Fees, Fees, and more friggin' Fees

[DebHgn]

What is the name of your state? Fee Advocate

Excerpt from Nolo Law:

What banks had finally figured out was that poorer customers were actually costing them money. If a customer didn't keep much money deposited at the bank, but demanded a lot of expensive services -- such as actually speaking to a human being about transactions -- the bank lost money, pure and simple.

This phenomenon was nothing new, but the burden of poorer customers had always been offset by the profit on wealthier customers' deposits. It took on new significance in the 1980s, lean times for banks. Many banks and savings and loans had made a lot of bad loans and were hemorrhaging money. At the same time, alternate investment opportunities, such as money market accounts and mutual funds, grew in popularity. Those banks that didn't go belly up lost many of their wealthy customers.

Rather than adopt creative ways to win back the wealthy customers, banks looked for ways to quickly rid themselves of the poorer ones. They started with fees that hit poorer customers hardest. The first targets were credit card customers, hit by late payment fees and over-the-limit fees. Next came fees for using non-network ATMs or bouncing a check, and the list is still growing.

 

[john123456]

What is the name of your state? Fee Advocate

Excerpt from Nolo Law:

What banks had finally figured out was that poorer customers were actually costing them money. If a customer didn't keep much money deposited at the bank, but demanded a lot of expensive services -- such as actually speaking to a human being about transactions -- the bank lost money, pure and simple.

This phenomenon was nothing new, but the burden of poorer customers had always been offset by the profit on wealthier customers' deposits. It took on new significance in the 1980s, lean times for banks. Many banks and savings and loans had made a lot of bad loans and were hemorrhaging money. At the same time, alternate investment opportunities, such as money market accounts and mutual funds, grew in popularity. Those banks that didn't go belly up lost many of their wealthy customers.

Rather than adopt creative ways to win back the wealthy customers, banks looked for ways to quickly rid themselves of the poorer ones. They started with fees that hit poorer customers hardest. The first targets were credit card customers, hit by late payment fees and over-the-limit fees. Next came fees for using non-network ATMs or bouncing a check, and the list is still growing.

You're a one trick pony.

 

[curious100]

What is the name of your state? Fee Advocate

Excerpt from Nolo Law:

What banks had finally figured out was that poorer customers were actually costing them money. If a customer didn't keep much money deposited at the bank, but demanded a lot of expensive services -- such as actually speaking to a human being about transactions -- the bank lost money, pure and simple.

This phenomenon was nothing new, but the burden of poorer customers had always been offset by the profit on wealthier customers' deposits. It took on new significance in the 1980s, lean times for banks. Many banks and savings and loans had made a lot of bad loans and were hemorrhaging money. At the same time, alternate investment opportunities, such as money market accounts and mutual funds, grew in popularity. Those banks that didn't go belly up lost many of their wealthy customers.

Rather than adopt creative ways to win back the wealthy customers, banks looked for ways to quickly rid themselves of the poorer ones. They started with fees that hit poorer customers hardest. The first targets were credit card customers, hit by late payment fees and over-the-limit fees. Next came fees for using non-network ATMs or bouncing a check, and the list is still growing.

So, now you're advocating fees????? You're hilarious and don't even know it.

 

[Veronica1228]

So, now you're advocating fees????? You're hilarious and don't even know it.

I don't find her hilarious. I find her tiresome, boring, redundant, useless, pathetic, and most of all idiotic. Oh sure, she's funny in a, "I'm laughing at Lobster Boy," kind of way, but that type of humor is no longer very "PC". We should try hard to not mock the inflicted any more than we have to.

I'm going to make that my New Year's resolution. From now on, I'm going to be nicer to the idiots. Well, at least after Jan 1. So guess what Deb. You have one week to make me come up with new ways to taunt your dumb ass. Are you up to the challenge?

 

[Who's Liable?]

oh oh oh... I have a story to tell, and I swear honest to god this happened... Or should I say: "I swear honest to non-denominational icon this happened" to be PC?

Right before X-mas my GF received a letter from her bank that they had received her deposit in the amount of $100.-, but there was actually $500.00 deposited, and to please refelct the change in her registry! So she called the person who wrote her the check to make sure that the amount was $100.- instead of $500.- just to make sure that they didn't write down the wrong info... Turns out that the check amount was supposed to be $100.-, and not $500.- and that the bank made a mistake and credited my GF an extra $400.-... Remembering Deb's original post, I asked my GF if she was going to spend the extra $400.-, and she said, and I quote: "DUH! No, as soon as the bank finds out the mistake, they're going to take it right back." Sure enough, today she called her bank to check her balance like a good RESPONSIBLE customer, and the bank had taken back the extra $400.00... Remembering how Deb was so upset with ther bank, I made my GF read Deb's original post. The first thing she said, and I quote again: "doesn't she know how to balance a check book?"

This goes to prove a few things:
1.) Banks do make mistakes
2.) Banks don't charge for everything. In fact, my GF wasn't charged any kind of fee for this.
3.) Banks do send notifications, even though they don't have to...
4.) My GF had a choice: Spend the money, or don't spend the money, and she made the right choice.
5.) Banks will get their money back, even if you don't like it.
6.) Checking your bank account is your responsibility, not the banks. Sure, she could have gone and spent the extra $400.- and used the "the bank put this money in my account, and it's now mine" attitude... but didn't.

 

[cyana24]

Sensible folks...

I suggest we stop feeding this troll, aka Deb. She came to this forum with a quasi-legit beef over her bank's treatment of her and now she has turned these forums into her own personal soapbox. If we ignore her she will probably get bored and go away. This is MHO of course.

 

[Who's Liable?]

I agree... just because no one understands you, doesn't make you an artist...