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.
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Tuesday, December 13, 2011
Thursday, December 1, 2011
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!
Tuesday, November 8, 2011
Smart on Money Banking Blog link
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
Tuesday, November 9, 2010
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.
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.
Saturday, October 23, 2010
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.
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.
Friday, October 1, 2010
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.
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.
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.
Thursday, September 30, 2010
In The Trenches - Budgeting for Financial Survival and Recovery: Nearly 50 percent leave Obama mortgage-aid program...
In The Trenches - Budgeting for Financial Survival and Recovery: Nearly 50 percent leave Obama mortgage-aid program...: "Nearly 50 percent leave Obama mortgage-aid program - Yahoo! Finance The biggest question that comes to mind when reading an article like th..."
In The Trenches - Budgeting for Financial Survival and Recovery: JPMorgan (NYSE: JPM) to Increase Staff in Asia by ...
In The Trenches - Budgeting for Financial Survival and Recovery: JPMorgan (NYSE: JPM) to Increase Staff in Asia by ...: "JPMorgan (NYSE: JPM) to Increase Staff in Asia by 40%. : American Banking News For some reason this article really puts me on alert. Yes, ..."
Foreclosures Halted by JP Morgan Due to Falsification | Money and Risk
Foreclosures Halted by JP Morgan Due to Falsification Money and Risk
Reminds me that we only know the half of it. The half they want us to know.
Reminds me that we only know the half of it. The half they want us to know.
Friday, September 24, 2010
Bank fee Whac-a-Mole: New charges hit accounts
Bank fee Whac-a-Mole: New charges hit accounts
It's like in the movies where the bad guy just keeps shooting!
It's like in the movies where the bad guy just keeps shooting!
Money Borrowers Are Not Lambs, They Have Learnt To Revolt!
Money Borrowers Are Not Lambs, They Have Learnt To Revolt!
It's about time!!! Yeah, for Americans! oops. Did I say that out loud?
It's about time!!! Yeah, for Americans! oops. Did I say that out loud?
Save the banks from themselves
Save the banks from themselves
Is your bank too big to fail? Maybe not if you get your money out before it happens.
If we read the list of those banks that are now in trouble we could hasten the downfall of many good community banks giving further power and control to the predators in the industry. However if we use good service to base our decisions on we will pull our money from the bad boys and strengthen our communities and those who try to meet their needs. It's our decision as Americans. What will it be?
Is your bank too big to fail? Maybe not if you get your money out before it happens.
If we read the list of those banks that are now in trouble we could hasten the downfall of many good community banks giving further power and control to the predators in the industry. However if we use good service to base our decisions on we will pull our money from the bad boys and strengthen our communities and those who try to meet their needs. It's our decision as Americans. What will it be?
Friday, September 17, 2010
Elizabeth Warren Says `It's a New Day' for U.S. Banks - Video - Bloomberg
Elizabeth Warren Says `It's a New Day' for U.S. Banks - Video - Bloomberg
I watched an interview with her on t.v. and was very excited and hopeful. Impressions anyone?
I watched an interview with her on t.v. and was very excited and hopeful. Impressions anyone?
Tuesday, September 14, 2010
Bank Screws Man For $900, He Tells Others, Ultimately Costing Bank $100,000 In Lost Business - The Consumerist
Bank Screws Man For $900, He Tells Others, Ultimately Costing Bank $100,000 In Lost Business - The Consumerist
This is how receiving poor customer service should work when the banks are unwilling to work with the customer.
In a quick glance I saw that The Consumerist had a number of articles about customers stepping up to unfair banking actions as well as many other topics. Another good place to keep up with what's going on.
This is how receiving poor customer service should work when the banks are unwilling to work with the customer.
In a quick glance I saw that The Consumerist had a number of articles about customers stepping up to unfair banking actions as well as many other topics. Another good place to keep up with what's going on.
Wednesday, August 18, 2010
New Laws Rock the Debt Settlement World
New Laws Rock the Debt Settlement World
Are you currently or considering working with a debt settlement company? Here is some important information about upcoming legislation you need to be aware of written by Garrett Driscoll of Debt Eagle and published courtesy of Personal Finance By The Book.
Are you currently or considering working with a debt settlement company? Here is some important information about upcoming legislation you need to be aware of written by Garrett Driscoll of Debt Eagle and published courtesy of Personal Finance By The Book.
Thursday, August 12, 2010
Bank customers fighting overdraft fees in court - Yahoo! Finance
Bank customers fighting overdraft fees in court - Yahoo! Finance
The battle continues! This time in Florida.
