Forum Post: Banks Are A Rip Off !!! News Yesterday They Made 1.6 Billion Profit!!!
Posted 12 years ago on Nov. 28, 2011, 10:22 p.m. EST by eyeofthetiger
(304)
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I get charged $30 for so called service fees for the month I had to call to get those wiped off I get $20 in debit card purchase I never made or authorized I had to call claims to report that and also cancel my debit card they say they will mail me a new one and it will cost $5 All the above happened just this month!! What a frickin joke so why the hell do I need a bank all they do is rip people off I thought banks were a place to save your money and get a little interest every year Bank commercials on TV always say "you can trust in us" Yea right
Visited banker last month, and was assured that my accounts would not have any new fees. Today, new $30 fee deducted from account. Called banker about it. If bank does not remove fee, will cancel all accounts. Will also file complaint with state attorney general.
Hey See?? That's what they're all doing Why is this happening? I was with B of A and then changed to Chase I put in $100 2 weeks ago but have not checked my balance If it is Below 1 penny I will be forced to not put money in any bank I watched the news yesterday and got morbidly disgusted Banks made 1.6 Billion profit last quarter And how did they get that money? By robbing you and me and other's blind
Hi eye, Total agreement. Big banks have wrecked the world. Best Regards, Nevada
Yeah, I remember some years back (Wachovia) charged me loads of overdraft fees, maybe around $300 worth because I over drafted on $1. It happened because they charged me with 10 over drafts because they started charging the largest charges first even though they occurred a week later. I spent hours on the phone with these crooks, and they were trying to give me advice on how to keep a balance... I was young, in my early 20s, I am a programmer, and could not believe how they were stealing. I felt powerless on how they could just steal like that.
the situation was something like, I had $100 in my account:
These are the items that I spent with my debit card:
$2 $1 $1 $1 $1 a week later, I made a purchase for $96
so, Wachovia, before it paid out anyone, summed up everything and said 96+1+1+1+1+2 was more than the $100 i had in my account... charged an overdraft...
-$35 over draft ($65 in account) - this first one was not necessary paid out the largest -$96 ( -31 ) -$35 over draft (-$66 in account) paid out $2 ( -$68 in account ) -$35 over draft ( -$103 in account ) ... and so on
I felt really powerless and violated, because there was nothing I could do, and wouldn't be able to call the cops on them. =\
That totally sucks 0rion. I work at a bank, and that is the hardest situation to deal with. Banks used to waive overdraft fees for sob stories like that, but are no longer able to do that. Two main reasons, we don't loan money for free and if we pick and choose who do waive fees for... well that comes back to discrimination against those who have to pay. So if it is not an error by the bank, odds are it won't get waived. The advice I would give to you is A - don't spend money you don't have. B - Look over your bank's schedule of fees and charges so you know how much it's going to cost. C - if you foresee overdrafting in the future, ask your banker for methods to prevent and/or suppress the amount of the fee. Hope I could help.
BigMoney... it is robbery.
If i have $100 and i spend $1,.. how is that spending money I do not have? if I spend another $1, how is that spending money I do not have? -- the problem is that bankers (like yourself, since you are trying to say it was my fault) don't HAVE to charge the largest amount first that came a week later after the $1 charges.
It is not about lending money free.. that was my money, all banks have to do, is charge in the sequence they were made, or to just be HONEST.
I am not saying that I did not deserve an overdraft, I did, and it honestly, only ONE.
I understand your frustration, and it's hard for me to explain the situation when it's not in front of me. However, just know that just because you swipe your card to make a purchase, doesn't mean that the money is going to come out of your account that minute, that day, or even in the next few days. It is up to the business to batch out their machines and collect.
so you are saying that banks do not do this knowingly? I am a programmer, and I am great at math. I know what happened to me was designed to be that way. An initial overdraft before anything is taken out? Why? How is that honest? -35 off from $100? Some years later, Obama passed a law regarding over draft fees...
So, what you are saying is that Banks are honest, and with no laws to stop them from doing anything dishonest, you are saying that banks were honest in every step of their way, and it was all my fault?
Like I said, I do take responsibility of 1 over draft, not a batch created by the banks over draft design.
I used to work for a bank. They changed their "order" of debits to take the largest debit of the day first, second largest second, etc....They told us to "sell it" to the customer as a benefit since the largest payments are generally mortgage payments,etc. and are more "important" to be paid first....In reality, it is a scheme to create more overdraft items since each item is charged a fee...
they overdrafted him on a buck $1 they did that on purpose He knew how much money he had to work with r u kidding me???
banks don't have time to analyze people's accounts that only have $100 in them. It is a computer system that detects if someone overdrafts. If they do, they get feed. The only way we look at it is if you call and try to contest it. Believe it or not, the successful people in the industry are the ones who take care of their customers, and help them to avoid all fees. It creates loyal customers and great profitable relationships on both sides.
