Banks (loan, complaint, buy, sell)

[jmellc]

My complaints with banks are a little different that many people I hear talk. I don't mind a bank charging ATM fees to a non customer. It costs $ to operate the ATM & a non customer pays nothing in anywhere else. I like free checking but understand why they have to charge. Checks cost $$, so do the systems & personnel to run them.

I do not support forcing banks to loan to customers who cannot pay the $ back, as with Community Reinvestment Act.

I do not understand minimum balances on savings accounts or serviece fees on them in any way. Some banks even charge a dormancy fee if the account is inactive. A savings customer is lending $ to the bank & adding to its reserve, at a pitifully low interest rate to boot. Then he gets shafted with fees. Inactive accounts should be given a bonus, not a fee. Inactive accounts mean no $ withdrawn & more sure reserves. Minimum balances assure that traditional 1st time customers such as teenagers will go elsewhere with their $.

I do not understand that most banks now charge check cashing fees to a non customer for a check drawn on their own account. If I write a check to someone, my bank should not charge them to cash it. This should be illegal. I told a teller this was thievery, just as much as bank robbery is.

I need a money order every now & then. I have been to several banks that will not sell them to non customers. Even the ones they sell to customers are fairly high. I then went to supermarkets that issued them quickly, for about a dollar. Why would a bank turn down the easy money for a MO? That makes no sense at all to pick your own customers with fees, then turn away new customers wanting to pay you money.

I have banked 25 years at our main bank. Recently needed to cash a check from our local money manager for cash to buy a car. Seller wanted cash, nothing illegal about that. My bank rep said it would take 3 days, even though she knew the check was good. I called a smaller bank where we have less business. They did it same day. When we settle down a bit, we will move our business to the 2nd bank.

I think banks are cutting their own throats. I wonder how many will eventually fail?

I am sure some of you work for banks. Can you elaborate on any of this?