Gangsters and Banksters

[abide]

With the recent international outcry concerning the behaviour of some banks I wonder at the way they seem to get away with what they do.

My local bank has a rule which to me is nothing more than highway robbery.

If you have on your account less than $1000.00, they deduct $10.00 each month from it. I took the decision to close my account with this bank. I decided to leave at least $100.00 just to keep it open in case I have business to do urgently (the bank is close to my home) I changed my mind and decided to take the $100.00 off the account and completely close it. To my surprised they took $15.00 out and left the $85.00. If this is not highway robbery, I don't know what is. How can a bank make a decision like this in determining how much money one can leave on an account.

Many look at the drug pushers and murderers and other criminals, but I believe the banksters are the worst of them.

 

[DarkHorseRising]

You agreed to their terms when you opened your account. If you don't like this way of doing business, you are free to take your money elsewhere. I'd suggest looking into a credit union, as people tend to find them friendlier than major banks.

While I'm not overly sympathetic to the bank, they are able to provide services by making money. If everyone has $100 in their account, they're not going to make anything and will go out of business. Someone needs to pay the tellers and keep the lights on, after all.

 

[farouk]

Banks have people 'over a barrel', so to speak. All they need do is change their fees schedule to impose an effective tariff. (They offer people money they don't need, but when people really need it, they try to make them prove that they don't, first of all!)

 

[DarkHorseRising]

Banks have people 'over a barrel', so to speak.

In no way. You're welcome to stuff your money under your mattress at home if you choose. Or you can find a bank that offers a simple account with no monthly fee. They do exist.

All they need do is change their fees schedule to impose an effective tariff.

I assume you're using the term "tariff" rhetorically... in any case, they almost always send out information about upcoming changes to their fees (if not, find a bank that does). At the very minimum they need to post them online or at the bank itself. You then have the choice to continue with them or leave.

(They offer people money they don't need, but when people really need it, they try to make them prove that they don't, first of all!)

They try to make them prove they have the ability and reliability to pay it back. That's how the subprime mortgage fiasco happened. They lent to people without checking if they could repay it. Too many couldn't. They're the bad guys either way.

Look, I have my issues with the banking system too; but overall it's better than hiding the cash under the mattress.

 

[jasoncran]

i use a credit union. no fees yet. some yes. but lets be real, im in now wise a european style socialist. this to me is robbery. these same bank also push easy money and credit. its a lesson i too must learn. cash is better then credit. years ago(40 plus) if one had a credit card one was poor not wealthy, all others bought in cash. that works a lot better. the only thing you bought on credit was home, or a new car. thats it. now we gamble on credit, buy food on credit and even gas. 2

one doesnt need credit to buy a house. i had bad credit when i bought mine.