I HAAAAATE Banks!

I hate banks, too. I am thinking of switching to ING. tc, formerly tmmy_cat, uses ING and put the pros and cons, as she sees it in the frugal thread. I do believe she said no overdraft fees, but just can't remember. I will bump it for you, and maybe she will reply to this.

http://home.ingdirect.com/

Also, have you looked into Mint or the free Quicken? They do everything for you, and will send you texts or e-mails if you fall below a certain amount.

Last edited by ruralcurls; 03-07-2009 at 12:02 PM. Reason: name change
I had a balance of -$50, I'd deposit $100. Two days later write a check for $25 and drop it in a mail box. I'd bounce! And no I didn't have anything pending. They kept saying I wasn't giving them enough time to process the deposit. But I was mailing checks and not even on the same day as my deposits! I even sat down with bank managers and did exactly what they told me to do, and then some. After a few weeks of that I closed the account.
Originally Posted by cympreni
My bank just recently did that with me. The deposit sat there for 3 days and items that were presented after the deposit went through and put me in the negative. I wanted to say something but I let it go because I'm not sure of the ins and outs. It just didn't make sense though.
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Last edited by afrosheenqueen; 03-07-2009 at 12:14 PM. Reason: spelling
Um, so I've been overdrawn a bit lately... I'm no good at balancing a checkbook or keeping track of these things, I know, so I didn't know just how close I was to being in the red, or how actually in the red I was. Over $200 in ISF fees!
Originally Posted by Phoenix
That's what pulled me out of a bank and into a credit union. I had $450 in fees one year and it was unacceptable.
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Quote:
Hear that crash? It's me falling off the CG wagon.

Why?
Originally Posted by Lotsawaves
I totally get it's the keeping track on money to avoid overdraft fees, but the ORDER in which they charge is suspect and results in a chain reaction that boggles the mind. One would think they go by the order of the purchases.

Let's say I make purchases in THIS order $10 $5 and then $31. I then see that I only started the day with $28. I KNOW I've over drawn. I know there is going to be a $30 charge. I accept that. What's "funny" is that they run the $31 FIRST. Giving me a balance of -3, which means the previous 2 transactions will bounce. Giving me a grand total of $90 of overdraft fees.

There is actually a class action suit.

And sometimes I get fifty-eleven different answers, as I mentioned in a blog a posted on here a while back. http://www.trenellmooring.com/wordpress/?p=23
Originally Posted by Trenell

I have definitely seen this as well, at other banks and even credit unions.

It's not about keeping better track. People who have a cushion of money even a small one, or an overdraft line of credit just don't understand how hard it is when you don't.

Sometimes I just don't have much extra money in there, sometimes no extra money at all. Then I miscalculate by like $1, they pull the above BS, then I'm in for $200 in fees. It's really hard to spring back from $200 in fees when not having an extra penny is what got you into that situation in the first place.

I have other similar stories to relate, from my being truly poor for a few years, where the system is stacked against poor people. It's really maddening.

Don't even get me started on credit practices.

I think these practices punish people who are low on funds and keep them down, perpetuating the cycle. And the banks keep getting their fees.
Originally Posted by wild~hair

My cushion was blown by an unexpected car repair. Then I recieved the above BS last month so I'm just a little ticked right now. Then the whole depsoit waiting for 3 days things. They have never held a deposit for that long before. Then, stuff that came after the deposit was presented first too.
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Suburban-

Wow...OK, I'll have to consider a credit union too. More reasons for banks to fail. But they're making it hard!
No MAS.

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I had a balance of -$50, I'd deposit $100. Two days later write a check for $25 and drop it in a mail box. I'd bounce! And no I didn't have anything pending. They kept saying I wasn't giving them enough time to process the deposit. But I was mailing checks and not even on the same day as my deposits! I even sat down with bank managers and did exactly what they told me to do, and then some. After a few weeks of that I closed the account.
Originally Posted by cympreni
My bank just recently did that with me. The deposit sat there for 3 days and items that were presented after the deposit went through and put me in the negative. I wanted to say something but I let it go because I'm not sure of the ins and outs. It just didn't make sense though.
Originally Posted by afrosheenqueen
Most banks will put up to a 7 day hold (or until it is cleared) on a check deposited into an account...depends on the bank and the account.
Life shrinks or expands according to one's courage. Anais Nin
Suburban-

Wow...OK, I'll have to consider a credit union too. More reasons for banks to fail. But they're making it hard!
Originally Posted by Phoenix
My fees definitely went down to almost nothing. But they still charge $25 for ISF, so it helps if you have a $$ cushion or overdraft feature.

