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New Banking regulation punishes responsibility?

jpr62902

Jeanclaude Spam Banhammer
SUPER Site Supporter
Recently, I got a letter from my bank stating that checking account fees (previously zilch) would be $20 monthly unless I had a minimum balance in the thousands of dollars range.

I got a call today from them and letting me know that these fees were because of the new banking regs on overdraft protection, interest charges, etc.

Here we go again. Persons utilizing their checking accounts responsibly now have to foot the bill for those who have insufficient discipline\rudimentary financial awareness to spend no more than they have.
 

Cowboy

Wait for it.
GOLD Site Supporter
Recently, I got a letter from my bank stating that checking account fees (previously zilch) would be $20 monthly unless I had a minimum balance in the thousands of dollars range.

I got a call today from them and letting me know that these fees were because of the new banking regs on overdraft protection, interest charges, etc.

Here we go again. Persons utilizing their checking accounts responsibly now have to foot the bill for those who have insufficient disciplinerudimentary financial awareness to spend no more than they have.
Thats why I quit dealing with banks long ago . They have forgotten that you are actually loaning them your hard earned money ( checking/savings accounts ) and trusting them to keep it safe .

If it wasn't for all of the honest folks depositing money in their establishments they would soon be out of buisness and unable to get away with the crap they are allowed to now .

Perty sad IMHO when they fail using OUR money due to their own coruption and greed we are the ones that have to bail them out . :wink:
 

jpr62902

Jeanclaude Spam Banhammer
SUPER Site Supporter
That's an interesting direction you took that, Cowboy.:clap:

But I was talking about bank customers who can't do a task as simple as balancing a checkbook. In comes the gummint, telling banks that overdraft fees are some how predatory, so the banks charge everybody.

What a great result. And this regulation was needed why?
 

Cowboy

Wait for it.
GOLD Site Supporter
That's an interesting direction you took that, Cowboy.:clap:

But I was talking about bank customers who can't do a task as simple as balancing a checkbook. In comes the gummint, telling banks that overdraft fees are some how predatory, so the banks charge everybody.

What a great result. And this regulation was needed why?

I understand what your saying JPR, its just a different breed out there now . When I was in buisness for myself which was most of my life, I used checks all of the time to pay bills and everything else because back then if you paid cash you couldn't use it as a buisness expense . But when the statement came I sat there with my cheap texas instrument calculater to try to figure out how i could be a few cents off & damn near every time I found it to be a bank error not mine .

Nowadays I think they ( the so called bank customers ) just round it off to the nearest 100 bucks and hope for the best . Which also explains why a cashier needs a computerised register to tell them how much change to give back out of a $10.01 cent purchase when you hand them a $20 bill and a penny . :unsure:

I have heard people I know bitch about paying 35 bucks in penaltys for a 5 dollar purchase because they didn't have enough in the bank to cover it . They blamed it on the credit card transfer from one to pay to cover what the shortage they KNEW was going to be there . Just never made sense to me . :doh:
 

joec

New member
GOLD Site Supporter
Let me see if I can shed some light on this but I doubt it. A bounced check cost the bank about .50 in fees but cost me as a receiver of that check $32 and no telling what it cost the person that wrote it. Now that is fact folks and you are all free to look up the costs. Oh yes and I might add from an in town bank clears with in 1 day, out of town 1 week which is actually within a few minutes. However it takes my bank, which is typical 60 to 90 days to notify me they had a bounced check.

In a word our banking system sucks, period and are ripping us off. Since computers have made banking instantaneous for the most part.
 

XeVfTEUtaAqJHTqq

Master of Distraction
Staff member
SUPER Site Supporter
I closed down several non-essential accounts I had because of this and consolidated everything as much as I could. I keep my accounts at the minimum but it is certainly a hassle to deal with.
 

Cowboy

Wait for it.
GOLD Site Supporter
Let me see if I can shed some light on this but I doubt it. A bounced check cost the bank about .50 in fees but cost me as a receiver of that check $32 and no telling what it cost the person that wrote it. Now that is fact folks and you are all free to look up the costs. Oh yes and I might add from an in town bank clears with in 1 day, out of town 1 week which is actually within a few minutes. However it takes my bank, which is typical 60 to 90 days to notify me they had a bounced check.

In a word our banking system sucks, period and are ripping us off. Since computers have made banking instantaneous for the most part.
No argument from here Joe , But may I add that at least here, from my understanding the banks will run the check through 3 different times before sending you a notification . Which means 3 times the amount of the penalty for the one that wrote the check . Sounds like one helluva money making deal to me for the banks especially with the much faster computerised banking system these days . :doh:
 

jpr62902

Jeanclaude Spam Banhammer
SUPER Site Supporter
No argument from here Joe , But may I add that at least here, from my understanding the banks will run the check through 3 different times before sending you a notification . Which means 3 times the amount of the penalty for the one that wrote the check . Sounds like one helluva money making deal to me for the banks especially with the much faster computerised banking system these days . :doh:

If folks wouldn't try to spend more than they have, they'd be fine.
 

