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Show ALL Forums  > Off Topic  > Banks finding more ways to rip you off.      Home login  
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 Twilightslove
Joined: 12/9/2008
Msg: 51
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Banks finding more ways to rip you off.Page 3 of 5    (1, 2, 3, 4, 5)
Looks like the banks are already banking it enough to me.


Big Bank Theory Chart:
http://cdn.theatlantic.com/static/mt/assets/jamesfallows/big-bank-theory-chart-large.jpg
 RandomScause
Joined: 8/16/2011
Msg: 52
Banks finding more ways to rip you off.
Posted: 10/7/2011 2:30:10 AM
So now I see that Banks like Bank Of America will charge you 5 dollars a month to use your debt card. Other Banks are going the same route. So even if you use your debt card 1 or 100 times a month you get charged 5 dollars per month. Basicly you are going to be paying 60 dollars a year in debt card fees if you use your card once every month!!!

So basicly you are going to get punished for being their customer everytime you use your debt card. That's just soo nice isn't it.

+++++

Pardon my ignorance... what's a debt card? A credit card, where you build up a nice nest-debt, or a debit card which you affectionately misspelled? Which?
 QueenBeeSweetness
Joined: 9/23/2011
Msg: 53
Banks finding more ways to rip you off.
Posted: 10/7/2011 2:31:27 AM

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.



That is great advice, i started doing that last year as per a friends advice, gives me great peace of mind that i wouldnt lose a ton if i ever had my wallet stolen or left it somewhere by accident.
 RandomScause
Joined: 8/16/2011
Msg: 54
Banks finding more ways to rip you off.
Posted: 10/7/2011 2:35:19 AM
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.
+++++

Well. I think we have the freedom of blaming anyone we like. This is articled in the seventh amendment. "A person who has twenty acres and owns forty slaves, must have the inalianable right to blame anyone for anything his little heart desires." Look it up, it's in there. Or perhaps I am wrong.

This was a round-abou sarcasm to say that you can't dictate anyone else whom he or she ought to blame. He or she can blame anyone, independently of who in your opinion is ought to be blamed.

---------------

Card charges, card fraud, temporary loss of funds, permanent loss to banking fees:

I have a much smoother and better solution, but I decided not to tell anyone because then everyone would be doing it, and the banks would stamp down on my method, if too many people were getting away with no fees and no losses with my method. You see, your loss is what the bank is banking on. They know that they have your money and you don't. They had you sign an agreement which is not a contract; they say in it, "we can take you money, any amount of it, by proportion or by the larger of a minimum or your total current balance, at our own whim." Read your agreement.

-----------

Back to the blame issue. Many, almost all but me, blame the mortgage crisis and bad loans as the culprit for the economic downturn.

Whereas I blame the general panic and hype that surrounded the mortgage crisis.

There was NO LOSS OF ASSETS AND NO LOSS OF MONEY TAKEN OUT OF THE CIRCULATION IN THE ECONOMY WITH THE MORTGAGE CRISIS.

You see, mortgages were taken out, the money spent and not paid back.

The houses were not destroyed.

The money was spent, which means it went to someone's pocket.

The money went to some people's pockets, where it wasn't before, but the money did not leave the economic sphere of where that money should have been. It was exactly where it ought to have been, and which was the US economy.

The money did not perish, did not get washed away by the sea and thrown on the shores of Mexico or Guatemala.

But people don't think, and those who do, think in a way that is not congruent with how God made our brains and the pride He put into His creation to have the ability.

Everyone panicked: "The house is gone!! The money is gone!!" But the house did not leave the lot, and the money did not leave the economy.

What happened was that a lot of stupid people said the same stupid thing all at the same time, and therefore the whole world believed them.
 timetogo3223
Joined: 9/29/2011
Msg: 55
Banks finding more ways to rip you off.
Posted: 10/7/2011 10:15:10 PM

So basicly you are going to get punished for being their customer everytime you use your debt card. That's just soo nice isn't it.


You can thank Tricky****Durbin for consumer debit card fees. He was from the federal government and he was there to help.

Yeah, right.
 Cdn_Iceman
Joined: 12/1/2010
Msg: 56
Banks finding more ways to rip you off.
Posted: 10/10/2011 9:10:03 PM

Well. I think we have the freedom of blaming anyone we like. This is articled in the seventh amendment. "A person who has twenty acres and owns forty slaves, must have the inalianable right to blame anyone for anything his little heart desires." Look it up, it's in there. Or perhaps I am wrong.
And this has to do with banks ripping you off how?
and the price of Barbecue Possum Testicle dipped in Skunk sauce in the state of New York ?
 tallshyman
Joined: 1/1/2008
Msg: 57
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Banks finding more ways to rip you off.
Posted: 12/9/2012 12:24:48 PM
thanks to Obama big banks only pay 4.0 % borrow money and small banks pay 7.5% borrow money.
Obama hates small banks.
 BigBadNIrish
Joined: 1/31/2011
Msg: 58
Banks finding more ways to rip you off.
Posted: 12/9/2012 12:42:17 PM
^^^ Care to elaborate and provide supporting documentation for this ridiculous post???
 pescando75
Joined: 3/23/2012
Msg: 59
Banks finding more ways to rip you off.
Posted: 12/9/2012 12:53:02 PM
This was the predicted response by banks to the misnomer that is the "Consumer Protection Act."
Any piece of legislation these days you can almost count on having the opposite effect of its stated intent, and that is not by accident.