Also helpful is my paychecks are electronic deposits and credit instantly. Otherwise they'll put a 2+day old on any out of state deposit.
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Quote:
Hear that crash? It's me falling off the CG wagon.

She has said she has a problem keeping track, but the reason she hates banks is because of their fees. A bank rarely spends more than $2 to process a bounced check, but will charge $30.
Originally Posted by Lotsawaves
Yes - to deter people from bouncing checks all over the place and causing problems at multiple banks and at the businesses where the person passed the bad check. Just balance your checkbook and don't spend more than what you have. I don't get why the bank is supposed to take pity on people for their own carelessness when you know what the penalty will be.
Originally Posted by rileyb
I really don't think that is their objective. It's about the bank making more money anyway they can. Do you really think they care if the person is bouncing checks at other banks or about the businesses? How does this affect them?
Originally Posted by Lotsawaves
I agree. Bank fees are ridiculous. I could buy that argument IF it only applied to times when the customer was careless or irresponsible ie. bouncing checks, but when they charge exorbitant fees for WRITING checks, ordering checks, using your bank card etc. it's obvious that they just want to make money. They're already using my money and paying me a pittance of interest, so why charge me so much for trying to access my money? I do expect that SOME fees are reasonable but they charge way too much.
Get used to me. Black, confident, cocky; my name, not yours; my religion, not yours; my goals, my own; get used to me. -Muhammad Ali











What Trenell said.

I don't want "pity."

$33 is an insane amount, relative to what it costs the bank

If someone is bouncing checks, they don't have $33 to pay the bank...obviously

I'm a long-standing, good customer...That should count for something.

And I've tried to balance my check book for years, no, decades. I think I did do it once.
Originally Posted by Phoenix
The bank is a business, they can charge whatever they want - you knew what the penalty was. And they absolutely use high fees both to make money and to deter people from bouncing checks. You, yourself, said you just don't keep track - you wrote a check for more money than was in your account, I don't understand the thinking that their fees are unreasonable. And there are times I have been unemployed and dead broke, with no cushion at all. I hooked up an overdraft credit card to my checking so I wouldn't get overdraft fees. Sure I paid like 28% interest on my overdraft which is ridiculous, but I was the one who overdrew my account - and knew I was doing it because I kept track of my finances. My point is there are actions you can take to avoid incurring their fees, they aren't just randomly imposing them on you.

ETA I just don't get blaming the bank... to me it's like if I parked at a parking meter, paid for an hour and came back in an hour and 15 minutes and then complained about how much I hate the city or the meter maids, or whoever. Well no, I only paid for an hour, yet I took and hour and 15 minutes and I knew the penalty would be a $30 ticket, so yeah, I got a ticket. It only cost the city 25 cents in parking time, (really cost them nothing) but the penalty is $30 and I broke the rules. It sucks and I can get being annoyed, I just don't blaming the issuer of the penalty when my actions caused the penalty.
Originally Posted by rileyb
I don't understand the thinking that they are reasonable, unless you have money to waste.
Get used to me. Black, confident, cocky; my name, not yours; my religion, not yours; my goals, my own; get used to me. -Muhammad Ali











Suburban-

Wow...OK, I'll have to consider a credit union too. More reasons for banks to fail. But they're making it hard!
Originally Posted by Phoenix
You do realize that it's people who spend money they don't have that are making banks fail, right?

Having worked in banks for many years, and being married to someone who manages the collection and fraud function for a large credit union, I can say I've seen both sides of this issue. Everybody makes mistakes now and then. That's why most banks will occasionally waive the overdraft fees for one mistake. By occasionally, I mean one instance per year. Routinely overdrafting your checking account is using it as a line of credit. Yes, you pay for that.

The funny thing is that this is not a have vs. have not issue. People who overdraft their accounts frequently go across all income levels. Poor people do not overdraft more frequently than wealthy people. In fact, people who have more money tend to overdraft more because the convenience offsets the fees. There are many, many people who don't have a cushion who never bounce checks.
I switched to a Member owned credit union 8 years ago and am much happier. I do have an overdraft protection on my checking account, no fee unless used. I don't use my checking except for paying bills, so there is not extra money in there, so I know I cannot use it unless I deposit money. It has actually helped me be a better saver by doing this.

My biggest problem with the bank I used to use was the fees. 4 bucks a month, just to have a checking account open, one dollar for every check written above x amount per month. I understand they are a business, but sometimes I felt like they were trying to hide the fees, and I was young and didn't know to look for them. Yes that was my problem and I learned from it, not blaming the bank there. But it doesn't mean it doesn't frustrate the heck out of a person!
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Yep, the bank I worked for would waive the fees for good customers. Phoenix, you say you're a "good customer". In the banking world, I don't think you are a good customer if you're racking up overdraft fees.

