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Old 02-09-2011, 02:07 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,475 posts, read 13,828,478 times
Reputation: 6359

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Greedy banks! Greed is bad, when it is someone else's greed.

Think about it. Let's say you have a house for sale. You have it for 150K.
Someone sees your house and wants it - right now! and offers you 160k.

Dare you say no? Are you practicing good business, making the most profit that you can? Or are you just being greedy?

Days of free checking may be numbered | KING5.com | Seattle Featured Video on Demand

Bank of America voluntarily dropped its fees. It voluntarily did this, as it found out the government was going to make them do it anyways.

Bank of America said it's the biggest bank to eliminate the fees so far and that it was reacting to customers' comments.
"Customers were saying, 'Don't let us spend money we don't have," spokeswoman Anne Pace said.

Bank of America will drop overdraft fees for debit cards | McClatchy

And if you can't see that's a load of hogwash, I've got a bridge I'd like to show you. People have been complaining about these fees for years.

Banks are smart though. The know the same suckers make the same mistakes, and that was fine ...because the NON-SUCKERS RODE THEIR BACKS LIKE BRONCOS.

Reverse Robin Hood: Do Credit Card Rewards Give to the Rich by Taking from the Poor? - Current Rates, News and Information about Credit Cards | Go Banking Rates

So even if you don’t carry a balance month to month, credit card companies still make money every time you use your card. As a result, it makes sense for them to offer incentives for more usage of plastic over paper. This is also why your bank encourages you to use your check card as a credit card and stores would prefer it if you used your PIN number.
While big chain stores like Wal-Mart or Target can leverage their business volume to negotiate down the merchant fees they pay to some degree, your typical mom and pop shop cannot. In order to make up that cost, businesses then have to raise prices for everyone and put the burden back on all their customers.
It’s illegal for businesses to only charge merchant fees for card-using customers, so they have to spread it out across the board

Money and banking: How the poor subsidise the rich | The Economist

....overdraft fees is that they disproportionately are levied on the poor. The billionaire is not typically the one who pays these fees. About 80% of bank fees are paid by 20% of bank customers, and according to the FDIC low income (people who earn less than $30,000) earners are nearly twice as likely to have paid an overdraft fee. Even worse, it is not uncommon for poor people to rack up many fees and owe the bank money they can not pay. Eventually their account is closed by the bank. Once your account is closed it’s extremely difficult to open an account at another bank. The fees shut the poor out of formal banking.
[LEFT]
**************************
[LEFT]
So here's the kicker:

Since the banks can't make money off of the old suckers / or the poor the old way, they get to make money off of even more people the new way. In other words, me.

That's right, ME. Mr. Greedy (Mr. Responsible?) , right here. I don't pay a dime for bank service fees. Or overdraft charges. But that is soon to change.

Banks have decided to stop having one particular group of people pay for most of the other people's perks to having a larger group of people pay for everyone's perks and to enlarge the banks bottom line. Credit card companies have been doing this for years. Those people who actually pay credit card fees have been subsidizing my rewards for years.

Which is similiar to Obamacare. The people with the greater ability to pay get tasked to pay for everyone. However, unlike Obamacare, I'm not seeing how millions could benefit from this.

Smells like .....Sharing the wealth to me.

Last edited by 70Ford; 02-09-2011 at 02:20 AM..
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Old 02-09-2011, 02:16 AM
 
9,857 posts, read 7,023,296 times
Reputation: 3284
FROM THE MARKET.

Did you know
Obama is giving free loans to banks to go buy 3% return USA bonds. Banks are being given billions upon billions in free no interest loans to get 3% on that money for free.
I don't like that Obama move one bit.

Then you wonder why they don't want to or have to make any potential homeowners loans.

As far as cards, who cares. Pay cash or don't buy it.

Regarding bank's behavior, our incompetent government got us into our crisis with their bad regulations that told banks to make loans to people who never had money or jobs.
Now that government mortally wounded banks, Obama comes along and want to further regulate something else, so banks raise their fees and rates (surprise).

