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You blame the banks for people overdrafting, but blame the individual for not being able to afford health insurance and dying?
You recently declared bankruptcy due to overextending yourself and suddenly think it's the bank's fault. Once you need health insurance or are dying and need Government help, I'm sure that won't be your fault either.
It's evil until it applies to you. Refer to your previous quote on this message board months ago about "Personal Responsibility" and not taking out loans you can't afford.
Quote:
Originally Posted by oz in SC
Evil companies forcing people into these loans...
No such thing as personal responsibility?
You didn't bother to read anything, did you?
The policy was changed without notification to subscribers.
I did read it, I am not sure why you have to have such a vindictive attitude.
Let's just have a discussion about this, you don't have to turn everything into personal attacks.
Please quote from the two articles linked in this thread where it says banks change policy without notifying customers. I will give you a hint - it isn't there. I will say it again - the policies surrounding overdraft fees is written into the fine print you agree to when opening accounts. By law, banks must notify customers when those policies change. If someone doesn't read the policy, it is NOT the bank's fault. It is also common knowledge that all deposits occur at the end of the day - again, written in the fine print.
Let's not make excuses for people who are too lazy to actually read the terms and conditions for an account.
Please at least admit that someone overdrawing their account is their fault! I can't believe you would stick up for people who are mismanaging their money. There is a major problem when people show this kind of lack of personal accountability.
But I forgot, it is always a bank or corporation's fault, regardless of how irresponsible an individual is, right?
You blame the banks for people overdrafting, but blame the individual for not being able to afford health insurance and dying?
You recently declared bankruptcy due to overextending yourself and suddenly think it's the bank's fault. Once you need health insurance or are dying and need Government help, I'm sure that won't be your fault either.
It's evil until it applies to you. Refer to your previous quote on this message board months ago about "Personal Responsibility" and not taking out loans you can't afford.
Actually I blame the banks for creating the collapse we are currently in...and then profiting off those caught up in it.
Why do you need to keep your cash in a bank?
Why do you need to have your check auto-deposited?
Why do you need free ATM access around the world?
The banks screwed up royally,they then were loaned our money to cover their own financial misdeeds....but then penalise people for making financial mistakes such as being overdrawn.
Of course the banks also make billions of dollars doing this so that is the actual reason,it has nothing to do with risk or anything else,it is to make money for doing nothing.
Ok...again...what do you suggest I do with my money and how do you suggest I organize it so that I can pay for things? And what kind of stupid question is 'Why do I need to access my money'?
The banks will pay a penalty for those loans. In interest. What about that do you not understand? Or do you think it's better that all the people at the bank lose their money?
Yes, banks will charge you for doing something wrong. And they may make money off of it. What other incentive do people have for NOT bouncing checks willy nilly and creating havoc?
You can keep your money anywhere you so desire...it is YOUR money.
Except when it is in a bank then it is up to the bank to decide whether you can access your money or not.
The point about the banks is they were foolhardy,they were greedy and they lost billions/trillions of dollars....but then begged to use our money to help them out.
In return they are now making billions of dollars off of the people by charging fees.
As to bouncing checks and creating havoc...you do know the world existed before banks charged fees for such things...you know there never used to be credit cards either.
To think the world managed without such things is amazing.
Banks are not making many loans anymore. They are too risky. Instead they are making much easier no risk money. Charging junk fees and junk fees account for 75% of their income today.
Banks are now relying very heavy these days on junk fees to increase profits at zero risk to them. Charging $5 or more to make an ATM transaction, $39 for a late payment or a bounced check, charging 29.99% interest rate (highest allowed by law), unlimited junk fees on mortgage loans, $10 to transfer your money from savings to checking, charging for every check written, charging $5 for a money orders...... and bla bla bla the list goes on forever.
About 75% of the banks total revenue now comes from junk fees according to the Clark Howard Show's investigations. $31 billion alone just from credit card junk fees. Some banks are charging $10 to take YOUR money out of an ATM. BOA charges $350 for an overdraft. Yes I said that right. If you write a check for more then you have you get charged $350.00. Many banks are charging $100 or more to close an account.