I also don't get the "I hate banks" attitude. In my experience, people who hate their bank are the people who don't take care of their finances. Just as people who hate their boss are people who get chewed out for not doing their job. And people who hate police are people who get pissed for getting a ticket that they deserved. In those examples, if you just do what you're supposed to do, everything will be peachy. No unnecessary fees, lectures or tickets. I just don't get it when someone does something that incurs a penalty and then they blame the other person or business for it. It makes no sense.
Suburban-

Wow...OK, I'll have to consider a credit union too. More reasons for banks to fail. But they're making it hard!
Originally Posted by Phoenix
You do realize that it's people who spend money they don't have that are making banks fail, right?

Having worked in banks for many years, and being married to someone who manages the collection and fraud function for a large credit union, I can say I've seen both sides of this issue. Everybody makes mistakes now and then. That's why most banks will occasionally waive the overdraft fees for one mistake. By occasionally, I mean one instance per year. Routinely overdrafting your checking account is using it as a line of credit. Yes, you pay for that.

The funny thing is that this is not a have vs. have not issue. People who overdraft their accounts frequently go across all income levels. Poor people do not overdraft more frequently than wealthy people. In fact, people who have more money tend to overdraft more because the convenience offsets the fees. There are many, many people who don't have a cushion who never bounce checks.
Originally Posted by mrspoppers
Yeah, but won't people pulling their money out of the banks make it worse?

And I don't routinely bounce checks. This is just a really bad time.
No MAS.

I am the new Black.

"Hope the Mail are saving space tomorrow for Samantha Brick's reaction piece on the reactions to her piece about the reactions to her piece." ~ Tweet reposted by Rou.

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Yep, the bank I worked for would waive the fees for good customers. Phoenix, you say you're a "good customer". In the banking world, I don't think you are a good customer if you're racking up overdraft fees.

I also don't get the "I hate banks" attitude. In my experience, people who hate their bank are the people who don't take care of their finances. Just as people who hate their boss are people who get chewed out for not doing their job. And people who hate police are people who get pissed for getting a ticket that they deserved. In those examples, if you just do what you're supposed to do, everything will be peachy. No unnecessary fees, lectures or tickets. I just don't get it when someone does something that incurs a penalty and then they blame the other person or business for it. It makes no sense.
Originally Posted by Peppy

Hate is a strong word, but I don't think that's necessarily true. You can take care of your finances and still dislike your bank. I have never been overdrawn or had an NSF cheque no matter how broke I was (and I know I've been lucky, or had help) but I do dislike bank fees and policies. I've had bosses I disliked when I was working my butt off. You don't believe a boss can take advantage of workers or harass them or be a poor manager or be lazy? And we don't want to even get into police misconduct and brutality and the many legitimate reasons why people mistrust and dislike the police, do we?
Get used to me. Black, confident, cocky; my name, not yours; my religion, not yours; my goals, my own; get used to me. -Muhammad Ali











Yep, the bank I worked for would waive the fees for good customers. Phoenix, you say you're a "good customer". In the banking world, I don't think you are a good customer if you're racking up overdraft fees.

I also don't get the "I hate banks" attitude. In my experience, people who hate their bank are the people who don't take care of their finances. Just as people who hate their boss are people who get chewed out for not doing their job. And people who hate police are people who get pissed for getting a ticket that they deserved. In those examples, if you just do what you're supposed to do, everything will be peachy. No unnecessary fees, lectures or tickets. I just don't get it when someone does something that incurs a penalty and then they blame the other person or business for it. It makes no sense.
Originally Posted by Peppy
So how could the bank you worked for would waive the fees for good customers?... if "good" customers didn't incur those fees to begin with...?

I understand you're biased about the police. But I haven't had a ticket in about 20 years (the one I did get was a teeny parking ticket at my local library). And I still don't like police in general. It's not because they've done their job of ticketing me or anything else; it's because they often don't do their jobs.
No MAS.

I am the new Black.

"Hope the Mail are saving space tomorrow for Samantha Brick's reaction piece on the reactions to her piece about the reactions to her piece." ~ Tweet reposted by Rou.

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Last edited by Phoenix; 03-07-2009 at 01:58 PM.
Yep, the bank I worked for would waive the fees for good customers. Phoenix, you say you're a "good customer". In the banking world, I don't think you are a good customer if you're racking up overdraft fees.

