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Show ALL Forums  > Off Topic  > Banks finding more ways to rip you off.      Home login  
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 SteelCity1981
Joined: 8/16/2005
Msg: 26
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Banks finding more ways to rip you off.Page 2 of 5    (1, 2, 3, 4, 5)

If you pay your bill on time there's no interest charged.


Then how are they making money off of you if you aren't charged additional interest each month ontop of whatever you spend then?
 want to travel
Joined: 7/29/2006
Msg: 27
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Banks finding more ways to rip you off.
Posted: 10/2/2011 12:05:46 PM
Time to regulate the banks, and the corporations, they have been getting away with murder since 1980
trickle down capitalism does not work!!!!
 Cdn_Iceman
Joined: 12/1/2010
Msg: 28
Banks finding more ways to rip you off.
Posted: 10/2/2011 12:13:14 PM
trickle down capitalism? oh please....... capitalism has nothing do with the banking crises
if you're looking to blame someone blame the politicians that come up with the regulations in the first place.

And you want to regulate the banking system that allowed them to the crap some of them got away from the first place? most finance ministers/politicians don't understand the very thing they are opposing, if they understood ,they wouldn't of come up with the silly regulations in the first place and actually use common sense , the banks especially the ones on Wall street, found away around Basel I and II, and no doubt they will find away around Basel III
 SteelCity1981
Joined: 8/16/2005
Msg: 29
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Banks finding more ways to rip you off.
Posted: 10/2/2011 12:24:06 PM
I was reading and I don't know if this is true or not but if you pay off your credit card and then cancel it your credit score lowers. If that's true that's BS if it's not then i guess it was just some rumor.
 QueenBeeSweetness
Joined: 9/23/2011
Msg: 30
Banks finding more ways to rip you off.
Posted: 10/2/2011 7:05:57 PM
I use BofA, & i very rarely carry cash, i almost always use checks or my debit card to pay for things.

I am not thrilled about it, as i feel i certainly have given the bank plenty of business, but i think that changing banks, setting up new accounts, & re-directing my direct deposits will be much, much more hassle than paying the stupid 5 bucks.
 Cdn_Iceman
Joined: 12/1/2010
Msg: 31
Banks finding more ways to rip you off.
Posted: 10/2/2011 7:11:44 PM
You want to know a secret of bringing your credit score up, keep a minimum of two credit cards, try this for 6 months, keep your balance 30% of the limit of the card , 30% or under

Eg: If your limit on your card is $1000.00 makes sure your balance is $300.00 or under.
that manipulates the credit score.
 BalderDog2
Joined: 1/6/2011
Msg: 32
Banks finding more ways to rip you off.
Posted: 10/3/2011 7:22:16 PM

I find this hard to believe, especially considering such limited information offered.


What's not to believe?

A bit from this article:

http://www.usatoday.com/money/economy/housing/story/2011-09-15/mortgages-tough-to-get/50405698/1


"A struggle to close

Sometimes, even borrowers with seemingly pristine finances are struggling to close home loans.

Stephanie, 45, and Brian Poore, 46, of Hubert, N.C., went through two lenders this year before the third extended them a loan on an $86,000 condominium in Wilmington, N.C. The couple bought the condo for their daughters, ages 19, 16 and 15, to use during college.

The first lender went overboard on income questions, Brian Poore says, asking him to prove that he didn't pay for room or board while living on an Army base in Iraq, where he works as a contractor.

Another lender qualified the couple for a loan, given their credit scores above 780 and other financial resources. But then the lender backed off, saying it couldn't resell the loan to Fannie Mae because the condominium homeowners association didn't have enough cash reserves for maintenance and repairs.

With the third lender, the Poores had to put 25% down — not the 15% they originally intended.

The process took five months. The loan was for $67,000. One of the Poores' relatives recently bought a new car and got a $55,000 loan in less than a day, Stephanie Poore says. "I feel bad for anybody having to go through this," she says.


