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A while back, I posted that when I'd taken my city-issued paycheck to the closest Chase bank (on which it was drawn), they refused to cash it -- stating that they only cashed checks for customers.
A few days ago, I realized that I needed to get quarters for the laundry, so I dashed into a nearby bank (not Chase), pulled $20 from their ATM (which cost $1.50 because it wasn't my bank), then walked inside the lobby and asked the teller for change.
Care to guess the teller's response?
"Sorry, we only give change to customers who have accounts with us."
HUH?
Now you have to have an account in order to get change?!?!?
I have seen the future of banking -- and it ain't pretty .....
(And, yes, I ended up going to my own bank -- but it wasn't convenient to where I was, which is why I didn't start out there. And please don't suggest that I get my own washer/dryer -- most of us here in NYC don't have hookups.)
Banks are thieves, period. They do not provide a service; they are there to rob you in the way of fees and service charges.
I will have to find the article online, but I read recently that banks make over 30% of their profits from NSF fees alone. That is criminal, especially if you know how they make sure some of their budget-conscious customers/victims bounce checks every month. Bank employees call it "predatory overdrafting".
I realize I sound a little extreme, but I speak only from my experiences with banks and bank employees. I know I am not alone. As customers, we have NO rights. Just read the fine print in your account notices.
I do as LITTLE as possible with our bank (we're now on our third in as many years) and now I write checks for almost everything so that I have a record--a real record, not an electronic one that can change at any moment. I do NOT use ATMs for anything.
I hate banks too. They nickel and dime you to death. I for one, only have a savings account and my husband has his business account. We try to pay for everything in cash or cashier's checks. I don't ever want to give my money to a bank.
Banks are thieves, period. They do not provide a service; they are there to rob you in the way of fees and service charges.
I will have to find the article online, but I read recently that banks make over 30% of their profits from NSF fees alone. That is criminal, especially if you know how they make sure some of their budget-conscious customers/victims bounce checks every month. Bank employees call it "predatory overdrafting".
I realize I sound a little extreme, but I speak only from my experiences with banks and bank employees. I know I am not alone. As customers, we have NO rights. Just read the fine print in your account notices.
I do as LITTLE as possible with our bank (we're now on our third in as many years) and now I write checks for almost everything so that I have a record--a real record, not an electronic one that can change at any moment. I do NOT use ATMs for anything.
I'd question the 30% but yes, banks make huge amounts of profits from NSF fees. I've seen news stories where banks actually encourage and want customs that keep very low balances because of the NSF charges they make off of them.
A while back, I posted that when I'd taken my city-issued paycheck to the closest Chase bank (on which it was drawn), they refused to cash it -- stating that they only cashed checks for customers.
A few days ago, I realized that I needed to get quarters for the laundry, so I dashed into a nearby bank (not Chase), pulled $20 from their ATM (which cost $1.50 because it wasn't my bank), then walked inside the lobby and asked the teller for change.
Care to guess the teller's response?
"Sorry, we only give change to customers who have accounts with us."
HUH?
Now you have to have an account in order to get change?!?!?
I have seen the future of banking -- and it ain't pretty .....
(And, yes, I ended up going to my own bank -- but it wasn't convenient to where I was, which is why I didn't start out there. And please don't suggest that I get my own washer/dryer -- most of us here in NYC don't have hookups.)
Pitiful, absolutely pitiful! What did they think? You were gonna give them a counterfeit $20 bill? Puulease.
I am loathe to defend corps but I can see their point. Tellers cost the bank money and any time they spend helping a non-customer is time they could be helping actual customers. If you were willing to pay the $1.50 ATM fee you would have been better off running into Duane Reade buying a pack of gum with your debit card and getting cash back. The fee would have been less (even if you tossed the gum) and you can easily negotiate what kind of change you get.
Banks are thieves, period. They do not provide a service; they are there to rob you in the way of fees and service charges.
