My local bank deducted $5 from my account penalizing me with an inactivity fee, because I failed to conduct any activity with that account for a period of 90 days. I see that as a prime definition of arrogance.

This video should be viewed by every one who conducts business with a Bank, and by every one who payed taxes to fund the bailout of those same financial institutions.

The Wizards of Consumer Lending

In summary, banks are in the business of 'exploiting (you) the customer' by building 'traps in your debit cards,' credit cards, and checking accounts which will be 'free until you make a mistake, then you will pay dearly.'

There is no real protection for the consumer because the same agencies that 'look out of the consumer' also ensure the 'safety and soundness of the banking system', and they believe that gouging the consumer ensures helps the 'safety and soundness of the banking system, and hold faith in the now failed theory that we should 'let the market work, and it will take care of itself.'

Fact is, today while the economy is experiencing record low interest rates, banks are still charging the same high 'effective phony rates,' and are making up penalties and fees crafted to avoid truth in lending regulations, and no one can stop them because their lobbying power is backed by dollars from these very institutions which we have entrusted with the responsibility of creating new money and expanding the money supply of the whole country.

Did I miss anything?

 

Are you with a monster mega bank? If so that is your problem. I am with a local bank established from where I live. I would suggest you start an account with your local credit union. Banks are not in it for their customers they are in it to make money. Now if this is a credit card-get rid of it. Credit cards are for poor people in my opinion.

 

Walk into the bank and ask to talk to the Account Manager or Accounts Controller whichever it may be. Tell them you want all your money out of savings and checking and you want to close your checking account, cancel your debit card, etc.. If they ask why, tell them they wanted activity on your account so you're giving it to them.

That's what I would do anyway.

 

Your're right on for the most part.The banking system is for profit only IMO...the consumer certainly gets next to nothing in return for keeping their money under the protection of the bank...maybe a free toaster.The best plan is to stop using credit,pay off debt,get on a budget,pay with cash,and join a credit union...IMO.

 

I don't think this is about me personally, unless you point out that I'm stuck in a financial crisis along with every one else.

I'm banking with a local credit union, but they don't offer mortgages and second mortgages, so when I bought my house I took a mortgage with a local bank which was later bought out by a larger bank, which requires opening a free checking account in order to get a second mortgage loan.

Is it about me and my choices, or the poor and their decisions? If anyone would decide to beat people in the street because they missed a payment, would you you sit comfortably in your house knowing you're smarter than those poor fools? Banks are financially abusing poor people. Some of these people paid all their bills until they recently lost their job in the downturn caused by a financial crisis, and found their interest rates raised to 26%.

Have you read the fine print on your account?

 

 

Maybe I should rephrase myself Im not trying to put down poor people Im just making a comment regarding their habits. If you read The Millionare Next door it says that the average millionare doesn't believe in credit. You have an account at a credit union-good for you. As far as banks ripping people off no I don't think it is right; but there will always be someone in this world who is willing to take advantage of someone for their own benefit. For anyone else who is reading this that wants to know more about getting out of debt and living like no one else-check out some info from Dave Ramsey at daveramsey.com

 

I'm sure the poor people are responisble for their own situation if they have allowed banks or anyone take advantage or them, and the whole situation could be avoided if the took time to get educated on the subject.

I've known that for years, and the reason why I've educated my self. What amazes me is that it has gone on this long unchecked, and that is has become this bad, but even more amazing is the lack of outrage, and the acceptace of it, and the double talk that surrounds the issues.

Why are bankers not held responsible for their deceptive banking policies? It's like a financial barbarian society where the educated openly and legally pillage anyone they want.

If we beleive banks will work it out themselves in a free market, then we did not not allow some of them to fail instead of bailing them out? You can't have it both ways.

If banks benefit from a free market like other businesses to, then why don't they live with 100% reserve rate like other business do? Again, you can't have it both ways.

How can we trust in banks with control of the countries money supply and allow them to use that money to influence capital hill? That's sick and irresponsible.