I believe this hoop-jumping by the Large National Banks is design to piss people off over the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Big Banks want it repealed. If they blame the hoop-jumping on Obama and Dodd-Frank to enough people, enough times, and they just might make it happen.
 m14shooter
Joined: 10/2/2009
Msg: 33
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Banks finding more ways to rip you off.
Posted: 10/3/2011 7:26:52 PM
I do not pay banking fees, my bank refunds other banks atm charges even if I agree to pay them they reverse it. I don't pay a dime for personal or business checking or for anything else. I need a money order or cashiers check it is free. I need a wire transfer it is free. AAfter all I am leaving my money in their bank that they get to loan out over and over again and use it on their balance sheet so I aint paying for shit with banks.

As for b of a customers too bad, dump them and get a new bank and stop crying boo freaking hoo about it. I have told every bank that started this crap over the years to go to effing hell and drained my account in cash and flipped them off as I walked out.
 m14shooter
Joined: 10/2/2009
Msg: 34
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Banks finding more ways to rip you off.
Posted: 10/3/2011 7:37:41 PM

that you have to at least have 100 dollars in your account at all times or else they can take upwards of 5 dollars per month out in penalties if you dip below that base amount. So you don't win there either.


I would pretty much laugh in someones face if they told me they got charged fees because they didn't have a hundred bucks in the bank. they definitely shouldn't be dating either if they can't maintain a $100 balance.

I use my Amex card for almost everything I do, most months I run 20-30k on it but it is paid every month. Credit cards should not be allowed to carry a balance, if you paid off every month you will never see a penny of interest. For companies that don't take Amex I have my bank call their bank and do a wire transfer.
 m14shooter
Joined: 10/2/2009
Msg: 35
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Banks finding more ways to rip you off.
Posted: 10/3/2011 7:48:30 PM

I have a Visa, Mastercard and American Express.
If you pay your bill on time there's no interest charged. Only on an outstanding balance. You don't get charged interest on purchases.


He speaks the truth. I just bought my girlfriend a new toyota truck for 35K on my Amex card just to get the cash back points, pissed off the dealership but I could care less. I paid the bill the next day. I will not pay a penny in fees or in interest and Amex will still make their 3.5% in fees that they charge the dealership for accepting the card. All the credit card companies charge money to the merchants to accept the cards, that's how they still make profit with guy like me that never carry a balance.
 m14shooter
Joined: 10/2/2009
Msg: 36
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Banks finding more ways to rip you off.
Posted: 10/3/2011 7:54:33 PM

I was reading and I don't know if this is true or not but if you pay off your credit card and then cancel it your credit score lowers. If that's true that's BS if it's not then i guess it was just some rumor.


That is true, the creditors look down on closed accounts. I have several Amex accounts for my business and a high limit mastercard and closed all the rest, it hit me for over 150 points as I did it all in one month but I don't buy on credit so I could care less about my credit rating. Amex knew I was closing all the accounts so it didn't affect my limit with them as I went exclusive for my business with them.
 m14shooter
Joined: 10/2/2009
Msg: 37
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Banks finding more ways to rip you off.
Posted: 10/3/2011 7:58:48 PM

Since the majority of people DON'T pay off their credit card balance in full each month, that is how the banks are making their money, off those peoples' interest charges. Trust me, they're not losing by and large.


What most people don't realize is that ALL credit card companies take a percentage of the sale for the privilege of accepting their card. Figure that they get anywhere from 1.5% for huge companies up to 5-6% for little companies.
 SteelCity1981
Joined: 8/16/2005
Msg: 38
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Banks finding more ways to rip you off.
Posted: 10/3/2011 8:46:55 PM
I would pretty much laugh in someones face if they told me they got charged fees because they didn't have a hundred bucks in the bank. they definitely shouldn't be dating either if they can't maintain a $100 balance


So would you think it's funny if someone was trying to make ends meat then, because they are going through rough times in their life and they need that extra 100 dollars to get by each month?
 HappyDip
Joined: 9/13/2011
Msg: 39
Banks finding more ways to rip you off.
Posted: 10/3/2011 9:06:34 PM
Personally, I see it as kind of a good thing.
I remember reading a bunch of articles about the cashless society, and how a lot of people (especially students) were just living off their debit cards, never really aware of how much money they actually had in the bank. Then being hit by tons of overdraft fees.
So to me, this seems like good incentive for people to actually pay attention to what their means are.

Although this sucks for me personally, as I used my debit card at Costco to get gas sometimes, since I don't have an American Express card.

