DUmbass validates free markets and own idiocy all in one post

[SSG Snuggle Bunny]

He voted with his feet/dollars

A right he would deny us on so many other fronts.

Radical Activist  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Sat Aug-07-10 05:42 PM
Original message
US Bank and their crooked overdraft fees can suck on it!
   
Edited on Sat Aug-07-10 05:48 PM by Radical Activist
I left US Bank for a credit union years ago. It was a very smart move. Not long after leaving I read an article about US Bank significantly increasing their profits by charging more fees on their customers. I had personally felt the pinch of that corporate strategy.

I won't tell the whole story but here's the main points of how US Bank's scam worked in my case:

They changed my account without permission so that my check card would process payments even if I didn't have the money available in my account. I wasn't allowed to change it back so that purchases would be declined if my balance was too low.

They removed the overdraft protection that took from my savings account to cover overdrawn payments. Once again, without asking.

I was probably notified by a 12 page mailing in tiny 8 point font that no one read.

When I asked for overdraft protection to be restored (after being surprised with overdraft fees) I was told I didn't qualify for it because I had problems keeping my balance. In other words, I couldn't have overdraft protection because I might use it.

The overdraft fees for going over my balance kept going up from $20 to $39. Then more fees were added for not keeping a positive balance.

They created the concept of "available balance." In effect, they figured out how to charge me for going over balance even when I had enough money in my account!

They would arrange daily check card purchases in order from largest to smallest, thereby ensuring that if I made multiple purchases in a day I would be charged an overdraft fee for ALL of them instead of just the one that took me over balance.

They wouldn't notify me of overdrawn balances by phone or email. It would take several days for something to arrive in the mail while I made more charges and unknowingly racked up more outrageous fees.

In short, the people who run US Bank are crooked assholes. It was a set up to guarantee they could charge hundreds or thousands of dollars even if someone responsibly watched their balance. Their games cost me over $1,000 at a time when I could barely make rent. Since I refuse to pay the final fraudulent charges that pushed me to leave (and I get shuffled around automated phone line hell when I call US Bank about it) I've had their debt collector harassing me for years, often with illegal tactics.

What irritates me even more is seeing them on college campuses offering "free" checking accounts. They know that college students with low checking account balances are the most likely to get slammed hard by their fee scam. It's a trap!

I've never had a similar problems since switching to a credit union that doesn't look at its customers like a vampire looks at bare necks.

Why bring this all up now? I've been getting notices from my credit union about policy changes mandated by new federal laws. In many cases, it's no change for my credit union, which already has good policies.

But the new banking reform makes the overdraft fee scams US Bank played on me ILLEGAL!!! The federal government finally acknowledged that it's crooked behavior.

My response:
1) Suck on that US Bank a-holes!
2) This isn't the first thing Obama has done that made a direct impact on me an my community (like new green jobs and other stimulus projects). Anyone who ignores the reality of what's happening to repeat Green Party talking points about everything Obama does being a giveaway to corporations can shove it!

I can see the reality of what's going on for myself. I'm not going to ignore and belittle positive change just because some cynical pundits and bloggers need to make themselves feel self-righteous about supporting Nader and Edwards first.

I choose to push for more change while I celebrate the significant progress already being made.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8897893

[AllosaursRus]

Big surprise! A DUmmie wantin' to use the Banks funds for it's overdrafts without a penalty! Now tell me again who's the smartest person in the room?

Whoda thunk? Not only that, it wants the bank to process the check for cheetos before processing the car payment no matter which one comes in first!

DUmmie logic! Geez, I wonder why we think y'all are stooooopid?

[Ballygrl]

The OP made a very good argument to shop at places like Walmart, they charge lower prices for their customers.

[Carl]

Attention lurking DUmbasses...know how much money you have in a checking account before you start spending it.
It is a pretty simple concept and not the banks fault if you are too effing stupid to do that.

[Chris_]

Attention lurking DUmbasses...know how much money you have in a checking account before you start spending it.
It is a pretty simple concept and not the banks fault if you are too effing stupid to do that.

Why would anyone do this?  Just swipe your card and let the bank figure it out.  You want that $600 Coach purse, but only have $230 in your account?  Go ahead and swipe your card.

It takes too much effort to balance a checkbook. 

[Carl]

Why would anyone do this?  Just swipe your card and let the bank figure it out.  You want that $600 Coach purse, but only have $230 in your account?  Go ahead and swipe your card.

It takes too much effort to balance a checkbook. 

That was the thing,he acts like it is somehow a right to overdraw at will.
The entitlement mentality has no finite boundary.

[BattleHymn]

When I asked for overdraft protection to be restored (after being surprised with overdraft fees) I was told I didn't qualify for it because I had problems keeping my balance. In other words, I couldn't have overdraft protection because I might use it.

From working at several banks in the past, I have little pity for someone like this.  I've seen you DUmmie types flailing around in person, throwing a temper tantrum, or screaming obscenities into my ear (we had volume buttons, you know) over the phone.  I've even had you tell me that you are going to kill yourself if I don't "erase these fees".  Yawn. 
 
He is lucky the bank representative was as cordial as they were.  I wasn't much for mincing words- if I were the rep, I would have told him straight up that we were denying him the privilege, because he would abuse it.  Which, since all DUmmies lie, is probably exactly what happened.   

Personal responsibility, DUmmies.  Learn it, and embrace it, and we won't have to listen to you piss and moan about your self-inflicted problems. 

 

[miskie]

I have never heard of this overdraft fee 'scam' the primitive mentions..  So I looked at Google - and it seems lots of cranky people keep regurgitating this story, so its either true or its a myth of Bigfoot proportions.