B.S
I work for a bank. I know. I get zero reward for low balance customers. That means, the employees that work with the customers get ZERO benefit from assessing you a fee for 30 bucks. We get benefit from growing trust and helping your financial future. Tell me eyeofthetiger, where do you work where they do not charge for anything? I will be their biggest customer.
that's the sickest story I've ever heard You should with all respect submit what you sent to me to OWS Headquarters in NYC Man they squeaky cleaned you out on just $1 what con artists they set you up is what they did Did you get your money back? I did I bitched until Bank Of Dumbshits did refund my money and now they did it to me again
Nope. I didn't get my money back. I maybe got 2 over drafts back perhaps... but I remember I left Wachovia and went to Washington Mutual. I thought they were honest, but then they were bought by Chase.
guess you have to Chase your money then I'm through with banksters they act like mafia loan sharks
Its funny, I remember when banks paid you money instead of the other way around. You put your money in the bank, they give you some interest. There was no such thing as service fees. Back then there were no debit cards, either. You used the teller and we had these little things called "passbooks" with all the account details, they would update them every time you went in. Debit cards were supposed to save the banks lots of money (they did) and theoretically that was supposed to get passed on to the consumer, presumably in the form of better rates ie being paid even more money in interest for your account balance. Of course, that never happened. And now they want to charge us money for the privelege of being able to invest our money and gamble it away?
Maybe we should just all start using tellers and cash again, and see how they like that (or not using traditional banks at all, even better)
You are blinded by small service charges from all of the wonderful financial tools that banks now offer. Unfortunately, these conveniences cost money. ATMs all over the world cost money. Staffing a contact center so when someone steals your wallet you can cancel your debit/credit cards after businesses hours costs money. FDIC insurance costs money. I can go on but I won't. The point is banks spend a LOT of money to constantly improve YOUR conveniences and peace of mind, and the second they try to charge you for not following one of their few requirements to maintain a free account, you throw a tantrum and complain about them being thieves.
What a crock. "Wonderful financial tools" c'mon. Get real. I don't use any of the "wonderful" new services, and the only person stealing anything out of my wallet is the banks. Let them pay me for the privilege of investing my money and shove their service charges up their butts or charge them to the people who use these "wonderful" services.
All I need from the bank is a place to keep my money and a way to write checks. And let's really have a look at your excuses, because that's all they are, excuses, and see what is there.
ATMs all over the world cost money.
They are much cheaper than having everyone use tellers. Banks saved money here.
Staffing a contact center so when someone steals your wallet you can cancel your debit/credit cards after businesses hours costs money.
You were always able to cancel a credit card by telephone. This isn't new; it doesn't represent a new cost for the bank at all.
FDIC insurance costs money.
FDIC insurance isn't new either. Basically you're a fraud. None of what you claim is even factual.
Well it appears my examples weren't the best. It also appears as if you haven't been properly introduced to the "wonderful tools" that the banks are spending money on for you to use. I suppose it comes down to your choice in whether or not to utilize their investments. As a customer of a bank, what services do you think would be fair to offer for free and which ones should the bank charge for?
Banks should PAY YOU too keep a balance with them and use their services. They invest and re-invest the money in my account. Hell, they even loan it back to me at sky high interest rates.
They do pay you. Many refer to it as interest.
Oh you mean the "interest" that's less than the inflation?
And my checking account receives no interests whatsoever so I in fact lose money because of inflation if I keep my money with the crooks...
So no, they don't "pay me" when I deposit my money, in fact they charge me 5$ a month...
are you a hypocrite? the sheepies out there are pussies no wonder we can't get justice
they are nothing but cheap ass crooks Yea why should I pay for services I don't use Duh I never use ATM's nor do I need any of the stupid crap they offer they're no better than Verizon or the rest of em They are looking out for number one which is not me or you charge the people who use the services
Sure I remember those days cause I did the same thing But when I go to put in $35 into my checking acct to pay a phone bill and they are charging me $30 in service fees it don't make sense
I rather just drive to the phone pay center and pay the bill in person
Banks aren't babysitters. If you can't take the 5 minutes to review your current financial set-up, you deserve fees. Banks are for-profit organizations that supply numerous ways to use their services for free. All you need to do is ask if you don't understand. If you are embarrassed for not understanding how certain features work, most banks have telephone contact centers for you to call and have them explain how everything functions. Banks are there to help you achieve your financial goals. All you have to do is eat your pride and ask for help.
Your so full of it you probably work for a bank all I hear on the recording is your acct and debit card is protected from fraudulent charges if someone tries to take money from your debit card you did'nt authorize we will credit your acct and reimburse you" an hour on the phone listening to this recording and when someone finally gets on the phone they tell me No the charge will be posted we can't take it off So are you for real?? I don't think so