I also don't get the "I hate banks" attitude. In my experience, people who hate their bank are the people who don't take care of their finances. Just as people who hate their boss are people who get chewed out for not doing their job. And people who hate police are people who get pissed for getting a ticket that they deserved. In those examples, if you just do what you're supposed to do, everything will be peachy. No unnecessary fees, lectures or tickets. I just don't get it when someone does something that incurs a penalty and then they blame the other person or business for it. It makes no sense.
Originally Posted by Peppy
So how could the bank you worked for would waive the fees for good customers?... if "good" customers didn't incur those fees to begin with...?
Originally Posted by Phoenix
Good point!
Get used to me. Black, confident, cocky; my name, not yours; my religion, not yours; my goals, my own; get used to me. -Muhammad Ali











Yep, the bank I worked for would waive the fees for good customers. Phoenix, you say you're a "good customer". In the banking world, I don't think you are a good customer if you're racking up overdraft fees.

I also don't get the "I hate banks" attitude. In my experience, people who hate their bank are the people who don't take care of their finances. Just as people who hate their boss are people who get chewed out for not doing their job. And people who hate police are people who get pissed for getting a ticket that they deserved. In those examples, if you just do what you're supposed to do, everything will be peachy. No unnecessary fees, lectures or tickets. I just don't get it when someone does something that incurs a penalty and then they blame the other person or business for it. It makes no sense.
Originally Posted by Peppy
So how could the bank you worked for would waive the fees for good customers?... if "good" customers didn't incur those fees to begin with...?

I understand you're biased about the police. But I haven't had a ticket in about 20 years (the one I did get was a teeny parking ticket at my local library). And I still don't like police in general. It's not because they've done their job of ticketing me or anything else; it's because they often don't do their jobs.
Originally Posted by Phoenix
Or cover for the other cops who don't and refuse to acknowledge their systemic problems.
Get used to me. Black, confident, cocky; my name, not yours; my religion, not yours; my goals, my own; get used to me. -Muhammad Ali











Yep, the bank I worked for would waive the fees for good customers. Phoenix, you say you're a "good customer". In the banking world, I don't think you are a good customer if you're racking up overdraft fees.

I also don't get the "I hate banks" attitude. In my experience, people who hate their bank are the people who don't take care of their finances. Just as people who hate their boss are people who get chewed out for not doing their job. And people who hate police are people who get pissed for getting a ticket that they deserved. In those examples, if you just do what you're supposed to do, everything will be peachy. No unnecessary fees, lectures or tickets. I just don't get it when someone does something that incurs a penalty and then they blame the other person or business for it. It makes no sense.
Originally Posted by Peppy

Hate is a strong word, but I don't think that's necessarily true. You can take care of your finances and still dislike your bank. I have never been overdrawn or had an NSF cheque no matter how broke I was (and I know I've been lucky, or had help) but I do dislike bank fees and policies. I've had bosses I disliked when I was working my butt off. You don't believe a boss can take advantage of workers or harass them or be a poor manager or be lazy? And we don't want to even get into police misconduct and brutality and the many legitimate reasons why people mistrust and dislike the police, do we?
Originally Posted by Amneris

I said "in my experience". Yes, "hate" is a strong word. The OP used the word "hate" and that is why I posted what I posted. Yes, there are people who do their jobs and don't like their boss. And yes to all the other examples.

It is MY OPINION that MOST people who "hate" their bank, boss, police, whatever are the ones who aren't doing what they're supposed to do.
Yep, the bank I worked for would waive the fees for good customers. Phoenix, you say you're a "good customer". In the banking world, I don't think you are a good customer if you're racking up overdraft fees.

I also don't get the "I hate banks" attitude. In my experience, people who hate their bank are the people who don't take care of their finances. Just as people who hate their boss are people who get chewed out for not doing their job. And people who hate police are people who get pissed for getting a ticket that they deserved. In those examples, if you just do what you're supposed to do, everything will be peachy. No unnecessary fees, lectures or tickets. I just don't get it when someone does something that incurs a penalty and then they blame the other person or business for it. It makes no sense.
Originally Posted by Peppy
So how could the bank you worked for would waive the fees for good customers?... if "good" customers didn't incur those fees to begin with...?

I understand you're biased about the police. But I haven't had a ticket in about 20 years (the one I did get was a teeny parking ticket at my local library). And I still don't like police in general. It's not because they've done their job of ticketing me or anything else; it's because they often don't do their jobs.
Originally Posted by Phoenix
By "good" customers, I mean the ones that may bounce a check once every ten years. Everyone makes an occasional mistake, but when someone bounces checks on a routine basis or bounces a bunch at one time, yes, they should pay a fee.

I'm not taking the bait and getting into an argument about the police. I think my post was pretty clear and everyone knows what I was saying.
ok, but you brought up the police.
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