I don't really mind banks charging fees. They are providing a service. They aren't a right, they are a business, and offering me secure convenience for consumerism. I could keep all of my cash under my mattress.
 BigBadNIrish
Joined: 1/31/2011
Msg: 40
Banks finding more ways to rip you off.
Posted: 10/4/2011 4:45:00 AM
A friend of mine was at the store yesterday to make a purchase with her debit card...she could not make the purchase...so, she called the bank...come to find out someone had deposited a $20k check into her account (she said no one put deposited that kind of money into her account)....what the bank did was freeze all the money in her checking account not just the $20k...


I'm confused...I thought banks only secured the check...not releasing the funds till the check clears...her bank secured all the money she had int the account ($4k) plus the check...

Is this normal???
 Cdn_Iceman
Joined: 12/1/2010
Msg: 41
Banks finding more ways to rip you off.
Posted: 10/4/2011 7:10:28 AM
Again you are not understanding things bud, more regulation isn't going to solve anything, what we need is laws that forces these institutions to use TRANSPARENCY, regulations from people that don't understand basic economics is what got America in trouble in the first place

Finance ministers including members of congress that has no clue on how these derivatives work , these are the same jokers that help set up Basel I, II and III and no doubt and mark my words , their legal team will find away round that, like they did in Basel II, which we are seeing the result of.

Prove to me how regulations will fix the problem?



If you know anything about history, a well regulated banking industry, like the one we had prior to 1981, was a financially sound one. We need more regulations not less to make sure what happened in 2008 doesn't happen again.
You're kidding me right? tell me you said that as a attempt at humour? ask your parents what it was like living in the 70's under Ford and Carter administrations, ask them about inflation problem in the late 70's
 Cdn_Iceman
Joined: 12/1/2010
Msg: 42
Banks finding more ways to rip you off.
Posted: 10/4/2011 8:34:27 AM

How many banks failed during this period? How did banks have anything to do with the economics of those days?? Not much. I guess you didn't know how the Vietnam war spending and inflation were tied together. Econ 101 son.
Your arrogance is really laughable " SON"..... first thing Vietnam ended 1975 , Nixon implemented his " Nixon shock" and thanks to him making the US dollar not tied to gold and therefore led the Americans to a "fiat money system" which led to the savings and loan crises and stock market crash in 1987 and when then Federal Reserve chair Paul Volcker, appointed by President Carter, engineered a dramatic increase in interest rates. This detonated a deep recession and pushed the average annual (official) unemployment rate near 10%

Banks may not of failed in the 70's but the action of the new legislation led the problems of the 80's 90's and the crash of 2008

By the way The regulation of the financial sector, in particular, was a response to the Depression and an attempt to reduce the financial instability that had helped precipitate it.

What caused the saving and loan crises in the 80's speaking of regulations? Tax Reform Act of 1986, also the ineffectiveness of Regulation Q section 11 of the Glass Stegal act, also poor lending practices from these companies ( sounds familiar to the problems of 2008 crash)

You talk about more regulations bud, I will give you another example in the 80's Congress passed "Depository Institutions Deregulation and Monetary Control Act" and the "Garn–St. Germain Depository Institutions Act" , After that lots of states also passed legislation that similarly increased investment options and risky ventures ( sounds familiar)

The OP asked why are the banks finding more ways to rip you off, well because of the new rules ( regulations) set on the bank about making money and of course the shareholders breaking their balls regarding profit, the banks have to seek out more ways of making profit ,New regulations wont help....... transparency will.

If you don't like the policies of a Bank of America etc, close your account and go else where, if a bunch of you get together and I mean by the millions and take your money out ( bank run on) the executive genius might take note, kind of do a Boston tea party thing ( not that extreme)

 U make it entertaining
Joined: 7/17/2009
Msg: 43
Banks finding more ways to rip you off.
Posted: 10/4/2011 11:28:11 AM

A friend of mine was at the store yesterday to make a purchase with her debit card...she could not make the purchase...so, she called the bank...come to find out someone had deposited a $20k check into her account (she said no one put deposited that kind of money into her account)....what the bank did was freeze all the money in her checking account not just the $20k...