Customer service is not optional. It's your money.
Have you changed your bank yet?
The battle continues! This time in Florida.
Customer service is not optional. It's your money.
Have you changed your bank yet?
Tuesday, August 3, 2010
The new credit card tricks.
the-new-credit-card-tricks: Personal Finance News from Yahoo! Finance
It's been less than two weeks since new banking legislation went into effect and the banks are making their counter move. See the link above.
Let me put it another way...what if you went into McDonalds and ordered a burger. While you were getting your money the cashier reached over the counter and grabbed an extra $5 from your wallet. What would your reaction be? I would hate to think of it. Then when you demanded to know why they took the $5 the cashier told you it was because you were too slow at taking the money out of your wallet. Then the cashier turns around and gives your $5 to his manager who slips it into his pocket.
Or, what if the reader board at the drive thru said that the Big Mac cost $1.99. When you got to the window they told you your total was $5.99. You ask why. The cashier tells you that the $1.99 price is only for those who get to the window in 45 seconds and you took 60 seconds. And, an additional surcharge was added because you had not been to McDonalds in over a month and had supersized your fry the last time you were there. They further tell you that you should have read the fine print on the reader board and that if you do not pay the entire $5.99 they will report you to the fast food hotline and that you will not be able to buy fast food anyplace in the country for 7 years.
What would you do? How many times would you continue to go back to McDonalds?
This is what customers have been experiencing with the major banks for the last few years. And, yet they are still in business. Why is that? It is because the American people continue to deposit their paychecks.
This is not the fault of your local teller who works hard and does their job just like everybody else. The policies that dictate this go straight to the very top and are now being battled at the congressional levels. Rumors of the battles are filtering down to the people who keep depositing their checks every week. What makes things worse is that some of the officials who are elected by the people are actually siding with the banks.
Don't stop looking over your shoulder yet. If you still have credit cards the banks are still trying to eke out every fee possible. They are definitely tenacious. Every time a law goes into effect to block exorbitant fees they find a way to go around it.
So, have you changed your bank yet? Have you closed your credit cards? Are you tired of paying for someones fancy lifestyle while you continue to cut corners?
It's your money. It's your choice.
It's been less than two weeks since new banking legislation went into effect and the banks are making their counter move. See the link above.
Let me put it another way...what if you went into McDonalds and ordered a burger. While you were getting your money the cashier reached over the counter and grabbed an extra $5 from your wallet. What would your reaction be? I would hate to think of it. Then when you demanded to know why they took the $5 the cashier told you it was because you were too slow at taking the money out of your wallet. Then the cashier turns around and gives your $5 to his manager who slips it into his pocket.
Or, what if the reader board at the drive thru said that the Big Mac cost $1.99. When you got to the window they told you your total was $5.99. You ask why. The cashier tells you that the $1.99 price is only for those who get to the window in 45 seconds and you took 60 seconds. And, an additional surcharge was added because you had not been to McDonalds in over a month and had supersized your fry the last time you were there. They further tell you that you should have read the fine print on the reader board and that if you do not pay the entire $5.99 they will report you to the fast food hotline and that you will not be able to buy fast food anyplace in the country for 7 years.
What would you do? How many times would you continue to go back to McDonalds?
This is what customers have been experiencing with the major banks for the last few years. And, yet they are still in business. Why is that? It is because the American people continue to deposit their paychecks.
This is not the fault of your local teller who works hard and does their job just like everybody else. The policies that dictate this go straight to the very top and are now being battled at the congressional levels. Rumors of the battles are filtering down to the people who keep depositing their checks every week. What makes things worse is that some of the officials who are elected by the people are actually siding with the banks.
Don't stop looking over your shoulder yet. If you still have credit cards the banks are still trying to eke out every fee possible. They are definitely tenacious. Every time a law goes into effect to block exorbitant fees they find a way to go around it.
So, have you changed your bank yet? Have you closed your credit cards? Are you tired of paying for someones fancy lifestyle while you continue to cut corners?
It's your money. It's your choice.
Sunday, July 25, 2010
Summary of new banking legislation
Free From Broke financial blog has done a nice job in summarizing some of the changes that will happen as a result of the new banking legislation. Everyone has lots of questions about this huge document and what it all means. The summary will help outline some of the key provisions.
http://freefrombroke.com/2010/07/doddfrank-wall-street-reform-consumer-protection-act-signed-law.html
http://freefrombroke.com/2010/07/doddfrank-wall-street-reform-consumer-protection-act-signed-law.html
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