The Fed is desperately clawing back as many greenbacks as they can, however they can, to stave off the increasing threats of massive inflation. The banks get to blame the law. Congress gets to blame the banks. Everyone is happy.
 RyanohRyan
Joined: 11/12/2012
Msg: 60
Banks finding more ways to rip you off.
Posted: 12/10/2012 1:16:17 PM
I made a 2nd checking account with Chase. They started charging me for it.

I told them I will end all my acccount immediately and walk across the street to the other bank unless they continue to give me the 2nd account for free. They did no answer right away. They checked my records and noticed I have over $12,000 in savings with them, and upon that, they chose to give it to me for free.

Money talks.

---

Also, I had a friend who accidentally put her check in the wrong account, thereby getting about 7-10 over draft charges. They would not refund this despite a small mistake. She needed the $150 in fees to pay bills, they would not return the fees. She started crying, in the bank. They returned them all because they didn't want other customers to see her crying because of the bank's choice.

Shame works.
 Blah_User_Name
Joined: 8/27/2011
Msg: 61
Banks finding more ways to rip you off.
Posted: 12/12/2012 6:35:52 AM
Banking Fees vary vastly from country to country.

When I lived in the UK, all the main banks had FREE banking until you overdrew. No fees for transactions, no limits on transactions, no charge for printing a cheque book which were given to all cheque account holders and which were automatically replaced once the cheque numbers being processed by the bank indicated that the account holder was halfway through the book they currently had. I don't even recall ever being charged an annual fee for a credit card. Banks made their money from overdrawn fees, and from knowing that most customers requiring a mortgage or a loan, would go to their financial institution who knew their financial situation. They did charge when a non-customer used a bank's ATM but with most High Streets having a branch for each of the main banks, it wasn't difficult to walk to your own bank to make a withdrawal. I still hold one UK credit card and still have a bank account in the UK and still have never been charged for having either of these but I can't comment if ALL of the above is still applicable.
* Business accounts were different - the above relates to personal accounts.

Here in Canada, it is more usual to pay a fee for many elements of banking. Accounts tend to have a very low limit for the number of monthly transactions before a fee is applicable, cheque book printing incurs a fee normally, as do using ATM's which doing belong to your own bank and of course, becoming overdrawn, bouncing a cheque etc. There are instances when a bank will waiver the routine fees of being a customer - some require a certain number of accounts to be held (i.e. mortgage, cheque, savings and credit card with one institution will likely result in fee reversal IF you ask for it. There are a couple of virtual banks (PC and ING) which don't have any fees but the down side to these is these banks don't report your actions to the credit rating agencies and so, if a newcomer or a youngster trying to build a credit rating, they are worthless unless used as a secondary financial institution.
 Twilightslove
Joined: 12/9/2008
Msg: 62
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Banks finding more ways to rip you off.
Posted: 12/12/2012 6:40:20 AM

Today I open an account deposit 100 bucks. Never write a check or use an ATM and watch my deposit dwindle to nothing. I have a problem with that. I dont mind paying for services. Charge me ATM fees or a check cashing fee if you have to ! I am not saying you cant make money off me at all. But I think charging me to just hold my money while you make money off having it is ridiculous in this day and age.


I agree. I've had my money in a local credit union for many years now. There are no monthly fees. I do not get charged a minimum balance fee. I can write as many checks as I want to; use my debit card as often as I need and the only charge I might get is for using someone else s ATM or going over my limit in my accounts.

All in all it is good. I get a small amount of dividends in all of my accounts that hold money yet the interest rate has really become extremely small.
 L_LuuLuu
Joined: 8/2/2009
Msg: 63
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Banks finding more ways to rip you off.
Posted: 12/12/2012 9:15:18 AM
I have been a BANK OF AMERICA customer since 1987 (BEFORE it was BOA). I have an ATM card, but NOT a check card. I use my credit card for everything, then pay off at the end of each month. I have NOT been charged a nickel for use of the ATM card, checking accounts, and or my savings EVER.
 OyVay...
Joined: 7/15/2011
Msg: 64
Banks finding more ways to rip you off.
Posted: 12/12/2012 9:29:55 AM
Banks will always win! Similar in nature to casino's the house always wins. It and banks set up the rules to make that so...