I'm confused...I thought banks only secured the check...not releasing the funds till the check clears...her bank secured all the money she had int the account ($4k) plus the check...

Is this normal???


In Canada .... yes this is normal.

Someone access my pin number on my debit card
They made a fake deposit of $2k into my account
And then was allowed to withdraw $1,000
As that was my daily limit.

When I got home
My bank called me "at home"
To verify if I was in Toronto making these transactions
Great call on the banks fraud department
As they track where you do your banking

I said it was not me
So they froze the account until they could straighten everything out
I had to go back to my bank
Of which I had just come home from
to change my pin number

Accounts stayed frozen until they could complete their investigation
Luckily, I had a few other accounts to access for funds.

This is common procedure.
 BigBadNIrish
Joined: 1/31/2011
Msg: 44
Banks finding more ways to rip you off.
Posted: 10/4/2011 11:42:47 AM
The thing is the bank didn't call her...

What she did was call them and they, the bank, suggested she transfer enough money to her checking so she could then use her debit card...if this was a mirror of what happened up there ^^^^then she would have just made $24000 available to a thief.

What actually happened is the bank made a mistake and deposited someones else's check incorrectly into her account...and made her funds unavailable....they corrected it today.

My experience has been the check I've deposited...if large enough...was held till cleared...all my other funds have been available to me....but, wadda I kno???
 U make it entertaining
Joined: 7/17/2009
Msg: 45
Banks finding more ways to rip you off.
Posted: 10/4/2011 12:24:45 PM
Irish ..

If I make an ATM deposit into my account of over $1,000
Then it is held until the cheque clears
As the ATM department is not the same department
as the branch that I deposited too
The ATM is emptied and then verified that the cheque is indeed valid.

That stipulation was added into my profile
after the deposit that I wrote about earlier

The bank sets the parameters on you account
to what best works for you as a client.
The longer you are with that particular bank
The more negotiating power you have for your parameters.

If you are a new client
You accept what they give you
As they are trying to protect their assets



The thing is the bank didn't call her...


Not all people will get a call
This was just a new initiative that was rolled out by my bank
A "fraud" code update
I thought it a good bank initiative

Otherwise it was like your friend.
We would find out that our account was frozen
when we wanted to use it
Sucks eh?



What she did was call them and they, the bank, suggested she transfer enough money to her checking so she could then use her debit card...if this was a mirror of what happened up there ^^^^then she would have just made $24000 available to a thief.


This was silly
Sounds like she talked to a stupid bank employee
And believe me ...
They are a dime a dozen
I used to work for one of Canada's major financial institutions
It amazes me the stupid people they employed
... and they paid them too!!!


What actually happened is the bank made a mistake and deposited someones else's check incorrectly into her account...and made her funds unavailable....they corrected it today.


Errors happen
I don't condone them
That should be taken up the ladder
and some sort of restitution should be made by her bank for their error
Let's keep the customer happy ... or they will go elsewhere


My experience has been the check I've deposited...if large enough...was held till cleared...all my other funds have been available to me....but, wadda I kno???


Me too.
I know have a limit of $1,000 on all ATM deposits
If I want the cheque cleared right away
I go in and deposit through a teller.

So this makes sense.
That is what your parameter is on your profile
In fact it is a good one to have
Avoids the scenario that happened to your friend.
 sillymeh
Joined: 3/20/2009
Msg: 46
Banks finding more ways to rip you off.
Posted: 10/4/2011 3:52:54 PM
It's all about today's profits, these debit card fees are just another way for big banks to make you fork over your hard-earned money. I personally think it's wrong, many people are starting to realize this for themselves. This is what the Occupy Wall Street protests are about, the corporatism that plagues our nation. Debit card fees seem harmless but it fuels the fire.
 robin-hood
Joined: 12/2/2008
Msg: 47
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Banks finding more ways to rip you off.
Posted: 10/4/2011 4:24:25 PM
For those using ATM debit cards

Some valuable suggestions if you use online banking.

1) Set up a 2nd checking account. Make sure their is no overdraft protection of any kind on this account. Destroy the checks, and only use the debit card. If it has a credit portion on the debit card have the bank remove it. If you need credit use your credit card.

2) Only keep a marginal amount in the debit card account. When it gets low transfer funds from another primary account.

