Monday, September 21, 2009

Banks continue to gouge its depositors

Well, I bank with Bank of America. I have had issues with this bank for not posting checks in a timely basis, which ended up in huge bank fees. I was able to get everything reversed and from that incident, I watch everything like a hawk with this bank.

But, Bank of America is not the only one who gouges its customers, most of these banks do. This brings me to why the American Public is very angry at bailing these banks out and definitely do not want ANY MORE TAX PAYERS DOLLARS going to the banking industry, period. This industry tied with Wall Street is the reason the housing market is HOSED.

So, like a cheap suit, when you need money you try to get it the best way you can, even if it means abusing your depositors.

A backlash is brewing on Capitol Hill against banks that charge large fees for overdrafts without asking or telling customers, the latest sign that the financial crisis is shifting the balance of power from banks toward borrowers.

Banks struggling to survive have become increasingly reliant on the fees, which could total $38.5 billion this year.

But congressional Democrats, who pushed through new restrictions on credit cards this spring, now are promising a crackdown on overdraft fees, using words like "criminal" and "rip-off" to describe the practice of letting people overspend and then charging them fees without warning. Most overdrafts are now incurred on debit card transactions. read more here....

Home Page