I will have to find the article online, but I read recently that banks make over 30% of their profits from NSF fees alone. That is criminal, especially if you know how they make sure some of their budget-conscious customers/victims bounce checks every month. Bank employees call it "predatory overdrafting".
I realize I sound a little extreme, but I speak only from my experiences with banks and bank employees. I know I am not alone. As customers, we have NO rights. Just read the fine print in your account notices.
I do as LITTLE as possible with our bank (we're now on our third in as many years) and now I write checks for almost everything so that I have a record--a real record, not an electronic one that can change at any moment. I do NOT use ATMs for anything.
You are exactly right mom2feebs. I like that term "predatory overdrafting", again that is the truth. You will have a hard time convincing others though because so many people adore their banks. They think they are heros.
I was yet another victim yesterday of a bank. I posted this a short time ago on this forum: Banks and credit unions go down to post #8.
I since left WAMU, like I had a choice, they allowed unauthorized access into my account and my money blew away with the wind. Gone forever without chance for WAMU to reimburse me. So I since was given a chance by BOA whom I do not like but they allowed me to open a business checking even after what happened. BOA assures you in writing that they will reimburse you for any internet fraud loss and since I have heard this from peoples mouths directly I have to believe them.
So I got a large WAMU check from a customer last week and it bounced. My customer just learned that she wrote a check before me to her beauty palor for $75 and the next day the business was robbed at gun point. The robber took cash and checks. Turns out the robber got her information and was charging all over town. Now WAMU froze her account and they said in 10 days they will reopen a new account for her and close the old one. Notice I never said reimburse her for loss? They already made that quite clear. They will not pay depositers for loss.
I hate them for what they did to me. You know what its like starting over from zero at 50 years old? Yes I hired a Lawyer but even he said suing a bank is like trying to break the code of silence. He gave me little hope.
...
but I read recently that banks make over 30% of their profits from NSF fees alone. That is criminal, especially if you know how they make sure some of their budget-conscious customers/victims bounce checks every month.
...
Huh? Where is this outrage coming from?
If you live up to the agreement to write checks against a balance you have this is never an issue.
This is real simple... if you can find someone that lets you fail to live up to your contract and still do business without charging you for the impact, do business with them but they won't be in business long.
I am not a banker but simply don't understand how people think someone else should carry their problems for them.
You are exactly right mom2feebs. I like that term "predatory overdrafting", again that is the truth. You will have a hard time convincing others though because so many people adore their banks. They think they are heros.
I was yet another victim yesterday of a bank. I posted this a short time ago on this forum: Banks and credit unions go down to post #8.
I since left WAMU, like I had a choice, they allowed unauthorized access into my account and my money blew away with the wind. Gone forever without chance for WAMU to reimburse me. So I since was given a chance by BOA whom I do not like but they allowed me to open a business checking even after what happened. BOA assures you in writing that they will reimburse you for any internet fraud loss and since I have heard this from peoples mouths directly I have to believe them.
So I got a large WAMU check from a customer last week and it bounced. My customer just learned that she wrote a check before me to her beauty palor for $75 and the next day the business was robbed at gun point. The robber took cash and checks. Turns out the robber got her information and was charging all over town. Now WAMU froze her account and they said in 10 days they will reopen a new account for her and close the old one. Notice I never said reimburse her for loss? They already made that quite clear. They will not pay depositers for loss.
I hate them for what they did to me. You know what its like starting over from zero at 50 years old? Yes I hired a Lawyer but even he said suing a bank is like trying to break the code of silence. He gave me little hope.
I have had the same problem with WAMU. They do not protect their bank customers and will continue to tack on fees even though you are contacting them and disputing the charges. I hate to say it but I will no longer use a bank to store my money. I may just join a credit union for better protection (so I've heard) and open a savings account with no access to it unless u physically go there, show ID, and withdraw money.
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What did they think? You were gonna give them a counterfeit $20 bill? Puulease.