From the market, if one bank is bad to a customer the one who is better will get them. That is the good thing about competition.
Regarding the rest of your rant. Kind of so what IMO.

Lastly, B of A had all the clients banking information stolen in some inside job a few years ago, so if you've been banking more than 4 years with them lots of crooks have all your personal information at this time, so smile. ;-)
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Old 02-09-2011, 02:23 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,475 posts, read 13,828,478 times
Reputation: 6359
I've made 250 bucks in reward points in the last few months. Two hundred and fifty crisp 1 dollar bills.

Amazon.com Credit
  • Get $30 back: Your Amazon.com Rewards Visa Card will automatically be credited $30 within a few days of your first purchase with the card. The discount will appear as a credit on your credit card statement.
  • Get Instant Credit: Instant use of the card after approval.¹ Shipping to a new address? Update your Address Book before applying.
  • Earn Rewards Points: Earn points on every eligible purchase²; 3 points for every $1 spent on Amazon.com, 2 points for every $1 spent at gas stations, restaurants, and drug stores, and 1 point for every other $1 spent.
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Old 02-10-2011, 09:28 PM
 
376 posts, read 624,462 times
Reputation: 106
Quote:
Originally Posted by 70Ford View Post
I've made 250 bucks in reward points in the last few months. Two hundred and fifty crisp 1 dollar bills.

Amazon.com Credit
  • Get $30 back: Your Amazon.com Rewards Visa Card will automatically be credited $30 within a few days of your first purchase with the card. The discount will appear as a credit on your credit card statement.
  • Get Instant Credit: Instant use of the card after approval.¹ Shipping to a new address? Update your Address Book before applying.
  • Earn Rewards Points: Earn points on every eligible purchase²; 3 points for every $1 spent on Amazon.com, 2 points for every $1 spent at gas stations, restaurants, and drug stores, and 1 point for every other $1 spent.
  • Redeem Your Points: Choose rewards for as few as 2,500 points! Redeem for $50 cash back with 5,000 points.
  • No Annual Fee¹
Spam 101
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Old 02-10-2011, 10:07 PM
 
29,988 posts, read 37,190,235 times
Reputation: 12760
Quote:
Originally Posted by RCCCB View Post
FROM THE MARKET.

Did you know
Obama is giving free loans to banks to go buy 3% return USA bonds. Banks are being given billions upon billions in free no interest loans to get 3% on that money for free.
I don't like that Obama move one bit.
.......
Do you have a link for that?
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Old 02-11-2011, 06:24 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,475 posts, read 13,828,478 times
Reputation: 6359
Quote:
Originally Posted by Swordfish View Post
Spam 101
It's an example of how a rewards card works. So there's your explanation for the example. Those benefits are due to the burden other card users bear.

I'll explain examples better from now on for those who need an explanation on what an example is.

Sorry.
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Old 02-11-2011, 06:29 AM
 
Location: Raleigh, NC
20,017 posts, read 15,718,639 times
Reputation: 3745
What about the "greed" associated with a business that takes out a loan to make a better widget, pays back the loan with interest, rakes in a HUGE profit, and makes people more productive? Is the bank greedy for charging 10% interest for the loan? Is the widget maker greedy for raking in a 50% profit margin for the quarter? Who's greedy?
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Old 02-11-2011, 08:38 AM
 
2,515 posts, read 1,722,828 times
Reputation: 362
Quote:
Originally Posted by lifelongMOgal View Post
Do you have a link for that?
The fed has the prime set at 0.25%, what the banks are doing with the money is buying T-bills with it at 3%. The good old carry trade. Google the carry trade and you'll find info. As far as I'm concerned it falls into the common knowledge realm.
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Old 02-11-2011, 08:52 AM
 
36,832 posts, read 16,072,760 times
Reputation: 8362
Quote:
Originally Posted by 70Ford View Post
Greedy banks! Greed is bad, when it is someone else's greed.