The ATM was set up(or so you were told) to make customers have easier access to their money(24/7). Of course the banks really weren't concerned with your ability to get to "their" money since that's how they look at it. ATM's were created so they could get rid of many of the tellers...

Banks always fretted over having 5 or 10 tellers on line, then watching 3 or 4 of them stand around, when it got slow. So by giving you the ability to obtain cash, or make a simple deposit, they eliminated a number of them. The whole idea of automated banking is to eliminate people and reduce the number of employees...

Part of all of this is to offset the banks losses in the mortgage crisis. But also to make some of you leave or pay more, since your accounts are only marginally profitable to them.

Something better to argue about is overdraft fees, than the $5 a month ATM fee. I have become all to familiar with this scam, due to my younger daughter! She makes a good buck, but didn't have overdraft protection, so when 6 or 7 checks came in...if there weren't enough funds to cover all of them. They took the largest check first, and then bounced all the little ones...at $35 a piece..so if 4 check didn't clear that's $140!!! When if they cleared all the little ones and bounced only the large ones..it would have been $35!

Much has been said of credit unions...not a bad way to go, for some! Definitely less fees, and since not operated to make a profit...a much kinder environment for you to use.

Personally I use Chase, but also have another bank for down here in Georgia. The other bank treats me just like you guys get treated. Chase however treats me very well. Free cashiers checks, free wire tranfers and a slew of other things...this maybe in part because of both the size of my account, and the fact that I ended up at Chase when years ago my account was with another bank that was merged into them(JPM).
 OyVay...
Joined: 7/15/2011
Msg: 65
Banks finding more ways to rip you off.
Posted: 12/12/2012 9:56:17 AM
There a few banks that offer a "free checking account", with some strings...either a minimum balance or the one most get it with is direct deposit...Suntrust does that.
 L_LuuLuu
Joined: 8/2/2009
Msg: 66
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Banks finding more ways to rip you off.
Posted: 12/12/2012 10:17:13 AM

Because you have an old account. Go try and find a bank today that offers a FREE checking account that anyone can open. Meaning no set monthly fee to just have an active account. I cant find any major bank that will offer a free checking account anymore without a set monthly charge. Even obscure online banks which are a hassle to make deposits into charge a small fee now


BOA tells me my checking account is free because I get at least 1 direct deposit per month. Most people get them in lieu of paychecks nowadays.

BOA also tells me no fee for the card because it is an ATM and NOT a check card. Draw back to ATM card is that it isn't accepted in as many places as a check card.

You can get Check Card fees waived there, if you have a "Premium Account" -- need $5,000 in savings account or some other options. I don't keep much $$$ in American Accounts, however, as they can be tapped by the Feds for ANY reason they choose under new law.
 Tek_Savvy
Joined: 10/13/2012
Msg: 67
Banks finding more ways to rip you off.
Posted: 12/12/2012 10:24:37 AM
Yup I have free chequing account as long I have a minimum balance of $3000. I only get 12 transactions. I used to use cash but I use credit cards, it's safer and easier for me and I always pay off the balance every month. Those banking machines make a bundle. I used to work in a store where we had a bank machine. A copy would supply the machine with cash and we would get a commission. We made anywhere from $800/month to $1500/month. The company rep told me one place gets $10 000/month in commission. Just think about how much money is being made. If you use your bank's machine then you don't pay the $4 to $5. These charges being going on a long time in Canada, I can only confirm as far back as 2002. It might be new to Americans but not us Canadians.
Also watch out for the credit card balance insurance it' s a big rip off. They make it look like they will pay your balance in full when they will only pay the minimum balance.

You can do "cash back" from retailers who provide this service. You just have to buy something. For example my grocery store provides cash back so if I don't want to pay for the fee I buy something for a $1 and ask for cash. I don't know if this is offered in the states but there's plenty of stores offer it. Some stores don't so you have to ask before hand.
 Twilightslove
Joined: 12/9/2008
Msg: 68
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Banks finding more ways to rip you off.
Posted: 12/13/2012 2:30:13 PM
Something better to argue about is overdraft fees, than the $5 a month ATM fee. I have become all to familiar with this scam, due to my younger daughter! She makes a good buck, but didn't have overdraft protection, so when 6 or 7 checks came in...if there weren't enough funds to cover all of them. They took the largest check first, and then bounced all the little ones...at $35 a piece..so if 4 check didn't clear that's $140!!! When if they cleared all the little ones and bounced only the large ones..it would have been $35!


Same thing happened to my younger daughter! It's absolutely shameful what these bankers get away with!


