They screw you.
They screw you.
They ran this economy into the ground and it would have been a high impact nose dive into the ground if it weren't for the world's largest government bailout ever.
Now instead of lending, the only real cure for the economy right now, they're jealously holding on to all the cash, in spite of the bailout!
All they do is gig people with outlandish fees and antics:
- $39 overdraft fees for EACH TRANSACTION if you're under just a dollar, and even if the transactions are tiny (sometimes effectively loaning you ten or twenty bucks for a couple days for $40, $100, or $300 -- equivalent of 1000's% interest)
- 29% and up interest rates on credit cards (usury)
- $39 over-limit fees on credit cards
- debits from your account to cover other accounts even when not under overdraft (theft)
- $29-$39 late fees on credit cards (some times resulting in more $39 overlimit fees!)
- immediate debit from your account for charges, but credits don't count until midnight (even cash deposits!) -- sometimes resulting in more $39 overdraft charges!
- sudden new annual fees (as much as $60+/year) on credit cards out of nowhere even when you're in perfect standing and always have been
- raising rates substantially on your credit cards for bizarre reasons like, "People where you shop have bad credit", and "You've paid us on time always but your credit score went down."
- something they call "customer service" provided either by a time draining computer menu or by Baba Karishnu whom you can't communicate with, who does nothing but follow a script, and who's empowered to do...well basically nothing for you
It's time for a change, a new way, a new mindset, new people.
Who's out there ready to reinvent this industry and send these guys to the same place the horse carriage business went after cars took over?
-Forsyth
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How true your thoughts are Bill. Sad part to the story is they have a virtual lock on the marketplace given the establishment of the Federal Reserve Bank which has pretty much been granted carte blanche authority over anything related to banking/finance.
ReplyDeleteMuch like the NCAA giving away authority over post-season play to the BCS for college football, we've given away control of our own financial system.
I think a great first step would be to do as Senator Bayh as stated, and do a clean sweep to all incumbents at the upcoming elections. It would be great to see new blood in Washington with no fear of rocking the "establishment". Would certainly be an amazing thing to watch!
$39... been hit with that, too.
ReplyDeleteWhen the Romans would whip someone as punishment they would give out 39 lashes. The law typically allowed for 40, the custom was 39 just to be sure they didn't go over by miscount.
Interesting parallel.
Definitely an interesting parallel Jared. So I guess we ought to be grateful then that they are being merciful with "only" charging us $39? :)
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