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Banks

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I had the experience of looking at Bank of America (2 different accounts), 2 different customers.  In one instance, the bank charged an individual over 300.00 in bank fees by presenting the same item for payment 10 times in a row and the second account had a theft (left card in machine) and the person behind took money out.  In that instance for the money taken out, the bank had already charged 25.00 per day for 5 days straight and then on the 6th day charged 35.00.  Are the banks making some of the failed mortgages on the backs of the poor?  I think so.  To continue to charge the individual EVERYDAY for the same item to me is stealing from people.  Remember, same bank, different people. Just a word of warning.

Entry #41

Comments

1.
time*treatComment by time*treat - July 29, 2008, 10:05 am
First Bank of Serta has unbeatable customer service, no fees, and great hours to boot ;-)
2.
justxploringComment by justxploring - July 29, 2008, 4:00 pm
Hi, LittleOldLady. I'm not sure what you do (sounds as if you counsel people) so please forgive me for this comment, especially if you are trying to help people in need. It's just that I hear stuff like this all the time from neighbors & coworkers & have to roll my eyes. One said the ATM showed he didn't have any money. (sure it's the bank's fault) I've had an ATM card since they first were avail in Boston more than 30 yrs ago, used terminals to get cash from my account in foreign countries, and I never had a problem. (knock wood)   Personally, I don't like BoA (poor customer service, very impersonal) so I'm not defending them. However, unless you personally experienced the above charges/incidents, much of what we read online is fabricated. If you saw the actual charges on somebody's statement, then that person does not know how to use his/her checking account properly. BoA bought my bank so I had an account with them for many years & never was charged a single fee. I used online banking, bill pay, etc. I still have my BoA Visa, although I rarely use it. Fees are always published when you open up an account. Most banks never charge a fee if you maintain the minimum balance required (if any) or bounce a check, etc. There are also checking accounts where you need to have 1 direct depost per month to avoid a fee. I've had a savings & checking account at several different banks in different states for 47 years & never once got a fee I didn't expect. But I also never bounced a check or tried to pay one item 10 times. No bank charges for bill-pay, so maybe I'm not understanding this at all. Did this person have inadequate funds? Why would someone pay a bill over & over again?   

I also left my card in an ATM recently (not at BoA) and got a call from my bank in the morning "Nancy, we have your card." However, I doubt if BoA would do that for a customer. But if you notice next time you use the ATM, after 20 or 30 seconds you get a warning, since too much time has passed and, after that, the card is sucked into the terminal. So if someone in back of this person grabbed it, it had to be within a very short time. After the card comes out of that little slot and the ATM beeps & the lights flash (like...take your &*^% card!!) it sucks it back in for security purposes.

Sorry if I sound controversial, but I find it highly unlikely (or a huge coincidence) that someone right in back of a person just happened to be a thief. Also, after you finish your transaction, that person would have to re-enter your PIN. If someone is stupid enough to use a PIN with a person looking over his shoulder, he deserves to have his card stolen. I know people are going to get angry with me, but I don't think this is a "poor" problem. These are idiot fees. If people can't use common sense or take responsibility for handling their own checking accounts and learn how to use an ATM properly, then they need to turn over their financial matters to a trusted friend or relative. (or as time*treat suggests, stick their money under the mattress) Most banks will immediately clear up any excess or improper fees if it is at fault. Just go in and talk to the manager. Chase charged me a bal transfer fee on a mastercard & I had in my little hands an offer "0% interest, no balance transfer fee." The rep said "it only applies to the first transfer." I offered to email or fax her the offer & told her to show me where the fee was stated. The charge was cleared the next month.   Mistakes happen & the last thing any bank wants in this economy is bad publicity.

3.
justxploringComment by justxploring - July 29, 2008, 4:07 pm
Thanks for letting me post. I honestly never know how long a comment will be when I begin typing. So I shouted "yikes" when I just posted. I try to edit. :-)   It's just that I get so frustrated because everyone was crying "we can't afford a house" and the banks offered these incredible deals "interest only" and low interest ARMS. Suddenly people were using 1/2 their income to pay mortgages and wouldn't even imagine what a rate increase would do. Now the people who used common sense are paying for it. The only banks that are not in trouble are the few who turned down people who couldn't afford a mortgage, refused to loan more than the appraised value, and cut off people with questionable credit. Now that the banks are failing, the same people who were turned down and went to anyone who would give them a mortgage are yelling foul play. I'm not defending the banks, just the fact that nobody wants to take any responsibility for their own lives any more. Take it from me --- I'm a big screw up, so I know.
4.
justxploringComment by justxploring - July 29, 2008, 5:38 pm
Oops - now I'll be blocked for sure! lol   Correction from first comment. I wrote
"Most banks never charge a fee if you maintain the minimum balance required (if any) or bounce a check, etc." I meant to write "unless you don't maintain the min bal or if you bounce a check" Duh. That's it from me! :-)
5.
rcbbuckeyeComment by rcbbuckeye - July 29, 2008, 10:09 pm
I bank at BOA but I have never liked that bank. The only reason I do is my wife insisted opening an account and I do like the convenience of having a branch pretty much where ever. But I have had a lot of frustrations with BOA starting with when I was the manager of a furniture store that was opening in Southlake, and the company sent me a check for $100 for petty cash for the store. Now the check was drawn from a BOA in CA. The bank in Southlake (TX) would not cash the check unless I opened an account in my name and agreed to cover the check! I was so pissed I told the manager of the bank that I would not have an account there if it was the only bank on earth. That and they and all banks are very willing to let you overdraft your account especially with a debit card so they can collect that $30 fee each transaction. That's called easy money.
I agree with you justx. I could never understand how people got caught in a bad mortgage. It's federal law that the lender has to send a HUD statement to a borrower before closing to verify the terms and fees. I think people just didn't bother to read them.
6.
justxploringComment by justxploring - July 29, 2008, 10:48 pm
I was afraid to sign onto LP tonight because I sounded like such a *B*   I should save my ranting for my own blog. I just learned something. I didn't realize that a bank customer can take out more than he has. Never heard of overdraft. There were times in my life when I had to sell personal items to pay bills and only owned what I had in my car, but I know how to add & subtract. $200 less $210 doesn't work. I've seen plenty of people go to the ATM and get the message that they don't have the funds, just like when people charge over their limit on a credit card. I just don't get it. Of course it is a terrible ordeal when a family doesn't have food on the table or a place to call home, but nobody can expect to spend more than they have without a penalty. Thanks for the info. BTW, I'm not completely unsympathetic since I was a victim more than once of predatory marketing practices. Also many people lost jobs after buying a house. I was talking about people who haven't been responsible, used creative financing to get into a house they couldn't afford or who lied about their income and now are complaining.

As far as the mortgage crisis goes, many people lost jobs and some were victims of predatory marketing and sales techniques. Many years ago I got into trouble by trusting people. I've also been fooled by tricky car salesmen & sleazy financial advisors. I admit that & I still get depressed. But the homeowners I was referring to are those who lied or stretched the truth about their income and are now complaining the bank was too lenient in their lending practices. There are also plenty of people who knew a rate increase could dramatically affect their payments and just didn't care or think it would happen.
7.
justxploringComment by justxploring - July 29, 2008, 10:51 pm
OMG - boy was I redundant. I type too fast. I must be in my manic state. (blame my itchy fingers) Well, LittleOldLady, at least you got a lot of comments. LOL

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