How Big Banks Fleece You »
Posted By Progressive 1 month ago in Business & Finance
While the government bails out big banks, the big banks squeeze the little guy. The Daily Beast’s Nomi Prins calculates how individual banking fees fund their risky activity.
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Progressive
There are only two kinds of people who are really fascinating: people who know absolutely everything, and people who know absolutely nothing. -- Oscar Wilde
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MeanMrMustard1 month ago
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The problem we had with Chase was that we would deposit cash but Chase wouldn't post it as deposited for sometimes 3 days.In the mean time an automatic withdrawal would come and Chase would pay it and put it through twice and then charge us a $75 fee for insufficient funds.I don't care what their excuse is,if I walk into the bank with cash and leave without it,it's deposited!
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Progressive1 month ago
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I had a similar problem recently, when the bank erroneously transferred a double withdrawal to its own credit card account, which was caught the first day during an online banking session--yet when notified by phone, they insisted the mistake could only be corrected by issuing a snail mail refund--which arrived ten days later.
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Consequently, I changed to a smaller bank. -
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wtagg1 month ago
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This is a typical bank way of making money. They can use your money for a period of time without paying interest to you. Free use of your money, if you will.
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The same thing occurs with electronic banking. If I make a payment to someone and my bank has an electronic transfer agreement with the organization receiving payment, it doesn't take 3 days for that transfer to complete though the funds are removed immediately from my account. The bank has free use of those funds for those 3 days.
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truthiness1 month ago
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what nobody realizes is that every year, when the clock change for daylight savings and standard time, an hour of interest is stolen from everyone's accounts by the banks.
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it works like this: in the digital age trading is done incredibly fast, to get every bit of money the can, interest is calculated by computers at hundreths of a penny per second. this is done industry wide for interest bearing accounts, even those not on the market, like your savings account.
during the time change, eg daylight savings when the clocks roll back an hour, an entire hour is calculated and then that hour happens again. now the banks aren't going to give you the same hour's interest twice. so they subtract it from the account. which, for you seems fine because you are getting what you expected. plus, the amount of money generated on most accounts in one hour is minimal. but they take all that "lost hour" money and deposit into one account and now it is a whole lot of money.
do this twice a year, every year, plus the leap day every four years, and now the banks have stolen billions of dollars from us all. -
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Justice4All1 month ago
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I've had problems with both. I closed an account at a small bank years ago and asked for the balance in cash. It was only a few hundred dollars. But it was posted the next day and they charged an extra 10 cents which meant I was overdrawn and then charged me a 20 dollar overdraft fee. I called and got it straightned out but the next month was a 40 dollar fee. A few phone calls later that was fixed. No more letters. But then a few years later I found that I couldn't open an account at another bank but they couldn't tell me why. Eventually it was traced to the small bank reporting me to a credit agency. But they no longer used that agency so there was nothing they could do.
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A few more phone calls asking to speak to the president or else talk to my attorney and they finally fixed it. That bank finally went out of business.
Now lets talk about Nations Bank. Well never mind, but that was even worse. -
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