Check21 - from the files of "Yet another reason I hate Banks"

Discussion in 'Current Events' started by dmp, Oct 26, 2004.

  1. dmp
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    dmp Senior Member

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    Big time law - another way for "The Man" to stick it to the little guy...

    I can't beleive this kind of bullshit would fly under the radar without some seriously pissed off ppl.

    I've highlighted the part which pisses me off the most:

    This policy is NOTHING MORE than an effort for the bank to get more money from its customers. It's about generating revenue for the bank Its about the bank being better able to 'catch' customers playing tricks with THEIR money. It's only purpose is to allow the bank to send out more 'insufficient funds fees'.

    A few years ago, my bank would process our account this way:

    Each day, the bank would account for all the deposits we make, then run thru all the debits. Without letting us know, they changed the order to first subtract all the debits, THEN add the deposits. For example, I have a balance of $10 in my bank. The same day I write a check for $15 and submit a deposit for $50. My account would be processed like this:

    $10 - $15 check (+ $35 underage Fee) = balance -$40 + $50 deposit = $10 balance, INSTEAD of

    $10 + $50 = $60 - $15 check = $45 balance.

    When we called our bank, I asked the lady "What drove this policy change?" -

    The answer? The bank wanted to increase its profits.

    This Check21 is simply a license to find ways to steal more money from otherwise honest people.


    There are a few things I hate.

    Banks.
    Insurance Companies.
    Family Court Laws.
    Speedling Laws.

    :(
     
  2. Sandy73
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    Maybe storing your cash under the mattress isn't such a bad thing afterall. :eek2: :blowup:
     
  3. dmp
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    dmp Senior Member

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    it just may come to that - until we become a cashless society, where we can only buy and sell based on some sort of mark implanted in our hands or forheads.
     
  4. Bug
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    *tunes off Art Bell*
     
  5. Sandy73
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    Just like it states in the Bible .
     
  6. dmp
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    dmp Senior Member

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    ...and various news organizations.


    It'll happen...
     
  7. Sandy73
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    I think within the next 50 yrs.. :confused:
     
  8. fuzzykitten99
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    fuzzykitten99 Senior Member

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    umm...this is designed to help MERCHANTS lose less money from NSF charges. I hate it when people blame banks for their own financial problems. You are responsible for your balance in your account. Writing checks on an account with less than the amount of funds to cover it is actually a crime. I worked for a bank for 2 years. You wouldn't believe how many people think we are STEALING when it says in their account contract that they signed to open the account, if you bounce a check, we have EVERY RIGHT to charge you because YOU didn't have the funds to cover it. And so does the merchant you wrote the bad check to in the first place. THEY lose money in fees and such in their accounts all because you thought you could play "beat the bank".

    Think about how many customers the bank has...is it THEIR responsibility to monitor each and every account? They are NOT your personal accountant. You need to take responsibility for your own money.

    As far as deposits, they are mostly entered by computer unless you use a real teller to deposit the money. If you can, get direct deposit for your paycheck. it is guaranteed in the account ON the day it is deposited. 99.999999% of banks have a cutoff time for processing and crediting manual deposits for the same day, usually 3pm. if you get there at 3:30 pm...tough shit.

    NEVER try to play beat the bank. you won't win.
     
  9. dmp
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    dmp Senior Member

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    I am quite versed on how banks work - my wife's last job was as the #1 assistant branch manager for a bank. This is NOT about protecting businesses so much as it's about the ideas I stated. Of course banks will spin it that way, as if the 'millions we'll make by charging the average joe' is just a nice side-effect.

    :-/

    It's not about beating the bank. It's about what is 'right'. It's just not right how banks only serve to steal, legally, as much money as they can from people. This is just one MORE method banks have to get richer. God bless Capitalism.
     
  10. Joz
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    Joz Senior Member

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    It's not far off. If you can 'chip' your animals.....
    What about instead of giving bracelets to both mother & child at the birth?
     

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