Think about it. Let's say you have a house for sale. You have it for 150K.
Someone sees your house and wants it - right now! and offers you 160k.

Dare you say no? Are you practicing good business, making the most profit that you can? Or are you just being greedy?

Days of free checking may be numbered | KING5.com | Seattle Featured Video on Demand

Bank of America voluntarily dropped its fees. It voluntarily did this, as it found out the government was going to make them do it anyways.

Bank of America said it's the biggest bank to eliminate the fees so far and that it was reacting to customers' comments.
"Customers were saying, 'Don't let us spend money we don't have," spokeswoman Anne Pace said.

Bank of America will drop overdraft fees for debit cards | McClatchy

And if you can't see that's a load of hogwash, I've got a bridge I'd like to show you. People have been complaining about these fees for years.

Banks are smart though. The know the same suckers make the same mistakes, and that was fine ...because the NON-SUCKERS RODE THEIR BACKS LIKE BRONCOS.

Reverse Robin Hood: Do Credit Card Rewards Give to the Rich by Taking from the Poor? - Current Rates, News and Information about Credit Cards | Go Banking Rates

So even if you don’t carry a balance month to month, credit card companies still make money every time you use your card. As a result, it makes sense for them to offer incentives for more usage of plastic over paper. This is also why your bank encourages you to use your check card as a credit card and stores would prefer it if you used your PIN number.
While big chain stores like Wal-Mart or Target can leverage their business volume to negotiate down the merchant fees they pay to some degree, your typical mom and pop shop cannot. In order to make up that cost, businesses then have to raise prices for everyone and put the burden back on all their customers.
It’s illegal for businesses to only charge merchant fees for card-using customers, so they have to spread it out across the board

Money and banking: How the poor subsidise the rich | The Economist

....overdraft fees is that they disproportionately are levied on the poor. The billionaire is not typically the one who pays these fees. About 80% of bank fees are paid by 20% of bank customers, and according to the FDIC low income (people who earn less than $30,000) earners are nearly twice as likely to have paid an overdraft fee. Even worse, it is not uncommon for poor people to rack up many fees and owe the bank money they can not pay. Eventually their account is closed by the bank. Once your account is closed it’s extremely difficult to open an account at another bank. The fees shut the poor out of formal banking.
[LEFT]
**************************
[LEFT]
So here's the kicker:

Since the banks can't make money off of the old suckers / or the poor the old way, they get to make money off of even more people the new way. In other words, me.

That's right, ME. Mr. Greedy (Mr. Responsible?) , right here. I don't pay a dime for bank service fees. Or overdraft charges. But that is soon to change.

Banks have decided to stop having one particular group of people pay for most of the other people's perks to having a larger group of people pay for everyone's perks and to enlarge the banks bottom line. Credit card companies have been doing this for years. Those people who actually pay credit card fees have been subsidizing my rewards for years.

Which is similiar to Obamacare. The people with the greater ability to pay get tasked to pay for everyone. However, unlike Obamacare, I'm not seeing how millions could benefit from this.

Smells like .....Sharing the wealth to me.
Have you ever turned down a raise? If you haven't, that makes you greedy.
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Old 02-11-2011, 09:30 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,475 posts, read 13,828,478 times
Reputation: 6359
I've asked for a raise because my workload doubled. I was hired to do 1/2 a page worth of tasks, and when I got through outlining my request, I had a full 8 X 11 page full of tasks, many of them very different in scope from what I had been hired to do; namely a test engineer position turned into test engineer + project manager position.

You better believe I asked for a raise. I got it, too. But I didn't ask for one without justification.
I asked for one because I could prove my worth and because I did not consider myself to be compensated enough for that worth.

I don't consider that to be greed. Maybe I'm wrong.

10 powerful CEOs brought down by greed - MSN Money
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