let my balance dip down so low that I incur fees.
Options are the same, but services are free if you have some money.
At Wells Fargo, I get their "all the bells and whistles" checking account for free, because of the balance in my brokerage account. The monthly fee for this account is normally $30 per month.
I don't pay anything for my brokerage account, because I get 100 free trades per year and I typically use fewer than 20.
I don't use my debit card for purchases. It is strictly used as an ATM card. No merchant fees for them.
I don't keep extra cash in my WF checking or savings, I sweep it all to online savings, invest it, or throw it at my mortgage.
I don't bounce checks generating overdraft fees in the process.
I don't pay for checks, cashier's checks, or my safety deposit box because that is all included in the $30 monthly service fee, which I don't pay.
I think some day Wells Fargo will wise up and give me the boot. I'm a losing proposition for them.
Options are the same, but services are free if you have some money.
At Wells Fargo, I get their "all the bells and whistles" checking account for free, because of the balance in my brokerage account. The monthly fee for this account is normally $30 per month.
I don't pay anything for my brokerage account, because I get 100 free trades per year and I typically use fewer than 20.
I don't use my debit card for purchases. It is strictly used as an ATM card. No merchant fees for them.
I don't keep extra cash in my WF checking or savings, I sweep it all to online savings, invest it, or throw it at my mortgage.
I don't bounce checks generating overdraft fees in the process.
I don't pay for checks, cashier's checks, or my safety deposit box because that is all included in the $30 monthly service fee, which I don't pay.
I think some day Wells Fargo will wise up and give me the boot. I'm a losing proposition for them.
I think you're associated with a customer segment which is profitable to the bank. You're in very good (as in profitable) company and they're not going to sort out customers like you.
You know every single year the "poor" get a windfall thanks to the tax code. Do they save it to keep themselves from being one missed check from disaster? No, they pay someone $300 to do the easiest returns ever, and then spend the rest before "something bad happens." Every. Single. Year.
It's insane.
I wanted to give an in-law a few thousand to free them from the paycheck to paycheck grind, but the day I was going to meet up with them they bought an SUV that's beyond anything my family will ever know, and I never mentioned the check.
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