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Are banks gouging consumers?

posted 12/29/2009 7:58:40 PM |
1 kudogive kudos what's this?
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tagged: thoughts

I had an interesting conversation earlier today with someone close to me. They had heard on the news that some financial experts are advising people to close their savings and checking accounts with banks and open up savings/checking accounts at a credit union. They say banks are not "consumer friendly" anymore. Apparently banks are charging $30 for overdraft fees, or $25 for returned check fees.

Ok, so I get to thinking. When I opened my account at the bank I go through now, I read the terms, and I remembered something about overdraft fees and returned check fees. See, before I signed anything, I did something weird, I READ the Agreement BEFORE signing. So I got home, dug up that agreement, and BINGO! These "new" fees that my friend was warning me about, are in fact, not new. On the agreement it states if one account is overdrawn, then the bank will first transfer the required funds from my other account, and if there are insufficient funds, THEN, there is a $30 overdraft fee. I pointed this out, and this friend insists they've raised the fees. I showed my proof. Yep, shut this person up. Then I explained that these fees are not designed to "rip off" customers. If one is responsible, and keeps their financial records updated and correct, and doesn't spend foolishly, then they shouldn't be worried about overdraft fees from the bank. Right? Thought so. I actually told my friend the bank is only making customers more responsible. That's my opinion anyway.

I mean yes, I'm sure there are unscrupulous bankers out there, but I like to think there are more..........I don't know...honest people out there than crooks. I've been with the same bank for quite a while, and have never had an issue with them. Anytime I've noticed a discrepancy, I've gone down to the branch, and got it worked out. Very simple. Act mature and keep a level head, and it does wonders. Always works for me.

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Dec 29 @ 8:02PM  
Oh my GAWD! How dare you think for yourself? Sugar? What is this world coming to? STOP NOW!!! There will be no thought in your head that is not put there by the almighty congress of Pervia! Speaking of congress in Pervia.. you wanna fuck?

Dec 29 @ 8:04PM  
You're absolutely right..
Banks have charged fees like that for several years..
I don't think they've gone up much from 20 years ago.

Dec 29 @ 8:05PM  
Banks are starting to do this shit!

Dec 29 @ 8:05PM  
Oh damn!!!! I screwed up again didn't I?

Hell yeah I wanna!!! Damn! Let me go too long without and see what happens? I start thinking.


Dec 29 @ 8:06PM  
Yeah, can't have any of that thinkin stuff goin on in hyah!

Dec 29 @ 8:41PM  

duno this ^^^^^ is what i got from MY bank for christmas

im happy

Dec 29 @ 8:49PM  
I am only seeing changes in credit card rules.

Dec 29 @ 8:54PM  
The biggest change I have noticed is a $29-$30 fee for a stop payment which considering everything is processed electronically seems a bit much.

Dec 29 @ 9:27PM  
In a word......


Dec 29 @ 10:10PM  
I really dont know.....i keep all my money in my boots nowadays...and some in my pockets....and some in a medicine bag around my neck....i never put any in a bank. or in my wallet....that way if somebody picks my pocket they dont get any....although wearin tight jeans helps too cuz then nobody can get their hands in your pockets to begin with...its kinda hard to breathe and it plays hell with the acid reflux...but it saves the long as you can deal with your legs goin numb after half an hour.

Dec 29 @ 10:14PM  
Oh. *Iooks disappointed* so that is a roll of quarters in your pocket.. you're not really happy to see me at all..

Dec 29 @ 10:15PM  
And by the way, Ynot....I think that dollar is fake....there isnt any serial send it back and make em send ya a real one.

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Are banks gouging consumers?