3) If your debit card is compromised then only the limited funds in that account are temporary lost. The amount stolen will eventually be settled with the bank, but at least your primary account is not drained. This can be quite a hardship cleaning up overdrafts and fighting with the bank to get your money back. In fact this can go on for months, but in the mean time bills need paid.

For those buying online purchases.

1) Get a Paypal account, but only provide Paypal with a single credit card. Don't volunteer any other bank info or SS number. Make it a point to use Paypal, if you can, for smaller online purchases. This keep the number of times your credit card number is exposed online.

2) Some banks have a free service call a virtual credit card number. You can set it up on your own to transfer funds to your virtual credit card number. This way the number is only used once. This same virtual system can be set up for more purchases using this one virtual number. My advice is read up on how it works. This type system will usually require a online bank connection.

passwords

Don't get lazy with passwords or your user name, especially with anything that deals with your finances. Good passwords are easy. Example: combine childhood pet name + your childs favorite treat and brothers birthday ( duke+19850322=fudge). Notice the use of + and =, and putting the year 1st. Get creative, but its easy to remember and long enough for strong encryption. Your log on name can be two names combined maybe with one letter replaced with number. Example: jerry2randon, or j2rrybrandon. Notice b=2= 2nd letter in alphabet, or e=2, the 2nd vowel

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Last but not least, just before you try to post on this forum, right click, select all, and copy, as almost for certain you will need to log on again and your well written words are not lost.
 viper1j
Joined: 11/30/2005
Msg: 48
Banks finding more ways to rip you off.
Posted: 10/4/2011 6:08:37 PM
Yup ... my business account charges me $19.95 per month.
I get a grand total of 8 debits
They could be used as debits, cheques or withdrawls.
But only 8.


You SO need to switch. My business checking is 100% free, and unlimited transactions along with free Cashiers Checks.

The secret is to get away from the big name banks, and stick with the smaller local guys. Every single teller knows my daughter's birthday, and if I have the dog in the car when I go through the drive-through, they send out a doggie treat with my receipt.
 viper1j
Joined: 11/30/2005
Msg: 49
Banks finding more ways to rip you off.
Posted: 10/4/2011 6:32:04 PM
First National Bank Of Pennsylvania

https://www.fnb-online.com/

 nipoleon
Joined: 12/27/2005
Msg: 50
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Banks finding more ways to rip you off.
Posted: 10/6/2011 10:02:56 PM

BofA Chief: We Have a 'Right to Make a Profit'
by Jennifer Liberto
Wednesday, October 5, 2011

WASHINGTON (CNNMoney) — Bank of America's CEO defended his bank's new $5 fee on debit cards on Wednesday, saying that customers and shareholders understand the bank has a "right to make a profit."

Bank of America CEO Brian Moynihan defended the move, which the bank announced last week in response to new caps on debit card swipe fees that the banks charge retailers.

Bank of America's announcement of a new debit card fee was followed today by an announcement of new checking account fees by Citibank These new bank fees have fueled a populist backlash that has coincided with a series of protests against Wall Street banks around the nation.

Moynihan stopped short of criticizing President Obama who earlier this week said to ABC that banks don't have an "inherent right" to a "certain amount of profit."

But BofA's chief did say banks have an inherent right to make a profit in an interview Wednesday with CNBC's Larry Kudlow at the Washington Ideas Forum, sponsored by the Newseum, the Aspen Institute and the Atlantic magazine.

"I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders," Moynihan said.

Moynihan said that the bank will talk to its customers, teammates and shareholders and "they'll understand what we're doing — understand we have a right to make a profit."


Right, Mr Moynihan...... and your customers have a right to pick up their money and move to another damn bank !
You owe your shareholders a right to make a profit. But your customers don't owe you a damn thing !
They aren't married to you, you know.

You and every other businessman in this country need to rediscover the notion that your 1st responsibility isn't to your shareholders, it's to your customers.
Without your customers.... you wont make that profit you have a right to.
Without your customers.... you wont be living up to your responsibility to your shareholders.
Your customers are not a bunch of cattle you milk everyday. Without them you're nothing.
Your customers are also the same citizens you share this country with, or haven't you noticed that lately ?
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