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  1. #1
    Senior Member Gewitter27's Avatar
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    Default Predatory Behavior by Banks

    Bribed Regulators: Another Example - The Market Ticker

    Anyone else outraged by this?
    Sounds like they're out to swindle the SPs...

    But isn't that just disgusting? It should be chronologic. I think this sounds like criminal behavior to me. And they told NOBODY! You aren't told when you are overdrawing, they don't tell you about their disgusting policy...

    Aargh.
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  2. #2
    Senior Member avolkiteshvara's Avatar
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    Yeah I am finding it harder to get info about my credit cards, i.e. when promotional rate expires.

    The few times I have bounced I called them up and had them reverse it. I heard of one guy taking the bank to small claims court. The bank usually settles before the court date.

    Edit:

    Now that I think about it more, it was Ralph Nader that was advocating taking Banks to small claims court for punitive fees.

  3. #3
    mountain surfing nomadic's Avatar
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    Yeah, thats why I cancelled my Wells Fargo acct. They booked me double over draft fees both on my checking acct and my credit card that backs up my checking account. fees somehow came out to 200 bucks, just because I went under by 50 bucks one time and fees were adding up bc I was waiting for an outcome judgement that took two months.

    Went to a local community bank, and ever looked back since. Now my checking gives me 3% and fees are a lot less.

  4. #4
    Senior Member cafe's Avatar
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    I am outraged. Banks are generally a bunch of crooks. A family friend just lost $400 of her $670 social security check to bank charges, and the family can in no way afford it.

    The credit union I've been banking at for the last six or seven years is great, though.

    I overspent this last week because I had some kind of mathematical brain fart, so I scraped together all our change, sold the empty soda cans, and went up to try to fix my mess.

    The teller was understanding ($9+ in linty change) and I noticed when the automatic payments came in, they did them lowest dollar amount to highest dollar amount, instead of the normal highest to lowest. We (obviously) aren't one of their richer customers, but they have always done right by us.

    Banks don't *have* to be butts, but when they are for-profit, they will do anything they can to make shareholders more money. When the shareholders are also the customers, it checks some of that behavior.

    Note to self: email representatives.
    “There are two novels that can change a bookish fourteen-year old’s life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.”
    ~ John Rogers

  5. #5
    Minister of Propagandhi ajblaise's Avatar
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    With Democrats in power again, consumer protection legislation will be increasing. What has been proposed is a new consumer protection agency that would regulate home loans, credit card fees, payday loans and other forms of consumer finance. Banks and mortgage lenders are working against the changes.

    The Credit Card Act of 2009 has already passed, which is a good step.

  6. #6
    Senior Member statuesquechica's Avatar
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    Quote Originally Posted by cafe View Post
    I am outraged. Banks are generally a bunch of crooks. A family friend just lost $400 of her $670 social security check to bank charges, and the family can in no way afford it.
    Hmm, when I worked on a case with Legal Aid, they had a form letter stating that Social Security money cannot be used for those types of charges, falling under the definition of "judgment proof." If they are really struggling, they might want to consider calling the local Legal Aid office and do a quick intake over the phone. I worked with someone who was being hounded by a bank and he didn't have to pay their charges with his Soc. Sec. check.
    I've looked at life from both sides now
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    It's life's illusions I recall
    I really don't know life at all

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  7. #7
    meat popsicle r.a's Avatar
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    Quote Originally Posted by Modern Nomad View Post
    Yeah, thats why I cancelled my Wells Fargo acct. They booked me double over draft fees both on my checking acct and my credit card that backs up my checking account.
    exactly why i cancelled my wells fargo account last week.
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  8. #8
    Senior Member cafe's Avatar
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    Quote Originally Posted by statuesquechica View Post
    Hmm, when I worked on a case with Legal Aid, they had a form letter stating that Social Security money cannot be used for those types of charges, falling under the definition of "judgment proof." If they are really struggling, they might want to consider calling the local Legal Aid office and do a quick intake over the phone. I worked with someone who was being hounded by a bank and he didn't have to pay their charges with his Soc. Sec. check.
    Thank you. I will see if I can find someone to help her.
    “There are two novels that can change a bookish fourteen-year old’s life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.”
    ~ John Rogers

  9. #9
    Oberon
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    Quote Originally Posted by ajblaise View Post
    With Democrats in power again, consumer protection legislation will be increasing.
    Buh ha ha ha ha ha ha!!!!

    [snerk snort]

    You think those Dem congressmen care about you?

  10. #10
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    This type of conduct is not all surprising. Banks( or any for-profit organization for that matter) will do whatever they deem needed to protect profits. That typically includes bribing regulatory agents. Of course, this when these agents are actually trying to regulate, which is a rare enough event in itself.

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