Illinois Teen Learns About Bank Fees the Hard Way

Do you remember when minors were encouraged to open a savings account and every dollar that was deposited was considered a good thing?  Minimum balances were not required for minors and instead of service charges interest was paid.

My how things have changed!

Illinois Teen Learns About Bank Fees the Hard Way

After $229 in fees caused because he let his balance drop to $4.85 I bet they are all happy for the wonderful customer service they have received.

Wells Fargo Passes Counterfeit $100

After cashing a check at Wells Fargo the funds were taken to Chase to make a mortgage payment. Among the bills a counterfeit $100 was detected! After almost an hour of review and completing forms the bill was confiscated for the Secret Service .

I am out $100 with no recourse!! I went back to Wells Fargo and was told that since I cannot PROVE the money came from them they would not replace it.   Now if by some small chance after 4 bank employees at Chase having reviewed the bill if the Secret Service were to decide they had made a mistake I would get the bill back in a month. 

I hope this makes you as angry as it made me. If we cannot trust our banks to pass out real money than something is terribly wrong.    Now regardless of whether I can PROVE it or not if I had wanted phony money I would have dug into my Monopoly game, not gone to a bank.

Yes, I'm stewing on my next soapbox post and will have it up soon. Please don't jump to the conclusion that "See, debit cards are better" before you read it. As I mention on the sidebar I was in banking and worked in the computer center of a major bank. I was one of the small fry people working on EFT at the birth of what was called Merchant Services in the early 70's. This eventually became what is now called the debt card. That is why I DON'T have one.

I wanted to keep this short and simple as the story is, the title says it all:

Wells Fargo passes counterfeit $100!

Smart on Money Banking Blog link

It has been ages since I have shared on this blog but I found Smart On Money seems to be keeping up and trying to inform people of new developments in the banking industry.  For those interested it may be a good blog to subscribe to.

My views have become quite solidified and my approach simple: Unfortunately it is necessary to have at least one account to cash checks and facilitate transfers of funds for monthly expenses, beyond that banking is no longer an industry to be trusted.  Used car salesmen now get to take a place of integrity above the major banks.  Small local banks still are a good service but becoming harder to find. AIG also has had high ratings from a number of financial bloggers.

Smart On Money

new-ways-bankers-are-spying-on-you: Personal Finance News from Yahoo! Finance

new-ways-bankers-are-spying-on-you: Personal Finance News from Yahoo! Finance

Remember, everytime you opt for convenience you opt to give up a little more of your privacy. If you have not read George Orwell's 1984 it might be an eyeopener. We have arrived. Another good book to rattle your thinking is None Dare Call It Conspiracy.

Obama: Consumers lose if financial law repealed - Yahoo! News

Obama: Consumers lose if financial law repealed - Yahoo! News

The banking laws are not a common subject of discussion however I personally believe they are some of the most important laws effecting our economy at this time. It's not just those who have been sloppy with their bookkeepping that have been affected by the fees. Having worked in banking in the 80s I firmly believe that these laws were critical to begin to restore the "customer first" policies needed within the banking industry.

The banking industry has brought this country to it's knees and it's time for us to stand up again. These banking laws are not a democratic or republican issue - they are a people issue.

Bank of America added to the list.

http://news.yahoo.com/s/ap/20101001/ap_on_bi_ge/us_bank_of_america_foreclosures

Honestly this all just makes me sick to my stomach at times.

Chase freeze on foreclosures - Read why.

http://moneywatch.bnet.com/saving-money/blog/home-equity/will-chases-foreclosure-freeze-fix-the-housing-market

I'd like to think that this freeze comes as a help to American homeowners but I would be wrong.  Information is mounting about the unfair practices used that caused so many people to leave their homes.

Remember the story of the scorpion who asked the frog to help him across the river?  This was one mighty big scorpion.