OT: Chase sucks………………….fees fees fees fees fees fees

[jimmyle]

Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.

[meadandale]

[quote=briansd1]KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.[/quote]

I guess Brian doesn’t remember the old days…when very few people paid by CC and no one paid by debit card in the store. It was usually cash or check. Back then, they couldn’t instantly check funds like they do now for checks so if you bounched your check there was a HUGE fee, by the RETAILER for insufficient funds. See, that that point, you have the merchandise and all they have is a worthless piece of paper. It’s no different with an EFT…if the EFT bounces, the retailer is screwed. That’s why today, the retailer gets their money regardless of the funds if the transaction clears…it’s the BANK that has been forced to give you a ‘loan’ for the overdraft funds.

[meadandale]

[quote=briansd1]KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.[/quote]

I guess Brian doesn’t remember the old days…when very few people paid by CC and no one paid by debit card in the store. It was usually cash or check. Back then, they couldn’t instantly check funds like they do now for checks so if you bounched your check there was a HUGE fee, by the RETAILER for insufficient funds. See, that that point, you have the merchandise and all they have is a worthless piece of paper. It’s no different with an EFT…if the EFT bounces, the retailer is screwed. That’s why today, the retailer gets their money regardless of the funds if the transaction clears…it’s the BANK that has been forced to give you a ‘loan’ for the overdraft funds.

[meadandale]

[quote=briansd1]KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.[/quote]

I guess Brian doesn’t remember the old days…when very few people paid by CC and no one paid by debit card in the store. It was usually cash or check. Back then, they couldn’t instantly check funds like they do now for checks so if you bounched your check there was a HUGE fee, by the RETAILER for insufficient funds. See, that that point, you have the merchandise and all they have is a worthless piece of paper. It’s no different with an EFT…if the EFT bounces, the retailer is screwed. That’s why today, the retailer gets their money regardless of the funds if the transaction clears…it’s the BANK that has been forced to give you a ‘loan’ for the overdraft funds.

[meadandale]

[quote=briansd1]KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.[/quote]

I guess Brian doesn’t remember the old days…when very few people paid by CC and no one paid by debit card in the store. It was usually cash or check. Back then, they couldn’t instantly check funds like they do now for checks so if you bounched your check there was a HUGE fee, by the RETAILER for insufficient funds. See, that that point, you have the merchandise and all they have is a worthless piece of paper. It’s no different with an EFT…if the EFT bounces, the retailer is screwed. That’s why today, the retailer gets their money regardless of the funds if the transaction clears…it’s the BANK that has been forced to give you a ‘loan’ for the overdraft funds.

[meadandale]

[quote=briansd1]KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.[/quote]

I guess Brian doesn’t remember the old days…when very few people paid by CC and no one paid by debit card in the store. It was usually cash or check. Back then, they couldn’t instantly check funds like they do now for checks so if you bounched your check there was a HUGE fee, by the RETAILER for insufficient funds. See, that that point, you have the merchandise and all they have is a worthless piece of paper. It’s no different with an EFT…if the EFT bounces, the retailer is screwed. That’s why today, the retailer gets their money regardless of the funds if the transaction clears…it’s the BANK that has been forced to give you a ‘loan’ for the overdraft funds.

[Kingside]

When Chase first took over WAMU, they offered me $100 to open a free business checking account. I took it.

The way I see it, I got my share of TARP funds.

[Kingside]

When Chase first took over WAMU, they offered me $100 to open a free business checking account. I took it.

The way I see it, I got my share of TARP funds.

[Kingside]

When Chase first took over WAMU, they offered me $100 to open a free business checking account. I took it.

The way I see it, I got my share of TARP funds.

[Kingside]

When Chase first took over WAMU, they offered me $100 to open a free business checking account. I took it.

The way I see it, I got my share of TARP funds.

[Kingside]

When Chase first took over WAMU, they offered me $100 to open a free business checking account. I took it.

The way I see it, I got my share of TARP funds.

[KSMountain]

Yeah I was just starting to answer, meadanale, I’ll go ahead anyway…

The term “bounced check” is not new, and it has always had a negative connotation. There is a reason for that.

I was probably aware of the term and the implications even as a 9 year old in the 60’s. It wasn’t that hard of a thing to figure out.

As I recall, the fee has *always* been something like $10 per check, so counting inflation, $20 in 2010 ain’t bad.

Brian, how long do you think it would take folks to figure out not to do that again?

Further, your $20 on $2 purchase example is an almost worst-case scenario. Say it’s on a $70 tank of gas, or even a nice meal somewhere. There is a cost to loan that money, extra paperwork, extra network transactions, sarbannes-oxley likely, extra software, risk of never recouping the money, etc.

[KSMountain]

Yeah I was just starting to answer, meadanale, I’ll go ahead anyway…

The term “bounced check” is not new, and it has always had a negative connotation. There is a reason for that.

I was probably aware of the term and the implications even as a 9 year old in the 60’s. It wasn’t that hard of a thing to figure out.

As I recall, the fee has *always* been something like $10 per check, so counting inflation, $20 in 2010 ain’t bad.

Brian, how long do you think it would take folks to figure out not to do that again?

Further, your $20 on $2 purchase example is an almost worst-case scenario. Say it’s on a $70 tank of gas, or even a nice meal somewhere. There is a cost to loan that money, extra paperwork, extra network transactions, sarbannes-oxley likely, extra software, risk of never recouping the money, etc.

[KSMountain]

Yeah I was just starting to answer, meadanale, I’ll go ahead anyway…

The term “bounced check” is not new, and it has always had a negative connotation. There is a reason for that.

I was probably aware of the term and the implications even as a 9 year old in the 60’s. It wasn’t that hard of a thing to figure out.

As I recall, the fee has *always* been something like $10 per check, so counting inflation, $20 in 2010 ain’t bad.

Brian, how long do you think it would take folks to figure out not to do that again?

Further, your $20 on $2 purchase example is an almost worst-case scenario. Say it’s on a $70 tank of gas, or even a nice meal somewhere. There is a cost to loan that money, extra paperwork, extra network transactions, sarbannes-oxley likely, extra software, risk of never recouping the money, etc.

[KSMountain]

Yeah I was just starting to answer, meadanale, I’ll go ahead anyway…

The term “bounced check” is not new, and it has always had a negative connotation. There is a reason for that.

I was probably aware of the term and the implications even as a 9 year old in the 60’s. It wasn’t that hard of a thing to figure out.

As I recall, the fee has *always* been something like $10 per check, so counting inflation, $20 in 2010 ain’t bad.

Brian, how long do you think it would take folks to figure out not to do that again?

Further, your $20 on $2 purchase example is an almost worst-case scenario. Say it’s on a $70 tank of gas, or even a nice meal somewhere. There is a cost to loan that money, extra paperwork, extra network transactions, sarbannes-oxley likely, extra software, risk of never recouping the money, etc.

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