articles.moneycentral.msn.com — Things seems to have gotten out of hand when banks are raking in $50 billion a year just from service charges. See how they're working to turn your money into their money, and what you can do to fight back.
May 21, 2007 View in Crawl 4
hybrid0603May 22, 2007
I don't see what the problem is. Banks prey on dumb people, which constitutes 90% of the population. All you need to do is get a credit card and only spend what you can afford. No overdraft fees, pay it all off at the end of the month = no interest, get points, plus, you build up your credit rating for when you need a loan to purchase a house/car. It's really not that difficult. After I got slammed with $60 (2x$30) in overdraft fees for a $9 overcharge and a subsequent $2 overcharge, I got a credit card and haven't looked back. Stick it to the man: get a credit card. Just be sure to use it wisely. Granted, 90% of the population is too stupid to spend wisely, so I guess my comment is moot.
oriondarkwoodMay 22, 2007
Read what one bank did to me<a class="user" href="http://tinyurl.com/27pkcw">http://tinyurl.com/27pkcw</a> - part1<a class="user" href="http://tinyurl.com/3598oh">http://tinyurl.com/3598oh</a> - part2
karneyMay 23, 2007
Things aren't completely hopeless; there's a bill in Congress, HR 946 (The Consumer Overdraft Protection Fair Practices Act), which is supposed to get its committee hearing in June. You can go here and tell your congressperson to support it:<a class="user" href="http://www.congress.org/congressorg/home/">http://www.congress.org/congressorg/home/</a>Also, small claims works. As part of the research for my documentary I filed in small claims against Wells Fargo and they gave me everything I was asking for. Since lawyers charge hundreds of dollars per hour to show up and represent the banks, it's cheaper for them to give you your money back than to fight you. You can check out the "What Can Be Done" section of the film's website for other ideas:<a class="user" href="http://www.overdrawnmovie.net">http://www.overdrawnmovie.net</a>The film will be out in July.
nkwellMay 23, 2007
yes, yes I do expect them to hold my money for free, if you carry a large savings account balance, you don't take s**t from anyone, because you are a sure bet... your money is ALWAYS there for them to play with. But I do sympathize with people living paycheck to paycheck, because I have been there, I have seen wachovias ugly side firsthand, and I will say this now, I will NEVER do business (personally or professionally) with them again. They screwed me when I was "some poor kid", and now that it has changed, I will never forgive them for it. Long story short, they looted my checking acct to pay a school debt that I was already paying via collections. Car payment bounced, everything went to hell for a bit while I moved my money to a credit union.
exec721May 23, 2007
Continually overdrawing your account while ignoring the rules of the bank and then bitching about it? That's your solution?
lukeskopeMay 24, 2007
I completely agree. There are some points where he speculates and asserts his opinion of the situation which I don't necessarily agree, but the factual history of banking that he lays forth is so enlightening. For anyone wanting an overview of how our money system works read this book. Money drives so much of all our everyday lives, but most of us have absolutely no understanding of fractional reserve banking, fiat money, national debt, inflation, floating currencies, etc.Very good read.
miriguyMay 24, 2007
I think I should open a bank.