The only way we can fight back is to not use banks. Use a credit union or use nothing like I do.
I did read it, I am not sure why you have to have such a vindictive attitude.
Let's just have a discussion about this, you don't have to turn everything into personal attacks.
Please quote from the two articles linked in this thread where it says banks change policy without notifying customers. I will give you a hint - it isn't there. I will say it again - the policies surrounding overdraft fees is written into the fine print you agree to when opening accounts. By law, banks must notify customers when those policies change. If someone doesn't read the policy, it is NOT the bank's fault. It is also common knowledge that all deposits occur at the end of the day - again, written in the fine print.
Let's not make excuses for people who are too lazy to actually read the terms and conditions for an account.
Please at least admit that someone overdrawing their account is their fault! I can't believe you would stick up for people who are mismanaging their money. There is a major problem when people show this kind of lack of personal accountability.
But I forgot, it is always a bank or corporation's fault, regardless of how irresponsible an individual is, right?
So you read that 5 page micro small print word for word? No, but if you did you did not understand it.
So you never made a mistake in your life? Do you deserve to be charge $40 every time you do make a mistake? It ain't mismanagement of ones money. It's a freaking mistake. F the banks!!!!!!!
Banks are not making many loans anymore. They are too risky. Instead they are making much easier no risk money. Charging junk fees and junk fees account for 75% of their income today.
Banks are now relying very heavy these days on junk fees to increase profits at zero risk to them. Charging $5 or more to make an ATM transaction, $39 for a late payment or a bounced check, charging 29.99% interest rate (highest allowed by law), unlimited junk fees on mortgage loans, $10 to transfer your money from savings to checking, charging for every check written, charging $5 for a money orders...... and bla bla bla the list goes on forever.
About 75% of the banks total revenue now comes from junk fees according to the Clark Howard Show's investigations. $31 billion alone just from credit card junk fees. Some banks are charging $10 to take YOUR money out of an ATM. BOA charges $350 for an overdraft. Yes I said that right. If you write a check for more then you have you get charged $350.00. Many banks are charging $100 or more to close an account.
The only way we can fight back is to not use banks. Use a credit union or use nothing like I do.
Death to banks!!!!!
What banks are charging $100 to close an account? I have never paid an overdraft or service fee of any kind. I also rarely pay a fee to withdraw money. I am not charged interest rates because I don't carry a balance on any card. You only have to pay fees if you are careless with your money.
I don't blame the banks for charging an overdraft fee - BUT I also don't think that they should be charging what amounts to a usurious interest rate on funds for overdrafts.
Think of it this way; electronic transactions are super cheap, especially when compared with the processing of paper checks. There are virtually no people involved in electronic transactions; computers do it. They cost banks pennies. So you can eliminate cost of the bank's time as a factor in overdraft fees.
The bank is making you a loan, usually very short-term. Many banks now are charging multiple fees if you don't rectify the overdraft within a period of time. If your bank charges $30 for overdraft, and your account is overdrawn by $1.00, what's the interest rate?
I'd propose that the banks be allowed to charge a minimum overdraft fee of, say, $10, plus a percentage of the overdraft above a certain dollar amount. The punitive and usurious rates they are charging now are not helpful, especially in the current economic climate. One would hope the banks would recognize that and act accordingly.
I'd propose that the banks be allowed to charge a minimum overdraft fee of, say, $10, plus a percentage of the overdraft above a certain dollar amount. The punitive and usurious rates they are charging now are not helpful, especially in the current economic climate. One would hope the banks would recognize that and act accordingly.
this is a very fair proposal. the fees for overdrafts should be big enough to be punitive (so higher than the interest on an actual loan), but not as ridiculously high as they are. and basing them on the amount overdrawn makes perfect sense.
speaking of fees, in the uk atm fees are illegal. the govt determined that there was absolutely no basis for them. how bout that?
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