Much has been said of credit unions...not a bad way to go, for some! Definitely less fees, and since not operated to make a profit...a much kinder environment for you to use.


I have always enjoyed my credit union. For years and years the employees knew me when I walked in. There is still one there who tells me how she misses my father. Unfortunately the others were forced into early retirements, or at least I believe that is what happened to them.

I have always enjoyed your posts Oy, thanks for sharing with us all.
 BigBadNIrish
Joined: 1/31/2011
Msg: 69
Banks finding more ways to rip you off.
Posted: 12/13/2012 5:05:29 PM
As I said on page one, the Consumer Protection act transfered the transaction cost from the vender (where it used to be) to the banks...this was "suppose" to result in lower prices at the store...but, well, we know better than that...but, it did raise costs at the bank...the vendor transaction cost was oblique..the bank transaction cost is not...previously, I almost never saw an ATM charge...now almost all banks hit me up for a dollar or two...so, I avoid using my ATM card at other banks and thus avoid the charge.

I dunno about over-draft charges and bank fee's...I've banked at my credit union for many years and the staff always let's me know the work around so that I totally avoid such fee's...but, from what I understand this isn't the case with most banks.
 cotter
Joined: 10/17/2005
Msg: 70
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Banks finding more ways to rip you off.
Posted: 8/20/2014 7:04:41 AM
From the Original Post ...
So now I see that Banks like Bank Of America will charge you 5 dollars a month to use your debt card.

Huntington started charging me because I didn't go paperless. I went ahead and told them to put it to paperless but I'm closing that account this month. I seldom access my accounts on line because I hate having so many passwords to remember.

I have my assets distributed so that I don't have any bank charges.
 gtomustang
Joined: 6/16/2007
Msg: 71
you pay for convenience
Posted: 8/20/2014 7:18:20 AM
back when I was 18 and looking into finances, I found out that banks then took $100,000 out of you in fees over your lifetime. Of course, if you make $25,000 from age 25 to age 65, you'll earn a million dollars in your lifetime, so what's 100K? :)

Banks wouldn't stay in biz if they didn't make money. You're paying for convenience--try turning your stocks into liquid assests on a Sunday evening when you need $200 for a long tow home. Inflation at the time I'm typing this is at the rate of interest--a bit more than 1%. So stick your money in the mattress if you don't want to get docked the fees.
 whippedboi
Joined: 3/12/2013
Msg: 72
Banks finding more ways to rip you off.
Posted: 8/20/2014 11:50:43 AM
Banks charge you for providing a service.

are doctors, dentists, lawyers, accountants, taxi drivers, lawn care people, etc., etc. ad nauseam, also

"finding new ways to rip you off"

when they decline to provide services for free?
 cotter
Joined: 10/17/2005
Msg: 73
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Banks finding more ways to rip you off.
Posted: 8/21/2014 11:14:13 AM

Banks charge you for providing a service.
They are also using my "invested" money and making money on it.

They should not only NOT charge me fees, but pay me a lot more than they are paying me for the use of my money.
 cooldog65
Joined: 6/27/2011
Msg: 74
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Banks finding more ways to rip you off.
Posted: 8/22/2014 5:28:23 PM
I haven't paid any fees in years. My account is free with direct deposit and meeting other criteria. I have a 1% cash back Visa (No annual fee) and use it for most of my purchases. I pay the full balance every month when it's due and they pay me $25 for every $2500 in purchases which takes around 3-4 months. An extra $75-$100 in my pocket from them every year.

So far I'm avoiding the ripoff.
 windchymes
Joined: 11/29/2008
Msg: 75
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Banks finding more ways to rip you off.
Posted: 8/24/2014 8:22:20 PM
I'm a big fan of Huntington, though I didn't know they charged if you didn't go paperless. I went paperless when I signed up, lol.

What I do like about them, besides the free basic checking account is their 24-hour overdraft forgiveness. You can sign up and if you do bounce something, they will immediately email and/or text you to let you know and you have 24 hours to put money in to cover the overdraft. One time, I didn't get the text because my phone was dead, and by the time I realized it was dead and got it charged up again, it was about an hour past the deadline, and they charged me the overdraft fee. I called them to plead my case, asking if they could pleeeeeeease waive it, since I hadn't gotten the message in time, and that I would go to the bank on my lunch break and put the money in, and they agreed! They credited it back to me that afternoon.

They are also great about getting your money back if your card gets stolen or your account gets hacked. When it happened to me, though it was only about $350, they took my report and I got all my money back. My elderly aunt got hacked in the amount of $8000 (!!!!) and it took a little longer, but she got every penny back. They gave her $2000 right away for living expenses and tracked down the hacker, who supposedly is now in prison, and my aunt got the rest back.

I am totally happy with Huntington and intend to stay with them for good.
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