Cowboy

Wait for it.
GOLD Site Supporter
If folks wouldn't try to spend more than they have, they'd be fine.
Thats very true but if the banks and credit companys didn't make it so damn easy for the weak ( Or spoiled ) to over extend their credit limits like they did in the last 20 years by sending them pre aproved credit cards along with checks they could write in the friggen mail . They wouldn't have the problem they do now .

Its no different to me then the state run lotterys that tempt those allready short of money or dependent on the government to take a chance to get rich by buying scratch tickets or shots at winning 300 million dollar jackpots that only the government benifits from . But other then that Gambling is illegal if the state aint got its hands in the till .

Sorry but gambling is a disease that the government supports for their own benefit, and I hate to admit it as a recovering gambling addict that I was easilly taken in when I didn't really need the money as well as a lot of folks I knew personally that it entirelly ruined their lives and they lost everything they had including family . But yet it is still allowed and controled by the government . :doh:
 

Galvatron

Spock and Galvatron < one and the same
Jpr it is all very simple....

Banks take your $$$......banks piss it down pan.......country goes down swanny.....nations leader steps in to protect the peoples $$$$.......tax gets added......bank reacts to keep champaign flowing......banks take your $$$

It's called the circle of life jim but not how we know it:hammer::hammer::hammer:

Let me do your taxes i am rather clever:yum::yum::yum::whistling:
 

joec

New member
GOLD Site Supporter
At any rate do the math what is the mark up on running a check through the system 3 times while it costs the banks .50 however here they charge me as receiver $39 and the writer another $39 so in effect a .01 cent overdraft can cause a person $78 for a .01 cent over draft. Now I sure am going to charge a tenant what it cost me with in 10 days or they are having charges filed against them which can cost them much more. Think about that for a minute and many of those we get are for a few cents in over draft. So who is making out the bank, us or the individual who wrote the check?
 

loboloco

Well-known member
I will accept local checks or money orders, but prefer cash. I then take the check direct to the issuing bank and cash it. If they won't cash for lack of funds, they give me a statement to that effect, or stamp the check 'insufficient funds'. I then go to the magistrates office and swear out a warrant for fraud and theft.
 

mak2

Active member
I will accept local checks or money orders, but prefer cash. I then take the check direct to the issuing bank and cash it. If they won't cash for lack of funds, they give me a statement to that effect, or stamp the check 'insufficient funds'. I then go to the magistrates office and swear out a warrant for fraud and theft.

Yea, that works.
 

grizzer

New member
The fees are to simply piss off people & miss the reality of what is going on the stripping out of any rights to privacy.

The hedge funds who were the bottom feeders pounding down banks equity in 2008 causing TARP to recapitalize them, still to this day are totally unregulated. In fact Chuck Schumer was given a little bonus for keeping hedge funds out of the financial reform bill...
 

JEV

Mr. Congeniality
GOLD Site Supporter
I bank with a couple of different institutions, and pay no fees with either of them. One tried to levy their extortion on my business checking account, and I walked into the bank and asked that my jumbo cd and all other accounts be immediately closed and a certified check issued to me for all funds. The bank manager was called over and asked why I was closing my accounts. I calmly said that bank fees are extortion, and I will not become a victim to this bank's attempt to steal money from my accounts. The fees were waived, and that was two years ago.

It may not work for everyone, but if your deposits approach FDIC levels, you can get these fees waived. If not, find an institution without fees that wants your business. There are plenty of them out there.
 

jpr62902

Jeanclaude Spam Banhammer
SUPER Site Supporter
I bank with a couple of different institutions, and pay no fees with either of them. One tried to levy their extortion on my business checking account, and I walked into the bank and asked that my jumbo cd and all other accounts be immediately closed and a certified check issued to me for all funds. The bank manager was called over and asked why I was closing my accounts. I calmly said that bank fees are extortion, and I will not become a victim to this bank's attempt to steal money from my accounts. The fees were waived, and that was two years ago.

It may not work for everyone, but if your deposits approach FDIC levels, you can get these fees waived. If not, find an institution without fees that wants your business. There are plenty of them out there.

If by "FDIC levels" you mean $250k, a lot of folks (especially younger ones) don't have the benefit of these savings amounts. I can't fathom what it's like for a young(er), arduous and motivated person to try to get ahead these days with this kind of BS to deal with. We're sending the wrong message to those in our society who are in their 20's. "Go ahead and save, college grad, but we're still gonna charge you $20\month because we can't charge the slackers who bounce checks."
 

ghautz

Bronze Member
Site Supporter
We lower class peons (speaking for myself, not necessarily others on this forum) don't really need to deal with banks. I do most of my banking with a credit union. Their fees have always been lower than those of banks. Because of my advanced age, there are no fees on my checking account--even free checks are available. I maintain a moderate savings account with a bank because I needed a signature guarantee to transfer some IRA funds a couple of times, and my CU doesn't do that.
 
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